February 17, 2022

What are the possible career opportunities for Data Scientists?

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A data scientist is a computer professional capable of gathering, analyzing, and handling large volumes of organized and unstructured data. In this technological age, numerous businesses employ a considerable amount of data in their everyday operations. A data scientist’s job is to analyze this information and interpret the results to put them into practice for the company’s advantage.

Who is a Data Scientist?

Data Scientists have analytical data professionals who can solve complex issues and an insatiable drive to learn more about a wide variety of topics that must be addressed. They are highly skilled individuals who blend the best of both worlds in their jobs – IT and business. Data scientists are, therefore, a hybrid of computer scientists, statisticians, and trend analyzers. Due to tremendous demand, data scientist salaries are among the highest. There are several platforms that provide courses online. Enroll yourself in a Data Science online course to explore more about the subject.

Data Scientist Role and Responsibilities

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Data scientists work closely with corporate stakeholders to understand their goals and how data might assist them in achieving them. They create algorithms and prediction models to extract the data that the company needs and assist with data evaluation and sharing discoveries with peers. While every project is different, below is a general overview of the data collecting and analysis process:

 

  1. Begin the process of discovery by asking the right questions

 

  1. Compile information

 

  1. Cleanse and analyze the information

 

  1. Gather and preserve information

 

  1. The first phases in the data analysis process are data inquiry and exploratory data analysis

 

  1. Select one or more possible models and methods to use

Common Job Titles

The following are some of the most popular data science jobs:

 

  • Data scientists construct algorithms and prediction models, as well as do bespoke analyses using data modeling procedures.
  • Data analysts manipulate massive data sets to establish trends and draw relevant findings that can be used to guide strategic business choices. They also clean, combine and organize data from multiple sources before transferring it to data warehouses.
  • Specialists in business intelligence: They recognize patterns in data sets.
  • Data architects plan, build and manage the data architecture of a company.
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The details of several career opportunities are as follows:

Data Analyst

Average yearly salary: $75,068 (plus a $2,500 cash bonus on average)

 

What is a data analyst’s job description? Even though not all data analysts are junior, and pay can vary widely, this is frequently referred to as an “entry-level” position in the data science sector.

 

A data analyst’s principal role is to study corporate or industry data and use it to solve business problems, then communicate those results to other departments within the company for action. For example, a data analyst would be entrusted with analyzing sales data from a recent marketing effort in order to assess its effectiveness and identify strengths and weaknesses. It would require acquiring access to the data, cleansing it if necessary, performing statistical analysis to answer the relevant business issues, and visualizing and sharing the results.

 

Career prospects: Considering to become a data analyst is just such a broad topic; it may apply to a variety of occupations, where your alternatives are rather vast. A common next step is to continue developing your data science skills, focusing on machine learning, and aiming toward a job as a data scientist. If you’re interested in software development, data infrastructure, and helping to create a whole data pipeline, you may work as a data engineer. Some data analysts progress to more general developer roles using their programming skills.

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Data Scientist

$121,674 is the average wage (plus stock options)

 

What exactly does a data scientist do? Data analysts do much of the same jobs as data scientists, but data scientists additionally utilize machine literacy models to provide accurate future predictions based on literal data. A data scientist has less leeway to test and explore their own ideas to identify interesting patterns and trends in an operation that may have been overlooked.

 

Advancement opportunities: When you’re a data scientist, your following job role may be a senior data scientist, who earns around $20,000 more per year on average. You may also choose to specialize in machine learning and work as a machine learning engineer, which would pay you more.

You might also search for opportunities in management, such as lead data scientist by enrolling in data science and machine learning for working professionals offered by Great Learning.

. A C-suite position in data, such as chief data officer, may be your ultimate goal if you want to maximize your earnings, albeit these jobs need administrative skills and may not contain much actual day-to-day data work.

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Data Engineer

Average yearly salary: $129,609 (plus a $5,000 cash bonus on average)

 

What is the role of a data engineer? A data engineer manages the data infrastructure of a corporation, and their work necessitates a lot more software development and programming competence than statistical analysis. In a firm with a data team, the data engineer may be in charge of creating data pipelines that deliver the most up-to-date sales, marketing, and revenue data to data analysts and scientists at a rapid pace and in a usable format.

 

Career aspects: With additional experience, data engineers can advance into more senior technical positions or apply their skills to a variety of software development disciplines. Aside from experience, there’s the chance to advance into management roles, such as managing an engineering or data team (or both, although only substantial companies are likely to have a sizable data engineering team).

Data Science Career Outlook

According to various sources, becoming a data scientist is a highly sought-after career path among students and professionals. Glassdoor has ranked data scientist jobs as one of the top ten best occupations in America for the previous five years based on median base pay, active job openings, and employee satisfaction ratings. Harvard Business Review has branded data science “the sexiest job of the twenty-first century,” claiming that “high-ranking experts with the expertise and ambition to produce breakthroughs in the world of big data” are in high demand.

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The benefits of big data are recognized by businesses of all sizes, from startups to Fortune 500 corporations to government organizations. Back in 2009, Google’s Chief Economist Hal Varian told McKinsey Quarterly that “the capacity to take data—to be able to analyze it, to process it, to extract value from it, to display it, to communicate it—going that’s to be a massively significant talent in the future decades.”

This forecast turned out to be correct. Data science is one of the top developing careers in 2020, according to LinkedIn research.

 

According to the US Bureau of Labor Statistics, the employment of computer and information research scientists is anticipated to grow by 22 percent by 2030, outpacing that of many other occupations. On the other hand, data scientists are in short supply, so now is a perfect moment to upskill and enter the industry.

 

The Bottom Line

Data Science is currently regarded as one of the most profitable professions. Data scientists are needed by companies in all major industries and sectors to assist them in acquiring critical insights from massive data. The demand for highly competent data science specialists who can work in both the business and IT worlds is rising.

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Because data science is a relatively new profession, the road to becoming a data scientist is not well defined. Data scientists come from various disciplines, including mathematics, statistics, computer science, and economics.


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