Data science is an exciting career choice that has been gaining popularity in recent years. It's a field that combines statistics, mathematics, and computer science to extract insights from large datasets. If you're a young professional in India looking for a high-paying job with good growth prospects, data science could be the way to go!
In this article, we'll take a deep dive into data science salaries in India and help you understand everything you need to know about salaries, career opportunities, specialisations, and certification courses.
What is Data Science?
Data science is an interdisciplinary field that deals with analysing, interpreting, and deriving insights from complex data. As a data scientist, you could be responsible for developing algorithms, building predictive models, creating visualisations, and communicating insights to stakeholders.
Salaries of Data Scientists
Data science has emerged as a lucrative career option in India with professionals earning attractive salaries. According to Payscale, the average data scientist earns ₹6.9 lakhs annually. The salary range varies depending on various factors such as experience, job role, location and skills.
- Entry-level data science professionals in India can earn between ₹2.9 lakhs to ₹9 lakhs per annum.
- Mid-level professionals earn between ₹6 lakhs to ₹18 lakhs while senior-level professionals earn upwards of ₹20 lakhs annually.
Compared to other industries like finance and healthcare, data science salaries are relatively higher due to the demand for skilled professionals.
Here is a table illustrating the average salaries for different job roles in Data Science:
Factors affecting salaries
Several factors affect salaries in Data Science including experience level, job role and skills. Additionally, location and company size are also important considerations when it comes to determining salaries.
LOCATION
Location plays a vital role in determining data science salaries. For instance, a data scientist based in Bengaluru earns around 12% more than the national average while those based in Pune earn around 7% less than the national average.
Here is a table showcasing average data science salaries across different Indian cities:
SKILLS AND EXPERIENCE
Skills are also an important determinant of data science salaries. Professionals with skills in Python, R programming and machine learning earn higher salaries than those without these skills. For instance, a data scientist with Python skills can expect to earn around 12% more than the national average.
Meanwhile, experience also plays a huge role too. Senior data scientists with over 10 years of experience can earn upwards of ₹50 lakhs per annum.
COMPANY SIZE
Company size is another factor influencing salaries in Data Science. Larger companies generally offer higher salaries compared to smaller ones. For instance, companies with more than 10,000 employees may offer salaries that are 30–40% higher than those offered by startups. For example, a data analyst working for a large company like Amazon can expect to earn over ₹5 lakhs per annum while one employed by a startup may earn only ₹3 lakhs per annum.
Data Science is an excellent career option for anyone looking for high-paying and challenging roles. The demand for skilled professionals is continuously increasing, opening up many opportunities for growth and development in the field. With the right skills and knowledge, you can expect to command some of the highest salaries in the industry.
Job Potential and Career Paths in Data Science
Data science is an emerging field in India with great potential for growth across different industries and geographic locations. Industries like healthcare, finance, e-commerce, and IT are constantly recruiting data scientists.
According to a report by NASSCOM, the demand for data science professionals is expected to grow at a CAGR of around 25% between FY19-FY25.
Data science offers several career paths, ranging from management positions to entrepreneurial opportunities. With enough experience and knowledge in the field, you could become a lead data scientist or even start your own consulting firm.
Education and Certification Options
While a degree in computer science is highly valued in the field, it is not always necessary. However, most employers prefer individuals who hold degrees in computer science, statistics, or mathematics.
Several online certification courses can help improve a data scientist's salary, which include:
Specialisations in Data Science
Data science offers several specialisations, including machine learning, artificial intelligence (AI), big data analytics, and more.
Specialising in one of these areas can have a significant impact on your salary potential as well as your job prospects.
For instance, AI experts earn around 60% more than regular software engineers, while those experienced with big data analytics may earn around 25% more on average.
Upskilling Opportunities and Industry Growth
Upskilling opportunities among data science professionals include online courses, boot camps, and workshops conducted by universities, institutes, and industry experts. You can develop skills in machine learning, artificial intelligence, and big data analytics or gain expertise with specific tools like Python or R.
The growth of the data science industry in India has been phenomenal in recent years, with new job opportunities opening up every day. This growth has translated into better job opportunities and salaries for professionals.
As industries continue to generate large amounts of data, there will be a growing need for skilled data scientists across sectors such as healthcare, finance, and e-commerce, among others.
Kickstart your Career in Data Science
In conclusion, Data Science salaries are highly lucrative and rewarding for professionals with the right set of skills. As an emerging field, salaries in Data Science are growing rapidly and have surpassed those in many traditional industries.
Remember to keep upskilling yourself to stay relevant in this ever-evolving field. WIZR offers valuable guidance for anyone seeking to pursue or advance their career in data science.
FAQs
1. Which companies recruit data scientists in India?
Major tech companies such as TCS, Infosys, IBM, Accenture, and Cognizant are among the top recruiters of data scientists in India.
2. Who earns more: data analyst or financial analyst?
Salaries in both fields vary, based on the industry, company size and location. Typically, a financial analyst earns slightly more than a data analyst at an entry-level position.
3. How can I move from a start-up data science job to a big company?
To move from a start-up job to a big company job in Data Science, it's essential to keep learning new skills, build your network, showcase your achievements through personal projects or blogs, and apply strategically to companies that align with your values.
4. I need financial help to pursue data science courses. Can WIZR help me?
Yes! WIZR is an ed-tech platform that offers financing options for young professionals seeking career-focused upskilling and certification programmes.
