Is Your Data Scientist Salary Competitive? Cross-Check With The Latest Trends

Find out the 2023 trends of data scientist salaries in India. While scopes are there why settle for less!!

Data Scientist has been the most desired job title in the last few years. It has been termed the "Sexiest Job of the 21st century" for every right reason. A Data Scientist has the power to derive hidden insights from any unstructured data.

Data accessibility nowadays can help firms enjoy many benefits from it. As a result, corporations around the world, and even in India are quite apprehensive about raising data scientists' salaries. Companies are offering big figures to those with the skills of handling data analytics and data engineering responsibilities.

The demand for data science jobs in the last few years has risen abundantly. Presently principal Data scientists and director-level data science pros are the highest-paid employees of an organization. As per Glassdoor salary insight, the average data scientist salary in India is ₹10,00,000 per annum with an average experience level of 4 to 5 years.

Yes, Data scientists are an important subset of the data science and AI workforce, but they are not the only ones to consider. There is a slew of additional popular designations and requirements to choose from.

Data Scientists can anticipate their careers to be highly future-proof if they have the right abilities and eagerness to stay in line with ever-chaining data orientations. This is especially true if we take into account the fact that the average data scientist's salary in India is linked to your level of expertise and knowledge. But the salary range has already climbed up 6 to 8 steps forward in the past six years. So being paid in the old-school standard in 2023, is not at all justified.

Data Scientist career potential and Salary

In recent years, globally, the work process has moved more toward the new era of technology like Artificial Intelligence and Machine Learning - which are the most trending and most advanced subsets of Data Science, respectively. It has just grown abundantly ever since it was invented. Because of this, the need for data scientists as well as their wages is increasing rapidly.

So how much can a data scientist earn?

Now comes the most circulated question. Unfortunately, there isn't a simple answer to this topic. The job market for data scientists is heating up. Numerous certified data scientists are on the job market in search of a position. Despite this, there is still a long way to go in the field of data science. As an alternative, a team of qualified data scientists is unable to pinpoint the ideal position and compensation.

Actually, various factors affect a data science Salary. I tried to list them out here.

1. Location (India-based)

As of now, Bangalore has the most data science jobs and the highest data scientist compensation. If you compare the data scientist salary in Mumbai and Delhi with Bangalore, the former two might disappoint you a bit. Mainly the Mumbai one. But, two years back Mumbai used to be on top in this regard. So, you have to keep following the trends and have to stay updated. In fact, while learning data science, you should target city-based courses too. For example, data science courses in Bangalore will train you on the exclusive tricks for cracking the data scientists' interviews in Bangalore-based MNCs and Startups.

Figure 1 shows the latest location-based salary variation across India for data science job roles.

Figure1: Data Scientist salary in India based on location

So you can see that data scientist salaries in Bangalore and Delhi top the list. If you are employed in Kolkata or Pune and own ample ability, you must plan a switch to the other greater pay regions.

2. Experience

Data science entry-level requirements are quite stable now. AI, ML, and data science requirements have come far. Instead, Mid-to-senior-level roles are in high demand. At such a level, recruiters perform a sneak peek at the significant correlation between years of work experience, designation, and compensation. It's true even for working professionals switching from a different domain to the data science field.

You're getting perplexed, aren't you?

Well. In the last case, even though you are new to the data science field, you have experience in your industry. So, your skill is evaluated depending on how intricately you can link data science approaches to your existing industrial acumen.

Figure 2 provides an idea of the gradual variation from entry-level data scientist salary to the topmost level's one.

<Image src="https://learnbay-wb.s3.ap-south-1.amazonaws.com/main-blog/blog/isd-3.jpg" alt="A bar graph titled, 'Entry-level Data Scientist Salary (IN PER ANNUM)' lists the salary figures based on the year of experience. The data are as follows (in decreasing order):

=10 years: 35 lakhs and above in Indian Rupees 5-9 Years: 12 to 14 lakh in Indian Rupees 1-4 Years: 773,442 in Indian Rupees 0-1 Years: 511,468 in Indian Rupees" style="width:100%" class="img"/>

Figure2: Data Scientist salary in India based on Year of Experience

A highly experienced employee with decades of expertise or management positions can expect a figure between ₹35 lakhs and a healthy crore of rupees per annum.

With a transition/promotion from their role to a higher one, a data analyst's salary in India experiences at least 50%.

3. Company

The myth that famous companies dominate the lists of the highest-paying data occupations and have goodwill for raising salaries by 15% per year, has already been busted-

Consider Bangalore city. Many SMEs are willing to pay AI professionals more than IT administrators in the top renowned MNCs, without a second thought.

Figure 3 and figure 4 show the list of firms, where you can get the best data scientist salary.

Figure 3: MNCs best for Senior level

Figure 4: Entry-to-mid senior level

Note: All the salaries are in LPA.

When it comes to startups, below are the few companies that will not disappoint you.

• CropIn
• Realbox Data Analytics
• 3LOQ

4. Skills

To earn the above mention amount, you'll need a Master's degree (in science or math, not necessarily in data science) and knowledge of data management languages and tools. You must master statistics. A professional data science course can offer you the best support in such a case.

• Knowing R is the most crucial and demanded talent, followed by Python. The average data science salary in India for Python experts is ₹10.2 LPA. while with advanced R knowledge, a candidate can expect 20 to 25% more.
• When a Data Analyst knows both Big Data and Data Science, their income rises by 26% above when they only know of one.
• SAS users make between ₹ 9.1 and ₹ 10.8 lakhs per annum, whereas SPSS professionals earn ₹ 7.3 lakhs annually.
• Machine Learning salaries in India begin at roughly ₹ 6.5 lakhs per annum and rise to around ₹20 LPA as you advance in the industry.

5. Job Role

We have talked enough about the 'data scientist's salary. Let's peep into the salaries of other data science roles.

Data Engineers

The average Data Engineer salary in India , according to Glassdoor, is ₹.8,56,643 LPA. However, the income of a Data Engineer is determined by some criteria, including the size and image of the firm, geographical location, educational qualifications, job position, and work experience. Data Engineers are frequently paid well by reputable firms and large participants in the Big Data market, such as Amazon, Airbnb, Spotify, Netflix, IBM, Accenture, Deloitte, and Capgemini, to mention a few. Also, the more Big Data experience you have, the better your market value will be.

While the demand for IT professionals has decreased, the demand for data engineering specialists has surged dramatically, resulting in a considerable salary raise. When it comes to compensating for various analytics talents, advanced analytics and predictive modeling professionals out-paid other professions. Figure 5 presents ideas about data engineer salaries in India.

Figure 5: Data Engineer Salary in India

Data Analyst

Data analysts are experts who convert numbers, statistics, and figures into easy-to-understand English.

In the current situation, Data Analysts are in high demand in the workplace. It may be an ideal alternative for those with strong backgrounds in mathematics, statistics, computer science, or business. This position requires data mining and fluency in languages such as SQL, Python, and others to extract meaningful insights from data sets and channel those ideas through visualizations and reports.

• With 1–4 years of experience, a data analyst's Salary in India can make up to ₹6,03,120LPA gross (including tips, bonus, and overtime pay)
• while a data analyst with 5–9 years of experience can earn up to ₹3,96,128LPA depending on the business and working region.
• If you have 10 to 19 years of experience as a Data Analyst, you can earn an average total pay of ₹9,00,000LPA.
• At their entry-level, 78 percent of analytics experts in India earn between ₹4 and 6 lakhs per annum. However, given the increase in the number of freshers in Data Analysis in India, this is a good sign that the business is maturing.
• Salaries for workers with 4–6 years of experience have held steady at ₹8.7 lakhs annually.
• Last year, Senior Data Analysts' Salary with 12 or more years of experience increased by 20%.

Job roles in data science are also a key driver of salary and benefits orientations.

Education

The best-educated and most-experienced data scientists are scarce. Data scientists should know basic programming. Data scientists who code 4-8 hours per week earn the most, while non-coders earn the least.

Data science requires business savvy, scientific curiosity, leadership, and communication skills. These skills affect your paycheck.

Data scientists often have advanced degrees in data science, applied mathematics, statistics, computer science, engineering, economics, or operations research. A master's in data science gives you specialized training for a data science job. If you're not ready for a full master's degree? Advanced-Data science certification helps you keep up with the fast-paced sector.

In A Nutshell,

I hope, I could give a thorough idea of data scientist salary in India. If you are planning to get into a data science career to crack such lucrative paychecks, you can check

out Data Science and Artificial Masters Program.

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