Data Scientist: Salary and Job Description

In today’s world, data management is everything. Marketing, finance, and cybersecurity are just a few of the business functions whose operations rely on vast amounts of clean data that has been collected and analyzed by professionals. However, many organizations still struggle to make their data work for them.

According to a 2024 data usage survey by McKinsey and Co., 77% of companies don’t have enough data-fluent professionals to complete basic tasks in areas such as data management. Due to this gap, data scientists are perhaps more in demand than ever.

Qualifying for a data scientist role often takes years of preparation and work experience. Individuals interested in pursuing data science for a career should understand what the job description might entail, how to learn the required skills, and what the data scientist salary is in today’s market.

Key Takeaways

• A McKinsey & Co. survey found that 77% of companies lack data-fluent professionals, driving massive demand for skilled data scientists across industries.
• The U.S. Bureau of Labor Statistics (BLS) projects data scientist jobs to grow by 34% from 2024 to 2034, far outpacing average occupations.
• Data scientists earned a median annual salary of $112,590 as of May 2024, according to the BLS.

What Does a Data Scientist Do?

Data scientists develop ways to collect and manage data and help their organizations turn that information into actionable insights. To do this, data scientists need to have a firm grasp on statistical modeling, data engineering, programming languages such as Python and SQL, and artificial intelligence (AI).

The data science job description can vary depending on the industry, but data scientists are often asked to:

• Identify data sources and extract information from them
• Structure raw data
• Create and maintain databases
• Develop machine learning models, algorithms, and other tools that aid in the collection and synthesis of data

Aside from having technical skills, data scientists must be strong communicators. They often collaborate with executives to establish what their organization’s goals are and share their insights with their colleagues and decision-makers through visualizations, written reports, and presentations. The ability to do so effectively can increase a data scientist’s salary potential.

Where Do Data Scientists Work?

Data scientists work for many different types of organizations in many industries. They can be found in finance, healthcare, marketing, retail, and energy firms. Some work in government agencies, universities, and other public-sector organizations.

According to the U.S. Bureau of Labor Statistics (BLS), 11% of data scientists work in computer systems design firms, making that the largest employer category for these professionals. Other top-employing industries include insurance, consulting, and scientific research and development. 

Steps to Become a Data Scientist

Because data scientists play a key role in decision-making in today’s economy, employers often need highly educated and highly experienced professionals to fill these positions. While there are multiple ways to meet those requirements, many data scientists have a master’s degree and experience in related positions.

1. Earn a Bachelor’s Degree

Future data scientists can prepare for their careers by earning a bachelor’s degree in an area such as computer science, information technology, mathematics, statistics, or business analytics. Professionals who wish to work in a research-related sector have the option of earning a degree in a field such as chemistry or physics.

At this level, it’s important for aspiring data scientists to learn some of the basic skills they will use every day. Even if students major in another area, taking classes on statistics, programming, and similar related subjects can be helpful.

2. Gain Experience in Related Positions

Some data scientist positions require just a bachelor’s degree, but many require a master’s. Professionals with a bachelor’s degree can gain meaningful experience by taking on positions that require a similar skill set.

Before becoming a data scientist, many professionals work as:

• Data analysts
• Business intelligence analysts
• Data engineers
• Programmers
• Software developers

Some organizations have junior, associate, or assistant data scientist positions. Entry-level positions can also be helpful. But no matter what path a professional takes, it’s important that they keep honing their technical skills, become familiar with employers’ needs, and build their soft skills in areas such as communication.

3. Pursue a Master’s Degree in Data Science

By earning a master’s degree, professionals can position themselves to be competitive candidates for data scientists roles in just about any sector. Different types of professionals might choose different types of degrees to suit their needs, but enrolling in a Master of Science (MS) in Data Science program is a great way for individuals to learn the high-level skills this field demands.

At the master’s level, data science students often take classes on:

• Statistical modeling
• Object-oriented programming
• Machine learning and AI
• Big data management and analysis
• Cloud computing
• Database technology

On top of classroom learning, master’s programs also give students the chance to complete hands-on projects. This can be a great opportunity for students to tailor their skills to their intended sector and network with their new colleagues and prospective employers.

4. Consider Professional Certification

Obtaining a professional certification can help individuals learn new skills once they’re in the workforce and showcase their expertise to their current and potential employers. For example, Microsoft, SAS, and other big players in the technology world offer certifications that demonstrate an individual’s expertise with their data analytics tools. Some organizations offer certifications in specific skills such as machine learning or programming.

Data Scientist Salary and Job Outlook

It can take a few years to prepare to work in this role, but for many professionals, the data scientist salary is worth it. Data scientists had a median annual salary of $112,590 as of May 2024, which is more than double the nationwide median, according to the U.S. Bureau of Labor Statistics (BLS). The top 10% of earners made over $194,410, indicating that experience and a stellar track record often can increase a professional’s earning power.

The BLS expects employment of data scientists to increase by 34% between 2024 and 2034, which is significantly faster than the average 3% employment growth projected for all occupations. An average of 23,400 job openings are expected to be available every year. AI and other technologies are rapidly changing the job market, but given that statistic, those changes seem to be in data scientists’ favor.

Position Yourself to Be a Leader in Data-Driven Decision-Making

From year to year, the world’s data science landscape shifts dramatically. AI gets better, new tools hit the market, and leaders in every sector find new ways to utilize, analyze, and monetize their data. Schiller International University’s MS in Data Science program helps students prepare to guide their organizations through these changes.

In addition to taking classes on the high-level skills this field requires, our students take the lead on projects that teach them to use those skills in new ways. With campuses in Heidelberg, Paris, Madrid, and Tampa, students can keep their finger on the pulse of every new strategy and emerging technology.

For more information on the curriculum, faculty, or how to enroll, reach out to Schiller International University today.

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