Data scientist has been named the number one job in the US for 4 years in a row. And according to the US Bureau of Labor Statistics reports that the demand for data science skills will see a rise of 27.9 percent in employment by 2026. The occupation has a huge demand but there’s a noticeable shortage of qualified data scientists.
If you have a passion for computers, maths and love getting answers through data analysis then getting a degree in data science or data analytics might be the next step for you.
What is Data Science?
Data science is the practice of using advanced technical skills to discover valuable insight hidden in the vast amount of data produced every day. Almost every technology that we interact with includes data- purchases made on e-commerce websites, Instagram or any other social media feed, Netflix recommendations and even the facial recognition that you need to sign in to your computer.
Any e-commerce website like Amazon, Aliexpress or Daraz are prime examples
of how helpful data collection can be for the average shopper. These website data sets remember what you have purchased, what you have paid for and what you have searched for. Through this data, they customised their homepage views to fit your needs. If you have been searching for crockery or baby stuff, they will program your feed product recommendation and ads related to these things. The primary purpose is to give you recommendations that will benefit you.
Similarly, data science serves as a reminder for your usual purchases. For example, if you order a particular item every month, you might notice a strategically placed deal or sale at the same time every month. Data science is essential for companies but it also benefits consumers as well. Data found, according to McKinsey Global Institute can increase the profit margin of a retailer by 60% and can save consumers money, which is a win-win situation for both. Also, a data scientist can help in various other sectors such as healthcare, finance and whatnot.
What Does a Data Scientist Do?
Data scientists are experts in coding, maths, statistics, analysis, and machine learning. They typically utilize their data expertise to benefit the organizations they work for:
Common Careers in Data Science
The most common data scientist job titles include the following:
Data Scientists
Data scientists develop processes for modeling data in order to create potential algorithms and predictive models as well as to perform specialized analysis.
Average Salary of Data Scientist
The estimated average salary of a data scientist is around $99,000 per year.
Data Analysts
Analyze large set of data and utilise them to identify trends and ways the data can be used to solve problems
Average Salary of Data Analysts
The average salary that is earned by a data analyst is approximately $82,326 per year.
Data Engineers
Data engineers are IT workers whose main job is to prepare data for analytical and operation uses.
Average Salary of Data Engineers
The average salary of a data engineer according to glassdoor.com is $97,945 per year.
Business Intelligence Specialists
A business intelligence specialist is in charge of providing intelligence and IT solutions to organizations in order to increase productivity and overall profitability.
Average Salary of Business Intelligence Specialists
According to glassdoor.com a business intelligence specialist earns on average $91,941 per year.
Innovative Career in Data Science
Data science has come a long way, now those with a background in data science are reinventing the future of work, creating a new position and changing how everyone views the old one. Traditionally, the data scientist’s job involves interpreting and applying data in order to improve products and can be found in almost every industry. However, in recent times, we have come across a few surprising jobs.
Disease Mapper/Public Health Analyst
The growing urban population and the increase in air travel have increased the risk of rapid transmission of contagion disease like we have seen in the recent time with the outbreak of Covid-19. Smartly using available data can help society combat the outbreak scenario. Building predictive epidemiological models to predict the spread of infectious diseases is the data scientist’s responsibility.
Average Salary of Disease Mapper/Public Health Analyst
Common duties include collecting data for tests, investigating diseases and creating reports about potential disease outbreaks. The average salary of a public health analyst per year is $93,650.
Investment Analyst
With so much money at stake, data analytics are very famous in the trading world. An investment analyst offers information and research to help traders, fund managers and stockbrokers decide on investments. The information provided by investment analysts ensure that the investment portfolio is well-managed and potential investment opportunities are highlighted.
Average Salary of Investment Analyst
The estimated salary of an investment analyst is $72,669 per year. With two to three years of experience, you can earn more.
Business Intelligence Developer
Business intelligence or BI developer is in charge of developing and designing strategies to assist business users in quickly finding the information they need to make better business decisions. They are extremely tech-savvy, and utilise BI tools or create custom BI analytics applications to facilitate the understanding of end-users of their systems.
Average Salary of Business Intelligence Developer
Business Intelligence Developer earns on an average $89,366 per year and can earn up to $104,612 per year with two to three years of experience.
Marketing Analyst
Marketing analysts utilise strong software and statistics skills just like data scientists, but they are more business-focused. They offer valuable marketing insights to help improve a business’s products and services. Marketing analyst work is essential for any organisation to reach its marketing goals.
What marketing analysts do is that they analyse data and create a marketing plan. And provide various solutions to clients to improve their marketing strategies or campaigns.
Average Salary of Marketing Analyst
According to glassdoor, the average salary of a marketing analyst is $67,319 per year
Analytic Translator
An analytics translator is a channel between data scientists and executive decision-makers. Analytics translators are experts who can interpret what a business needs from an organisation and have enough data analytical skills to be able to talk tech and convey to the organisation in an easy-to-understand manner.
Average Salary of Analytics Translator
An analytical translator makes $83,497 on average per year.
Top School For Data Science Programs In the World
A career in data science is highly in-demand and with a shortage of skilled professionals. Today, many companies and organisations are actively looking for hundreds and thousands of skilled data scientists to process and analyse data in order to help them make better decisions. Data scientists are required to be extremely careful when making predictions and analysis. That is why they need to be properly trained. It is therefore important that they pursue data science studies from reputed institutions. Below you will find the list of top schools that are offering data science degree programs:
- Massachusetts Institute of Technology
- Imperial College London
- The University of Texas at Austin
- University of Melbourne
- ESSEC – CentraleSupelec
- University of Adelaide
- University of Edinburgh
- University of Southern California
- University College Dublin
- University of Warwick
So these are some of the career options you will encounter once you are finished with your degree. If you are wondering how to start a career in data science and planning to study abroad at any of the universities mentioned above or at any other university then feel free to book a session with Edvise Hub’s Consultant and they will guide you through the whole process in the easiest way possible.
