The Analytical Recruiters at Smith Hanley Associates share with you the hottest trend in the data science job market for 2017, machine learning, the hottest trend for the future, IoT, and where your compensation should be in this competitive marketplace.
I’m a statistical modeler. Why do I need machine learning experience?
Data. Data. Data. The steady advances in digitization and cheap computing power since the 1990’s have allowed analytical experts to stop building models and start training computers to do the work. Machine Learning allows a statistician “to capture all patterns beyond any boundaries of linearity or even continuity of the boundaries.” Machine Learning offers efficiency, speed, and unbiased analysis. How to gain this skill set? Combine your statistical skills with computer science and artificial intelligence training as soon as possible.
Cars that share driving habits with insurance companies in exchange for lower rates like Progressive’s Snapshot, connected home monitoring from Nest, RFID tracking wristbands such as Disney’s MagicBand and beer refrigerators that track drinking habits are four examples of IoT applications that give marketers usage data in real time. How does that impact data scientists? Real time data means creating algorithms that educate users on unused features at the moment they need it. A study from Business Insider Intelligence estimates that 24 billion IoT devices will be installed by 2020 compared to 5 billion in 2015. That equals $1.7 trillion in economic value. Data scientists will be a driving force behind creating that value.
Analysts (0-2 years) $55,000-$70,000 Code in R or SAS and pull and organize data from SQL.
Senior Analysts (2-5 years) $70.000-$95,000 Articulate meaningful insights from the analysis, help build consensus about model implementation and evaluate results while continuing to code.
Consultant/Statistician (4-6 years) $85,000-$110,000 High level individual contributors with deep modeling proficiency and deep industry expertise. Want to move up from here? Begin training and mentoring more junior level team members.
Manager/Senior Manager (6-9 years) $100,000-$150,000. Hands-on team leader. Responsible for significant predictive analytics projects.
Director (8 or more years) $140,000-$185,000. Manage teams, the entire analytics function for the company or a segment of the company and possibly some responsibility for business development.
VP (10 or more years) $170,000-$300,000. Compensation will be dependent on the size of your team and their impact on the bottom line. On the vendor side, you will be responsible for significant business development.
**Data Scientists** (2 or more years) $80,000-$180,000. Candidates are proficient in analyzing unstructured data. Salaries vary widely depending on location, industry and, most importantly, experience. Backgrounds in computer science with strong analytical capability and experience using open source tools like Python and Hadoop are minimum requirements.
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