Ever thought of making a career in data science and wondered how much a data scientist could earn? Well, what the data scientists used to earn almost 5 years ago is much more different than the salaries data scientists get today. This drastic change in salary range can be attributed to various reasons including the dynamic data science industry itself which is evolving rapidly with advancements in technology.
In this detailed guide, we will answer the most common question for all aspiring data scientists which is how much is a data scientist’s salary in the United States. Though there is no definitive answer to this, we will explore numbers from various sources, for various industries, experiences, and locations.
An overview of the averages
If we consider various sources such as Payscale, Glassdoor, US BLS, ZipRecruiter, etc., then the average salary of data scientists in the US falls within a broad range of $100,000 to $140,000 annually.
Here’s a breakdown of how various sources mentioned the average salary:
- US Bureau of Labor Statistics
US BLS is an important source of data on the labor market and it mentions the median annual wage of $108,020 for data scientists. This means half of data scientists in the US earn more than this, and the other half earn less.
- Built In
It is another credible platform that is focused on tech salaries and it mentions the average salary of data scientists to be $142,571 per annum in the US. This figure also includes the bonuses and additional compensation along with the base salary.
- Glassdoor
Glassdoor is considered to be a highly accurate source of information when it comes to salary and company ratings. Glassdoor mentions the average salary of data scientists in the US to be $157,053.
- Indeed
Indeed is a job and recruitment platform that is widely recognized across the globe and its figures are also considered to be highly accurate. As per Indeed, data scientists earn an average of $123,008 per annum in the US.
- Payscale
Like Glassdoor and Indeed, Payscale.com is another reliable source of salary information. And according to its research, Payscale mentions the average salary in the US to be $100,588 annually.
Major Distinguishing Factor: Experience
Experience level is the most significant determinant of the salary of data scientists. As data science professionals start gaining expertise and become capable of handling complex projects, their value increases among employers who are willing to pay even higher salaries to them.
Here’s a general idea of how experience can help gain higher salaries (as per Glassdoor):
- 0-1 year: $96,986
- 1-3 years: $108,197
- 4-6 years: $118,101
- 7-9 years: $124,037
- 10-14 years: $131,327
- 15+ years: 140,079
Industry also Matters
An industry where data scientists work also has an impact on their salary. Certain industries need more data scientists and senior data scientists than others, and this demand and supply surely do affect the salaries. So, companies that are heavily reliant on data-driven decision-making may offer higher salaries compared to other industries.
Here are top paying industries for data scientists (as per Glassdoor):
- Technology
- Meta: $241,038
- Oracle: $175,491
- Google: $247,874
- Retail
- Walmart: $178,192
- Amazon: $212,659
- Finance, Consulting, and Business Optimization
- Booz Allen Hamilton: $119,573
- Ascendum Solutions: $116,367
- Boston Consulting Group: $199,361
Location
Even location has an important role to play in deciding how much you can earn as a data scientist. This is because the cost of living varies, the industry concentration is different, and the availability of a talent pool also differs.
Salary of data scientists in various states of the US are as follows:
- California: $184,632
- New York: $187,839
- Washington: $181,028
Salary determining factors
We saw how salary can vary depending on experience, location, and industry. However, there are other important determining factors that you must consider before getting into a data science career. These factors are:
- Skillsets and specialization
- Educational qualification and data science certifications
- Soft skill
- Company size and type
- Negotiation skills
- Interpersonal skills, etc.
So bear in mind these factors as well to have a realistic expectation of salary in your first data science job.
Conclusion
Salary is a highly internal matter and is often kept confidential. However, by going through these recognized and credible sources we found data scientists get very lucrative salary packages in the US. depending upon location, experience, skill, and education, the salary of a data scientist can start from nearly $60-70000 and can go as high as $270,000 in large tech companies. A career in data science is very promising. So, if you are looking to become a data scientist, master the foundational concepts, gain interpersonal skills, validate your skills and expertise with data science certifications, and ace the salary packages for a successful career path.