What Is Data Science Pay After Placement And What Are Its Career Options
Among the most lucrative and in-demand professions today is data science. Every organization is seeing an exponential surge in data, creating a high need for professionals who can analyse this data and develop intelligent conclusions from it. In this piece, you’ll look at the data science pay after placement one can expect and a few of the top employment opportunities available to data scientists after they complete their degree.
Data Science Salaries After Placement
A data scientist’s or analyst’s typical compensation might vary depending on things like experience, training, abilities, industry, firm size, location, etc. However, after passing a data science course, the following typical income ranges can be anticipated in various positions and places:
- 3-5 LPA in tier 2/3 cities, 5-8 LPA in metro areas, according to a data analyst.
- 5-8 LPA for a junior data scientist in tier 2 or tier 3 cities, and 8-12 LPA for metro areas.
- Data scientist: 8–15 LPA in tier 2–3 cities, 12–18 LPA in metro areas.
- Senior Data Scientist: Rs. 12-20 LPA in Tier 2 and Tier 3 cities, Rs. 18-25 LPA in metros.
- Depending on team size and expertise, managerial jobs pay between Rs. 15 and 30 LPA.
Career Options In Data Science
Following completion of their education, data scientists frequently pursue the following job paths:
⦁ Data Analyst
A data analyst is among the entry-level positions for data scientists. You will have to gather, arrange, and analyse data as a data analyst to find trends and patterns. Data cleansing, report creation, statistical modelling, and dissemination of results to stakeholders are typical job duties. Many businesses start by hiring data analysts before moving them up to more senior data science positions.
⦁ Data Scientist
You can advance to the position of data scientist as you get more expertise. From data collection through model deployment, data scientists take part in every step of the data science life cycle. They collaborate directly with business teams to comprehend their requirements and provide assistance in resolving complicated issues utilizing cutting-edge analytical methods such as machine learning, deep learning, predictive modelling, etc. Data scientists are employed by big businesses, startups, and consulting organizations in many different industries.
⦁ Data Science Manager
You can assume a managerial position and oversee a group of data scientists as well as analysts after gaining 5-7 years of data science expertise. Project preparation, resource allocation, progress tracking, reducing obstacles, and team delivery are among your main duties as the data science manager. Additionally, you will be in charge of personnel management, budgeting, and customer interactions.
Career Options By Industry
Given the current prevalence of data as well as analytics use, data science occupations are accessible across all significant sectors. The following are a few of the top sectors that employ data scientists:
The application of data science and machine learning to create new goods and services is being pioneered by technology firms. For jobs in search, recommendations, customization, computer vision, natural language processing, and other areas, they recruit data scientists.
For applications such as risk management, and fraud detection, as well as investment analysis, along with credit scoring, and portfolio optimization, etc., financial institutions including banks, insurance companies, and investment firms heavily rely on data science. Fintech-related careers are expanding quickly as well.
For user segmentation, tailored suggestions, demand forecasting, supply chain optimization, fraud detection, and other purposes, e-commerce behemoths utilize data science at scale. This industry’s startups are also actively recruiting.
There are several employment prospects in data science across a wide range of businesses.
Data science is important in manufacturing, technology, finance, and many other sectors.
Depending on their abilities and interests, professionals may select from jobs like data analyst, and data scientist, as well as machine learning engineer, and management positions. With typical earnings in India for entry-level to senior-level positions ranging from Rs. 5 to 25 LPA, the pay packages are also quite competitive.