Data Scientist is undoubtedly a lucrative job role, but is it that sexy of a job as talked about? The statistics dictate that while data science jobs remain the most sought after for young graduates, the ever-surging remunerations linked to the profile have somewhat flattened.
Glassdoor and Stack Overflow, two globally renowned web portals that advertise about open data science positions globally, reported saturation in the remunerations of a data scientist due to increased number of young professionals applying for the role.
A Marginal Difference in Remunerations When Compared to Software Developers
The salaries of data scientists are closing to what software developers get in the present times. The logic behind the said development as explained by Glassdoor is that now we have more individuals applying for the role in comparison to the number of jobs available.
The sudden prominence of data science as a revolutionary technology and a job sector in the past five years or so, has made a large number of young graduates enrol in data science bootcamps and related learning programs. This has resulted in a surplus increase of candidates for entry-level jobs in the sector leading to a decline in wages.
Future Trend Update
As technology improves, the human intervention in data science domain will further decrease as automation will take over most of the data science job roles humans perform at present.
The Coveted Job Role Rapidly Losing Its Sheen
For many years, big data scientist as a profession has ranked unparallelly high in terms of pay and the respect associated with it. But with a greater number of people entering the industry, the salaries have already plateaued.
Reports by Glassdoor Economic Research in 2019 have shown a year-on-year decline in the wages of a data scientist in the US.
Last year, a median 1.2% shrink in the pay checks of data scientists was reported by Glassdoor. More so, the wage growth of data scientists was seen below the national average in the US in 2019.
Candidacy for Data Scientist Role Spiked with Availability of Related Online Courses
Amid reports being shown by industry experts making us believe that the demand for data science professionals is high, the anecdotal evidence coming out the industry suggests otherwise. The number of new candidates applying for the coveted job role has multiplied manifolds because of the explosion of courses and learning programs in data science in which a large number of individuals enrolled in the past couple of years. Coursera and Fast.ai have been the leading portals in educating young graduates data science concepts and applications.
Should One Think of Becoming a Data Scientist in 2020?
Amid the trends in 2020 showcasing slow salary growth in the data scientist job role, one must still chase the dream job, but taking a different pathway. You should try toget your foot in the door from the back by starting your big data career as a data analyst or a junior developer and over time refining your data science skill set to prepare you for the actual role.Later, you can work your way to becoming a data scientist instead of following a direct approach to grabbing the said position.
There Still Exists Light at the End of the Tunnel
As per Daniel Zhao, Author at Glassdoor Economic Research, becoming a data scientist in 2020 remains as sexy as it had been for quite some time now despite the salaries plateauing, as the financial benefits involved are still handsome enough. A big data scientist in the US takes home around $95,459 as median annual pay.
The competition for the coveted role is expected to get fiercer in the times to come, but it’s worth giving a shot.