Institute for Career Research

Careers in Data Science Institute for Career Research

DATA SCIENTISTS HAVE A FASCINATING JOB. They are the invaluable professionals that know what to do with the mountains of information that is being created and gathered from every corner of the world every single minute of the day. In this highly digitized world today, everyone seems to have an urgent need to do something with all the "Big Data" for fear of missing out on something. Businesses, from banks to car manufacturers, depend on data scientists to help them make important decisions that will bolster their bottom line and edge out the competition. Government agencies at all levels use their findings to make important policy changes. Even nonprofit organizations depend on data scientists to help them improve the lives of countless people. It is a challenging job to take an enormous pile of information and distill it into something useful. There is simply too much information for the average person to process and use. It is the data scientist's mission to analyze data for actionable insights, but theirs is no easy task. Using a combination of math, statistics, and programming skills, data scientists are able to compile, organize, clean, and interpret any number of data points. They then use their expert analytic skills to uncover hidden solutions that can be applied to a wide range of purposes. It takes some rigorous education to become an effective data scientist. They need to become expert programmers, using tools like Python, SQL, R, and Scala. They need cutting-edge skills in machine learning, data visualization, artificial intelligence, modeling, and optimization. They have to be expert in using Excel. Most data science professionals have graduate degrees, either a master's or PhD, in data science, statistics, computer science, or mathematics. Data scientists come from a wide range of educational backgrounds, though some technical training is always necessary. For example, those educated in business or human behavior can offer unique perspectives that allow them to arrive at more accurate and relevant conclusions. There is a wide array of opportunities for professionals with the advanced skills and know-how to work in data science roles. The demand is high now - well above the national average - and the trend is zooming upward. Over the next few years, the analytics market is expected to grow by leaps and bounds until it is at least one-third of the global IT market. Organizations of all kinds are scrambling to integrate data science into their business processes. Although the demand is rising steadily, there is a huge deficit on the supply side of qualified employees, creating excellent prospects for future data scientists. Those in the field can look forward to a promising job market and longevity, and there is more good news as well. Data scientists enjoy excellent compensation for their work, with a median income of almost $100,000 and the potential to earn $250,000 a year. The pay really stands out as an attractive feature, plus there are also reports of high job satisfaction. No wonder data scientist has been voted the Best Job in America four years in a row!