Data science has become a mainstay in articles, and commentary about favorable industries and job opportunities, with increasing demand for data scientists cited as the primary reason for its popularity. Consequently, more people have become interested in making career changes to this field. There is significantly fewer focus on the salary ranges for data scientists, yet this is a crucial piece of information for anyone considering a new career or career change.
Positions, specializations, and industries are wide-ranging, so the salary of a Data Scientist will fluctuate based on these variables. But there is enough available data and statistics on the industry to be able to answer the question, “How much money do data scientists earn?”
What is a Data Scientist?
Data scientist is a general title to describe professionals across multiple roles and responsibilities who work on storing and deriving information from data. Positions range from working on a data science team solving business issues to creating better data storage and delivery systems in an organization. Most positions correspond to different stages of data science projects or gathering insights from data within a specific field or industry. These roles may include collaboration on projects, data analytics technologies, and cleaning and organizing data with database management systems. Consequently, the salary and benefits from working as a Data Scientist are commensurate with the time commitment and type of work required.
Data Scientist Salary and Benefits
A Data Scientist's salary and benefits vary depending on the industry, location, and individual experience level. However, it is possible to find average national salaries and benefits for specific positions from labor statistics and job sites.
Data Analyst
Many data science students and professionals actually land their first job as data analysts. There are distinctions between the two fields, but there is also significant overlap in Data Analyst and Data Scientist roles. According to Indeed, data analysts earn an average base salary of $66,284, with higher pay for more experienced analysts. Data analysts may also receive employee benefits such as bonuses and commissions, depending on their position and company.
Freelance Data Scientist
Compared to salaried data scientists, freelance data scientists have the most income variability. Unlike a full-time company position, freelance data scientists can set their rates and work as much as they would like. According to ZipRecruiter, freelance data scientists make an average of $100,349 a year, with some freelancer salaries as high as $182,000 a year. One of the prime benefits of a freelance position in this field is that you can draw a salary on the higher end of the scale, depending on how you price your projects and services and how many hours you are willing to work. However, a big drawback is that you also have to purchase your own health insurance and other benefits that come with a full-time, salaried position.
Full-Time Data Scientist
The majority of available information on data scientists is drawn from the pool of people who have full-time positions. Full-time data scientists work for a company and earn a set salary based on standard hours and expectations. According to US News and World Report, full-time data scientists earn a median salary of $98,230. The report also notes that "The Bureau of Labor Statistics projects 31.4 percent employment growth for data scientists between 2020 and 2030." So, there will be many opportunities for growth and development in both salary and career opportunities in the coming years.
Data Engineer
Many data science-based roles use the title Data Engineer. Data Engineers concentrate on the computer science and engineering aspects of data science such as artificial intelligence, large database management systems, and machine learning models. Data engineering also leads the way in industry innovation. Based on salary data from Indeed, data engineers bring in some of the highest salaries in the data science field, with an average annual salary of $116,020.
Looking for a Job in Data Science?
Data science is a fast-growing field offering many employment opportunities for students and professionals. Noble Desktop's data science classes and certificate programs prepare students with the skills they need to succeed. The Data Science Certificate and the Data Analytics Certificate include programming and professional development training. Whether you are interested in a live online certificate program or an in-person data science class, Noble Desktop makes it easy to learn all of the skills needed to prepare for a job in this in-demand industry!