In the past, this job was present on the market but was not as popular as it is now. Big data is now essential and a big deal; thus, data scientists all over the world are required in a big amount. Many businesses seek solutions for complex problems and also want to implement new ways to make more money.
The process of picking up the right person is not easy at all. It requires time and carefulness. The demand is high; of course, the talent amount is low. The process is more complex also because of the price – their salary. That is why you should know the salaries of these talents. You should know what and where to offer more or decrease more.
Data scientists are usually responsible for transforming raw data into a more comprehensible format. Not only that, but they also solve complex business problems and look for clues in the already given data. Sometimes they seek and implement trends that can be helpful to businesses.
Tremendous knowledge, experience, and skills are required, and every data scientist has to be proficient for their employer’s requirements.
Data scientists located in Germany earn more than EUR 50,000.
Glassdoor provides some insights into the salary structure of the job market for data science. According to the information provided by Glassdoor data analysts and data scientists typically earn median salaries in the range of EUR 55,000. Senior roles such as team leaders come with higher salaries of around EUR 100,000, however, these roles usually require an extended experience in data science in addition to management skills.
Data scientists generally report higher salaries when compared to the gross salaries of average German university graduates. According to Absolventa the average entry salary for university graduates is situated at EUR 43,000.
German salaries are comparable to the rest of Europe but lower than in the UK/Ireland, Canada, Australia, and the United States.
The average salary of one data scientist in the USA is 118,042 dollars annually. When it comes to experience, the entry levelers, those with one to four years of experience start with 85,614 dollars annually.
The location is a critical factor here. That is why average salaries differ within the United States. There are some states which have companies that give their data employees more than the national average number. For example, the highest salary is currently in San Francisco, with a 27 percent higher amount.
It is essential to mention that other factors increase salary here. For example, the level of experience, the complex problems that require complicated solutions, the expertise in all phases of data science, and the useful additional skills that come in hand from time to time.
Companies want to use the power of big data more than ever. As time passes, they need more and more people, highly skilled, with useful solutions. Do not forget! To attract the right candidate, you must be ready to offer a competitive salary.