As we assess Data Science salaries in 2018, one thing stands out – salaries are rising.
$70,000 to $250,000
Smith Hanley filled numerous Data Science roles in 2018. Salaries ranged from $70,000 for 2 years of work experience to $250,000 for highly trained and experienced data science leaders with 10 or more years of solid experience. Data science needs have emerged across multiple disciplines: Marketing, Operations and Product Development to name a few.
Hands on Data Science Managers can earn base salaries in the mid $100’s, with Directors and VP’s earning much more. These roles cannot be completely self-taught or through immersion coursework. Rather, they typically require advanced degrees in computer science, statistics or similar discipline.
Learning programming languages like Python, R, C#, C++ and Java is critical. The highest paid data scientists are expected to have significant experience working with large and messy data sets. Being able to develop algorithms that add value will bolster your salary.
A Manager or Director expecting to earn at the high end of a company’s data science salary range will be required to do work leading to tangible results, such as optimizing price, lowering costs, increasing profitability or improving products.
An individual contributor in the Data Science space can command a wide range in terms of salary. We work with organizations that will pay anywhere from $80,000 – 200,000 for a “Data Scientist.”
Rare Skill Set
Although the number of years of experience could be part of the equation in determining data science salaries, often times in-demand and rare skill sets in the Data Science space can increase earnings. For example, if a company is seeking very specific experience such as using machine learning for algorithmic bidding in the pay-per-click advertising space they are willing to pay the higher end of the range. Also, we are finding experience in areas like the IoT, AI and computer vision/image recognition are limited and also command higher data science salaries.