Data Science Professionals’ Salary Guide 2024

1. FACTSHEET SALARY GUIDE 2024 DATA SCIENCE PROFESSIONALS © Copyright 2024. United States Data Science Institute. All Rights Reserved us dsi .org

2. The data science industry is incredible and has seen some drastic changes in the last few years. Today, data science is the core business operation across various industries that helps organizations make data-driven decisions and take them forward. Therefore, employment in the data science domain is also witnessing some major changes every year. This industry now offers some of the most popular and lucrative job roles offering highly competitive salaries. This excellent resource will help you understand the annual average salary of various data science professionals, evaluate various factors that determine the salary, and we will share secret tips to help you get higher salaries. OVERVIEW OF THE DATA SCIENCE INDUSTRY Data science refers to the practice of collecting, processing, analyzing, and extracting meaningful and actionable insights from raw data. Data science roles also extend to presenting complex insights in an easy-to-understand manner through To be precise, the data science industry is huge encompassing several job data visualizations. roles responsible for performing various data science tasks. CAGR 16.2% $174 The data science industry is growing rapidly at a billion in 2025. of & is expected to reach a market size of DATA SCIENCE PLATFORM MARKET SIZE, 2022 TO 2032 (USD BILLION) $501.03 502 $429.70 451.8 $368.84 401.6 $316.87 351.4 $272.46 301.2 $234.48 251 $201.96 $174.10 200.8 $150.22 $129.72 150.6 $112.12 100.4 50.2 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Source: precedenceresearch.com This huge growth in market size also indicates increased hiring of data science professionals which is expected to grow by data science jobs by 11.5 million 2026 (US Bureau of Labor Statistics). So, the future of data science is highly promising, and this comprehensive salary guide will help you decide if this is the right choice for you or not. © Copyright 2024. United States Data Science Institute. All Rights Reserved 01 us dsi .org

3. MOST SOUGHT-AFTER DATA SCIENCE PROFILES As mentioned earlier, data consists of several important jobs that contribute to making data science projects successful. HERE ARE THE MOST SOUGHT-AFTER DATA SCIENCE PROFILES TO AIM FOR: with annual average salary in 2024 in the US as per Glassdoor DATA ANALYST They are the storytellers of data who transform raw data into insights. They perform statistical analysis, data visualization, and exploratory data analysis to find patterns, trends, and anomalies to help decision-makers make data-driven decisions. Annual Average Salary: $108,415 DATA ENGINEERS Data engineers are the foundation of data-driven organizations. Their role is to design and build efficient data infrastructure to collect, process, and store data. They create data pipelines, help with database optimization, and ensure data quality and security. They are the important data science professionals who develop platforms for data scientists and analysts to work on. Annual Average Salary: $131,604 DATA SCIENTIST Data scientist is the most popular role in the data science industry.They are problem solvers who have expertise in mathematics, computer science, and business knowledge. They understand business problems properly and design and develop effective data science models to solve those problems. They need to work collaboratively with data engineers and machine learning engineers to bring their models to life. Annual Average Salary: $158,580 © Copyright 2024. United States Data Science Institute. All Rights Reserved 02 us dsi .org

4. MACHINE LEARNING ENGINEER These professionals act as the bridge between data science and software engineering. They develop machine learning algorithms, and build, train, and deploy machine learning models to the production environment. They also choose the right algorithms and optimize the model's performance. Annual Average Salary: $165,071 DATA ARCHITECT Data architects help organizations define appropriate data policies, and procedures, and design infrastructure to collect, organize, and manage their data. They are different than data engineers as their focus is on high-level business intelligence relationships. Annual Average Salary: $181,880 DATA SCIENCE MANAGER They are responsible for overseeing the entire data science function of their organization. They set data science vision, build high-quality data science teams, and see that the data science function aligns with the organization's overall business goals. Data science managers mostly focus on strategic planning, allocating resources properly, and managing stakeholders. Annual Average Salary: $185,000 - $311,000 SENIOR DATA SCIENTIST These experienced data science professionals lead the entire data science teams and projects of the organization. They offer their experience and knowledge and help their teams with technical guidance. They mentor junior team members and develop efficient data strategies. With their deep business understanding, they can convert complex data insights into actionable recommendations. Annual Average Salary: $239,101 © Copyright 2024. United States Data Science Institute. All Rights Reserved 03 us dsi .org

5. DATA SCIENCE PROFESSIONAL'S SALARY IN THE US IN 2024 DATA SCIENCE ROLE LOW AVERAGE HIGH DATA ENGINEER $81,686 $127,028 $197,538 DATA ANALYST $49,788 $78,433 $123,558 MACHINE LEARNING ENGINEER $161,980 $252,208 $104,031 $77,854 $123,073 $194,555 DATA SCIENTIST $104,667 $149,761 $214,284 SENIOR DATA SCIENTIST DATA SCIENCE MANAGER $73,321 $131,263 $234,994 Source: Indeed TOP FACTORS INFLUENCING DATA SCIENTIST'S SALARY LOCATION Developed countries offer comparatively higher salaries than developing countries. Similarly, major tech hubs like Silicon Valley, New York, London, and locations with higher costs of living also pay higher salaries. TOP 7 TOP 7 CITIES HIGHEST PAYING COUNTRIES FOR DATA SCIENTISTS PAYING FOR DATA SCIENTISTS IN UNITED STATES ANNUAL AVERAGE SALARY 2024 ANNUAL AVERAGE SALARY 2024 COUNTRY CITIES $123,073 $171,626 United States Palo Alto, CA United Kingdom $78,678 $171,112 Bellevue, WA $57,486 $141,581 China Seattle, WA Germany $82,275 $129,474 Boston, MA $17,000 $128,893 India New York, NY $88,806 $121,008 Washington, DC Australia $70,790 $117,880 UAE Denver, CO Source: Glassdoor Source: Indeed © Copyright 2024. United States Data Science Institute. All Rights Reserved 04 us dsi .org

6. INDUSTRY Finance, technology, retail, and healthcare are some of the top industries offering higher salaries to data scientists as these industries rely more on data-driven decisions. COMPANY SIZE data scientists Larger organizations have resources and strategies in place to maximize the potential of pay more than SMEs. and often TOP 5 HIGHEST PAYING COMPANIES FOR DATA SCIENTISTS IN THE UNITED STATES Google Meta Cisco LinkedIn Apple COMPANIES ANNUAL AVERAGE SALARY 2024 $250,437 $249,190 $242,547 $223,383 $224,292 Source: Glassdoor EDUCATIONAL BACKGROUND Professionals holding a master's degree or Ph.D. in data science or related field get higher salaries than their counterparts with only graduate or undergraduate degrees. EXPERIENCE data science professionals The more experience, the higher the salaries. Organizations want skilled track records and are willing to pay higher to candidates with relevant experience. with proven DATA SCIENTIST SALARY BY YEARS OF EXPERIENCE $160k $120k $80k $40k <1 1-3 3-5 5-7 7+ The average salary for a Data Scientist with 7+ years of experience is $158,383. The average salary for <1 year of experience is $96,888. Source: builtin.com © Copyright 2024. United States Data Science Institute. All Rights Reserved 05 us dsi .org

7. HOW DO DATA SCIENTISTS INCREASE THEIR SALARY? Here are some secret sauces to help you maximize your salary as a data scientist: STRONG PORTFOLIO: CERTIFICATIONS: Employers value practical experience and expertise in solving real-world problems. So, build a strong portfolio to demonstrate your skills and experience Consider registering for the best data science certifications that will help prove your professional commitment to this domain. UPDATE REGULARLY: NETWORKING Network with other data science professionals through LinkedIn, data science forums, events, etc., to enhance your chances of hiring with higher salaries The Data Science domain is highly dynamic, and you must be willing to upgrade your skills regularly to stay relevant in the market. CONCLUSION The data science industry is growing and with the ever-increasing amount of data, organizations are looking for skilled and experienced data science professionals. They are willing to pay anything to these skilled professionals to gain insights and boost their businesses. data-driven As we enter the future, we will see an even greater increase in the amount of money and compensation data science professionals are offered. ENHANCE YOUR DATA SCIENCE SKILLS AND CREDIBILITY, FOR THE HIGHEST-PAYING DATA SCIENCE JOBS. © Copyright 2024. United States Data Science Institute. All Rights Reserved 06 us dsi .org

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