When demand is high, and supply is low, job applicants win. Currently, there is a shortage in the number of available data scientists, but the demand for these skilled professionals continue to grow. This allows junior level data scientists to command salaries above $90,000 per year, and managers can find positions above the $250,000 mark.
What has spurred this demand and why is there such short supply? It is simple. The educational requirements can be high and the skill set required is still relatively rare. That means, by pursuing a career as a data scientist now, you can capitalize on the current job market and reach heights that may have previously seen unattainable.
Many data scientists have a master’s degree or higher. The increased demand for employees in this field has led many of the country’s top universities to begin offering the program, including some at the baccalaureate level. That means the workforce in this particular segment is relatively young. In fact, as of 2015, the median years of experience held by a data scientist was only six years, a three-year decline from the experience levels in 2014.
With experience in the field lacking (due to a high demand for candidates), many top candidates possess the analytical skills but not the actual real-world application of those skills to the business environment. Sometimes, trial by fire is necessary, but the talented employees will learn quickly.
Working with data is part art, part science. This means successful candidates get to know the business or industry in which they work. This helps them understand what information is valuable and what should be discarded based on current needs.
Teamwork is also critical, as numerous employees fill the roles that are associated with the data. Being able to coordinate and communicate effectively can be just as important as the technical skills one must possess.
Big data has taken many industries by storm. The ability to compile information from traditional sources, such as a customer’s purchase history, with social media and other analytics has caused many businesses to value their data’s potential more than ever. The trick with using big data for insight is that it requires a particular skill set to make the information valuable.
Data has become currency in the business world as he who harnesses the power of data can reign supreme in their industry. But it takes a particular type of person to review the information and have it mean something to the rest of the organization. Since talent is limited, companies offer higher wages to attract the talent that is available. In some cases, organizations even support formal training efforts to improve the skills of the analysts they currently have on their payroll.
As a specialty, data science is a fledgling field. As more businesses find value in the skill, the more job openings that will come into being. While preparing for a career as a data scientist may take some time, the current market suggests it is worth the effort.
If you are considering a career in data science or any other IT field, Validity Solutions is here to help you on your journey. Contact Validity Solutions today and explore your options!