High Paying Careers in Data Science
Data science is one of the fastest growing professional fields. Since businesses are gathering more and more information from their customers, they have to deal with a vast amount of data and they need more and more people to help work out all this data and arrive at useful information.
What does data science involve?
The process of collecting, storing, manipulating and analyzing data is called data science. Information collected from data helps in decision-making and helps with continuous growth. For instance, a shopping website can customize page views of customers based on what they are searching, purchasing, and viewing. Similarly, a social media website can customize your newsfeed, suggest posts based on your interests and serve sponsored content based on your interests. All this is based on data science inputs from your usage of that website. Data science is used to shape a better reality for users and can be used in a variety of issues ranging from medical science to farming and cutting down on food waste and even to earn more.
An enormous amount of data is generated on a daily basis that is both structured and unstructured. In order to retrieve invaluable insights from this data and leverage the data, organizations reach out to data scientists. There are several data science techniques such as artificial intelligence, machine learning, deep learning and so on. Data science is used very efficiently to improve customer experience, customer retention and customer loyalty.
There are several careers in data science. Let us explore some of them.
1. Data analyst
Data analysts manage and transform large sets of data. They synthesize, analyze, glean insights from their analytics and make recommendations to companies that have large amounts of data. They review information and create reports that help streamline operations or help with other sectors in an organization. Basically, they help solve problems in an organization and find ways to give it a competitive edge. Data analysts will have to be proficient in programming in SQL, Python and Oracle among other things. They should also be proficient in data visualization like creating charts and graphs to elucidate their findings.
According to Glassdoor, the average salary for a data analyst in India is around ₹5,00,000 per annum. However, the salary range can be as low as ₹3,00,000 per annum for entry-level positions and can go up to ₹12,00,000 or more for experienced professionals working in top-tier companies.
2. Data scientist
A data scientist performs data preparation tasks (like data cleaning and organizing) that allow companies to take strategic actions. They work with a large amount of data and find patterns and analyze trends in the data. Their inputs guide teams in operations, sales and other functions by giving them inputs that would be useful to plan their work. Data scientists work with both structured and unstructured data. They usually combine the concepts of math, statistics and science. They process and model the data, interpret the results and develop practical plans for the company. They are highly valued because they are analytical experts and employ their skills in both technical and social science to determine trends.
According to Glassdoor, the average salary for a data scientist in India is around ₹9,50,000 per annum. However, the salary range can be as low as ₹4,50,000 per annum for entry-level positions and can go up to ₹20,00,000 or more for experienced professionals working in top-tier companies.
3. Machine learning engineer
A machine learning engineer is responsible for creating data funnels and delivering software solutions. You will also have to run tests and experiments that monitor the system functionality and performance. Machine learning is a combination of software engineering and data science. Machine learning engineers use big data tools and programming frameworks to ensure that all the raw data got from data pipelines are filtered and scaled appropriately. A machine learning engineer is expected to have good programming skills and a strong knowledge of statistics.
The average salary for a machine learning engineer in India is around ₹9,00,000 per annum. However, the salary range can be as low as ₹4,50,000 per annum for entry-level positions and can go up to ₹20,00,000 or more for experienced professionals working in top-tier companies.
4. Applications architect
An applications architect will track applications and see how they are operating in the company and how users are interacting with them. Their role is to build the architecture of applications with components like user interface and app infrastructure. They should ideally hold a degree in computer science and be good at programming and architectural design.
The average salary for an applications architect in India is around ₹17,00,000 per annum. However, the salary range can be as low as ₹9,00,000 per annum for entry-level positions and can go up to ₹30,00,000 or more for experienced professionals working in top-tier companies.
5. Data architect
A data architect creates new database systems. They use design analytics and improve the interconnected data in the system. Their aim is to make information easily accessible to data scientists. They manage the online computing network for information transmission. They solve the problems associated with accessing the cloud. This is projected as one of the most promising fields under data science.
In India, the average annual salary for a data architect is around 20,000. However, starting salaries for entry-level positions can be as low as $110,000 per year and can rise to $350,000 or more for experienced professionals working in top-tier companies.
6. Enterprise architect
An enterprise architect ensures that the company’s strategy is aligned with technological solutions. You will be looking at the objectives of the business, identify their needs and then design a system architecture to fulfil the requirements. A bachelor’s degree and a master’s degree in enterprise architecture will be required to become an enterprise architect.
In India, the average annual salary for an enterprise architect is around Rs. 26,00,000. However, starting salaries for entry-level positions can be as low as $13,000 per year and can rise to $50,000 or more for experienced professionals working in top-tier companies.
A statistician will collect, analyze and interpret data and assist decision-makers in their work. They will have to communicate their findings to their stakeholders and help with operational strategies. It is a fast-paced job and statisticians must be good at mathematics, computer science, economics and other quantitative fields.
According to PayScale, the average salary for a statistician in India is around ₹5,68,000 per annum. However, the salary range can be as low as ₹2,61,000 per annum for entry-level positions and can go up to ₹13,00,000 or more for experienced professionals working in top-tier companies.
8. Business intelligence analyst
Business intelligence analysts formulate strategic plans for businesses and ensure that information can be used with ease. They develop applications and ensure that the end-user can understand the business intelligence tools. A BI analyst must be good with technical expertise and business management. The role brings a more analytical approach to business and has potential for high growth.
According to AmbitionBox Business Intelligence Analyst salary in India ranges between ₹ 3.2 Lakhs to ₹ 16.5 Lakhs with an average annual salary of ₹ 7.0 Lakhs.
Apart from skills in mathematics, statistics, computer science and knowledge of analytical tools and programming languages, data science professionals must have an ability to convey complex ideas in simple terms both verbally and visually. Apart from the right skills, data science salaries depend on the hiring company. To get a high-paying job in data science, you need to keep your skill sets updated. Combine your critical thinking abilities with the latest market trends and you can set yourself apart from the crowds. On an average, a data scientist’s salary in India can be as high as Rs.10,00,000/- a year. In some cases, it can go higher depending on the skills of the individual.