Research/Blog
Role of Data Scientist & Compensation they Garner
- November 6, 2017
- Posted by: CellStrat Editor
- Category: Artificial Intelligence Big Data Deep Learning Machine Learning
![](http://learning.cellstrat.com/wp-content/uploads/2017/11/Data-Scientit.jpg)
Data scientists discover insights from massive volumes of data to help shape or meet specific business needs and goals. The data scientist role in data analysis is becoming increasingly important as businesses heavily rely on big data and data analytics to drive decision-making. Automation and Machine Learning have become core components of their IT strategies now.
A data scientist’s main objective is to organize and analyse data, often using software specifically designed for the task. The end results of a data scientist’s data analysis needs to be easy enough for all invested stakeholders to understand — especially those working outside of IT.
A data scientist’s approach to data analysis depends not only on their industry, but also on the specific needs of the business or department they are working for. Before a data scientist can find meaning in data, business leaders, departments and managers need to communicate what they’re looking for. As such, a data scientist must have enough business domain expertise to translate company or departmental goals into data-based deliverables such as prediction engines, pattern detection analysis, optimization algorithms etc.
Data Scientist compensation
In 2016, the Bureau of Labor Statistics reports that the average salary for a data scientist came in around $111,800 per year. Last week we heard it has risen to more than USD500K to USD1M in Silicon Valley, USA. While, it is close to USD150K already in big companies like Flipkart in India. It’s a fast growing and lucrative field, with the BLS predicting jobs in this field will grow 11 percent by 2024. Data scientist is also shaping up to be a satisfying long-term career path. In Glassdoor’s 50 Best Jobs in America report, data scientist ranked as the best job across every industry based on job openings, salary and overall job satisfaction ratings.
Ref: Excerpted from CIO.com