Data Scientist Salary-The Ultimate Guide for 2024

Data Scientist Salary - Find the data science salary trends based on experience, skills, location, and industries for 2024 | ProjectPro

Data Scientist Salary-The Ultimate Guide for 2024
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What’s the average data scientist salary in 2023? How much does a data scientist make? Do data scientists make a lot of money? If such questions pique your interest, you are on the right page. This blog breaks down the data science salary figures for today’s data workforce based on which company they work for, years of experience, specialization of data science tools and technologies, location, and other factors.


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Data Scientist Salary: What to Expect

A data scientist has a very comprehensive job. Unlike other kinds of data specialists who specialize in a specific task (such as data engineers and data analysts), data scientists tackle the end-to-end lifecycle of a data science project right from data acquisition to model optimization to communicating insights to stakeholders. Because of this, data scientists are required to have a versatile skillset, and they pull down a pretty significant salary. A quick search on LinkedIn shows over 34K data scientist job alerts in the United States. 

Data Scientist Jobs New York

Data Scientist is the best job in America for the 5th year in a row (4 job satisfaction rating, 4.7 job score)  and worth paying attention to in 2023 and beyond. Glassdoor report ranks Data Scientist jobs as the “Best Job in America” based on career opportunities rating, number of open data science jobs, and average salaries earned by data scientists  Business media, from Forbes to The New York Times, have had many headlines about the increasing demand for data scientists, high salaries for data scientists, and the skill sets required to become a data scientist It is not a surprise that data science is one of the fastest and hottest technology trends of 2023 and beyond.

According to the US Bureau of Labor Statistics, employment for data scientists will grow by 36% between 2021 and 2031, substantially faster than the average for all occupations. Also, they can expect higher data scientist salaries in line with the increasing demand for skilled talent as organizations accelerate their digital transformation post-COVID-19 recovery to hire more data science and machine learning practitioners across diverse sectors. Every company has an online presence, and each needs a competent data scientist to drive business value and manage their data for profitable decision-making. With growth on track, six-figure salaries are the new normal for data scientists, and these continue to rise based on job title, experience, skill, location, and other important factors.

Without much ado, let’s dig down a bit further to understand the data science salary trends across the world based on the following factors –

1) Data Scientist Salary – By Experience

2) Data Scientist Salary – By Industry

3) Data Scientist Salary – By Location

4) Data Scientist Salary – By Companies

5) Data Scientist Salary – By Skills

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1) Data Scientist Salary – Based On Experience

How much can you expect to earn as a data scientist with different experience levels? We all know that the more years you have experience doing data science, the higher your data scientist average salary is likely to be. As you advance through various levels of experience as a data scientist, so will the data science salary, growth opportunities, perks, and other benefits unlock on the path. The salary of a data scientist usually increases in the first few years. Still, afterward, it can prove challenging to obtain raises without broadening your skillset on various data science tools and technologies.

For this reason, many data scientists start working on diverse data science projects across various business domains to broaden their skillset in novel data science tools, which justifies a pay increase.

Based on the years of experience, the data scientist salaries have been categorized below -

Entry-Level Data Scientist Salary

Entry-level data scientists are people who have just entered the data science industry and have less than one year of experience working on real-time data science projects They are usually students who have just graduated and are looking for lucrative entry-level data science jobs. 

According to Payscale, the average entry-level data science salary is $85,658. 

Data Scientist Salary for Freshers

 

  • Junior Data Scientist Salary

Junior data scientists are professionals with 1 to 4 years of experience in the industry. They have already worked on a few data science projects as freelancers or in full-time data science roles They often need to be paired with a senior or mid-level data scientist who can check on them daily on the assigned tasks. 

PayScale says the average junior data scientist's salary in the US is $96,641.

Junior Data Scientist Salary

Image Name: “Junior Data Scientist Salary.”

Mid-Level Data Scientist Salary

Mid-level data scientists are professionals with 5 to 9 years of industry experience and have all the required data science skills to do their job. They know how to get things done, easily slide one data science method into another, and what shortcuts to take. They hardly need to be checked on by a senior data scientist to complete their tasks. They are the people who are both tech-savvy and business-savvy and who understand the business and types of analytics technologies. 

PayScale says the average mid-level data scientist's salary is $108,887.

Average Mid-Career level Data Scientist Salary

Senior Data Scientist Salary

These professionals have either a Ph.D./Master’s degree and have 10+ years of experience in the industry. They know how to build well-architected data science products. They mentor mid-level and junior data scientists and are also answerable to the management and stakeholders on any business questions. Whether it is preparing perfectly clean data for a model, writing reusable code,  building a  resilient data pipeline, building a reproducible machine learning pipeline, or revisiting high-performing systems- senior data scientists have it all. 

According to PayScale, the average senior data scientist salary is $128,225.  

Average Senior Data Scientist Salary

2) Data Scientist Salary- By Country

Only some countries present equal job opportunities for professionals, and data scientist jobs are the same. The salary of a data scientist varies based on the country and state. Let’s be real – a data scientist based out of Charlotte, North Carolina is not going to make as high as someone in New York. The reason is pretty simple because the costs of living just don’t add up. The top 12 states in the US hiring for data science and machine learning roles include Massachusetts, Florida, California, Ohio, Virginia, Washington, Colorado, Washington, Maryland, New York, Texas, and Michigan. United States holds the upper hand in offering the greatest opportunities for data scientists with lucrative data science salaries, followed by India, Canada, UK, and Europe, this fact is true for both entry-level and senior data scientist positions’ leaders worldwide are in fierce competition to hire skilled data specialists and would not hesitate to pay whatever it takes to hire the best data science talent.

Data Science Salaries Across The World

According to PayScale, here’s a breakdown of the top-paying countries for data science salaries: 

  • United States: The average data scientist salary in the US is  $97,616 per year. 

  • India: The average data scientist salary in India is INR 874,113 per year. 

  • Australia: The average base data scientist salary in Australia is AU$91,703

  • Canada: The average data scientist salary in Canada is C$ 80,364 annually. And the average data scientist salary in Toronto is C$84,194 per year. 

  • UK: The average data scientist salary in the UK is £41,001 per year. And the average data scientist salary in London is £45,040 per year. 

  • Singapore: The average data scientist salary in Singapore is S$69,666 per year. 

  • Germany: The average salary for a data scientist in Germany is €55,772. 

A Breakdown of Data Scientist Salaries in the USA

(Source: Payscale) 

  • Data Scientist Salary in San Francisco - $126,812

  • Data Scientist Salary in California - $101,091

  • Data Scientist Salary in NYC - $108,649

  • Data Scientist Salary Boston - $101,931

  • Data Scientist Salary Chicago - $94,211

A Breakdown of Data Scientist Salaries in India 

(Source: Payscale) 

  • Data Scientist Salary in Ahmedabad - ₹604,024

  • Data Science Salary Bangalore - ₹1,013,493

  • Data Science Salary Pune - ₹809,220

  • Data Scientist Salary Mumbai - ₹838,744

  • Data Science Salary Chennai - ₹832,180

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3) Data Scientist Salary – By Top Industry

Data science salaries depend a lot on having experience and the specific skills desired by employers. However, choosing the right industry to work in is critical to earning a handsome salary because not all industries pay equally to data scientists.  If you do a quick google search for “data science jobs” or “data scientist jobs”, you will come across data scientist job opportunities in every industry. There is a need for data scientists across all industries. However, some industries like Retail and Consumer goods, Banking and Finance, IT services, Travel,  Transportation, Real-estate, and Manufacturing are experiencing higher demand and offer increasingly competitive salaries for skilled data scientists. According to LinkedIn, the top 5 industries for data scientists in the US are Consumer Goods, Transportation, Recreation, IT Services, and Real Estate. 

Data Scientist Salary -By Industry

Top Paying Industries for Data Scientists

  • Data Scientist Salary in Finance & Insurance: $114K

  • Data Scientist Salary in Professional Services: $107K

  • Data Scientist Salary in Manufacturing: $106K

4) Data Scientist Salary -By Company

It is obvious that technology firms like Netflix, Spotify, Uber, and Amazon, have data science teams. Still, the job role of a data scientist has now also filtered down to non-tech companies like GAP, Nike, Neiman Marcus, Clorox, and Walmart. These companies are looking to hire the brightest professionals with expertise in Math, Statistics, SQL, Hadoop, Java, Python, and R skills for their own data science teams. Today, data scientists are useful in almost every industry.     

You may have your sights set on working for your dream organization during your data science career. Data science salaries vary greatly from company to company, so it’s always best to research your own desired data scientist job. As far as the company's size is concerned, the larger the company, the higher the data scientist job salary. For example, a data scientist working for a top MNC with over 50K employees is likely to earn a higher data scientist median salary than a data scientist working at a start-up with just over 500 employees. To give you an overview of what is the average salary of data scientists at some well-known companies, we’ve put together a list of data science salaries for some popular tech companies.

  1. Google Data Scientist Salary - $149K

  2. Facebook Data Scientist Salary - $181K

  3. Amazon Data Scientist Salary - $188K

  4. Microsoft Data Scientist Salary - $149K

  5. Capital One Data Scientist Salary - $129K

  6. Apple Data Scientist Salary - $180K

  7. Airbnb Data Scientist Salary - $177K

  8. Booz Allen Hamilton Data Scientist Salary - $113K

  9. Wayfair Data Scientist Salary-  $127K

  10.  IBM Data Scientist Salary -$133K

  11.  McKinsey Data Scientist Salary -$115K

  12.  Tesla Data Scientist Salary - $114K

  13.  Walmart Data Scientist Salary - $150K

Whether you are a data scientist speculating how your salary stacks up with your peers or you are an individual planning to pursue a career in data science - this detailed data scientist salary report that gives information about the data science salary range and average data scientist salary at some of the top tech companies will help you in your career choices. This average data science salary report will help you get an approximation of the big money one you expect to earn from various data science jobs.

5) Data Scientist Salary – By Skills

Candidates interested in pursuing a career in data science have often asked this question - “What skills are most employers looking for while hiring data scientists?”  Data scientists are a rare breed as they are required to have high-quality, specialized knowledge and a myriad skill set, but there are a few more skills that every data scientist must know. A data scientist must have in-depth knowledge of technologies used to tame big data and should always be willing to learn the merging ones. It is known that machine learning (deep learning, NLP, clustering techniques), python programming, and statistics are the must-have skills for data scientists in 2023. SQL, Machine Learning, Data Visualization, the know-how of big data tools like Hadoop or Spark, and Programming with Python, R, or Java are the most desirable skills employers are looking for and are willing to shell out big money for candidates with expertise in these skills. One must consider adding data science skills under their belt, including SQL, Hadoop, Spark, AWS, Data Visualization, Database knowledge, and other in-demand cloud skills.      

Here’s a breakdown of the data scientist's average salary based on the skills –

Data Scientists Skills

Skills That Can Get You A Higher Data Scientist Starting Salary

Skills that affect Data Scientist Salaries

Apart from the technical skills, data scientist jobs require you to have curiosity, leadership skills, communication skills, and good business acumen. Having these skills greatly affects the salary of a data scientist.

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Data Science Skills Must-Haves for 2023

Master the Must Have Data Science Skills for 2021

 

According to CrowdFlower analysis of 3490 postings for data science job roles on LinkedIn, the most in-demand skills for data scientists are -

  • Programming in Python is one of the most important skills that recognizes that data science is not just about statistics. Data science involves cleaning, preparing, and enriching data- Python has a great toolset for this. Python programming language helps data scientists get data into a form to be analyzed. 39% of the job postings on LinkedIn mention Python as a critical skill for data scientists. According to O’Reilly Data Science Salary Survey – Python is among the top tools used by 51% of data scientists.

  • 57% of data science job postings mention SQL as the most in-demand skill for a data scientist. With an increase in SQL-on-Hadoop initiatives by various companies –SQL has become one of the most needed skills for data scientists.

  • Hadoop is also one of the most in-demand skills as it helps data scientists store and creates high-quality reference data that is used to train analytical models. 49% of data science job postings mention Hadoop as a must-have skill for a data scientist. Other Hadoop-related tools that are in demand for data scientists include MapReduce (22%), Pig (16%), and Hive (31%).

  • R is the language of choice for doing data analysis. 32% of the job postings on LinkedIn mention R programming language as a skill requirement for data scientists.

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  • Java is also on the list of most ‘in-demand’ skills for data scientist job requirements, though it might not be a great language for data analysis. Java has been highlighted in 37% of data scientist job listings because Hadoop is written in Java.  

Let us now compare the salaries of professionals working in the most popular domains: data science, data analytics and computer science.  

Computer Science vs. Data Science Salary

Computer science and data science are two distinct fields in the same category. However, both careers are highly rewarding, but one aspect to consider is the data science vs. computer science salary. A computer scientist earns an average base salary of $111,393 per year. On the other hand, a data scientist earns an average base salary of $144,598 per year. Thus, data scientists earn more than computer scientists on average due to the increased demand for professionals handling the enormous amount of data generated by organizations. 

So, if you are a computer scientist looking for lucrative salary figures, a career transition to a data scientist is an ideal option for you. You need to hone the right skills in statistics, mathematics, programming, and a few essential technical skills to collect and analyze data. In addition, you can also work on hands-on data science projects to build a fantastic portfolio to land your dream job. 

Data Analytics vs. Data Science Salary

Both the data analytics and data science field offers in-demand and high-paying jobs. When comparing their salary figures, the data analyst reports an annual salary of $70,293, while the data scientist, on the other hand, has an average yearly salary of $144,598 per year. Thus, most data analysts transition to a career in science due to higher salary figures. 

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How to Negotiate Your First Data Scientist Salary?

Being new to the data science industry may leave you wondering what salary to expect when applying for your first data science job. Do not set your expectations too high on the compensation, but that does not mean you negotiate for too little. Having data science skills at all levels in the industry is extremely valuable, so before your first data science interview, make sure you research the company, consider your auxiliary skills, and speak with peers.

  • Do Your Homework -The best way to ensure you are negotiating for a  fair associate data scientist salary is to research what other data scientists at your level with similar levels are earning. Look for the average data science salaries within the companies you are applying for, the country, and your experience level.

  • Develop Your Data Science Skills – If you still feel like you are finding your sea legs in the data science industry, see how you can broaden your skills and simultaneously build a job-winning data science portfolio. ProjectPro’s end-to-end solved data science and machine learning projects are a great place to start. With over 50+ novel wealth of ideas for data science projects, you will develop a professional-grade data science portfolio to help you land a top data science gig. Your initiative to practice diverse data science and machine learning projects demonstrates a passion for learning and will likely give you an edge over others in your data science interview. This shows employers that you don’t just learn new data science skills but also know how to apply them in innovative and creative ways to real-world business problems.

  • Ask Peers – Ask other data scientists in the industry (could be mentors, colleagues, friends, or recent classmates) for a rough estimate on how much salary to expect. You might feel strange asking about the salary, but it’s ok because you’ll be able to get some quick guidance on what sort of compensation you can receive based on your skills.

As the industry continues to see an increased salary trend for data science jobs, it is evident that the industry highly values the contributions of these data specialists. 2023 is the best time to learn data science and make a career switch. 

FAQs on Data Scientist Salary 

Find below how much does a data scientist earn in New York based on experience level and top companies: 

  • Entry-level data scientist salary in New York - $95,525

  • Senior data scientist salary in New York - $137,455

  • Google data scientist salary in New York - $169,067

  • Facebook data scientist salary in New York - $168,475

The median salary for a data scientist in the USA is $97,616 per year, with the highest salary of $136k per year. 

Yes, data scientists make good money. The average total compensation of a data scientist is $97,616 per year. Not only data scientists but data architect, in turn, also has good salary packages. The average data architect's salary is $124,548 per year. 

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