There are multiple factors that determine data science pay, and hence, one must know which factors drive the pay in this profession:
Experience and Skill Set: Data scientists who have more experience in working with high-level analytics, machine learning, and artificial intelligence will be paid more. Specialization with certain tools such as Python, R, SQL, and Hadoop is also a key determinant of salary levels.
Industry: Data scientist salaries vary from industry to industry. Finance, tech, and healthcare tend to pay the most, with other industries such as education or public service potentially offering lower salaries.
Location: Salary also significantly varies by location. Salaries are much higher in major tech centers such as Silicon Valley, New York, and London than they are in small towns or non-tech-centered locations.
Education: Data scientists with higher degrees such as a master’s or Ph.D. in data science, computer science, or statistics can earn more. Machine learning and artificial intelligence specializations can enhance earning potential.
Company Size: Large companies and venture-backed start-ups pay higher and provide better benefits than small firms. Major tech firms such as Google, Amazon, and Facebook have the tendency to pay the best salary for data scientists.
