Why are data science salaries so high?

To an economist, this is a simple case of demand and supply, but this is arguably one of the prime reasons why data science pays so well. Companies today are in search of qualified candidates who can help them better understand big data, but these qualified candidates are scarce.

Are data scientists high in demand?

Demand for Data Scientists is still high while supply is low. The U.S. Bureau of Labor Statistics sees strong growth in the data science field and predicts the number of jobs will increase by about 28\% through 2026. To give that 28\% a number, that is roughly 11.5 million new jobs in the field.

Can you be a millionaire as a data scientist?

The people who hire machine learning and AI-focused data scientists don’t agree. Million-dollar paydays are indeed attainable, they say. The only problem is that the vast majority of masters and PhD-level engineers who work at hedge funds and on investing teams tend not to have the required skillset.

What is the average starting salary for a data scientist?

A 2018 Burtch Works study of data science salaries reported the latest salary trends based on experience: Entry-level data scientist salary. Despite a recent influx of early-career professionals, the median starting salary for a data scientist remains high at $95,000. Mid-level data scientist salary.

What is the average salary of a scientist?

The median salary for experienced data science professionals is $165,000—while the median salary for experienced manager-level professionals is considerably higher at $250,000. Data Scientist Salary by Job Title. In O’Reilly’s data science salary report, 45 percent of those surveyed said they hold the title of “data scientist.”

Are salaries for data scientists losing their sheen?

But there are signs the coveted role may be losing some of its sheen, as salaries for data scientists begin to plateau. Figures produced by Glassdoor Economic Research show a year-on-year fall in US data scientist wages in February and March of this year.

Are data science jobs holding down wages?

“As data science has risen in prominence, enrolments in data science programs and bootcamps have exploded. This huge increase in workers for limited entry-level jobs is holding down wages,” he said.