Why Data Scientist is the Hottest Job?

Modern companies are leveraging the power of data science to build state-of-the-art products and expand their customer base. With the rise of big data and increasing computational power to process it, data science is being utilized to discover potential business opportunities, reduce costs, increase effectiveness, and gain a competitive edge in the market. The process basically involves collecting a massive amount of data and analyzing it to obtain actionable insights that drive successful business strategies.

Data science is a multidisciplinary field with applications across a wide range of industries. The US Bureau of Labor Statistics has predicted that there will be an increase in data science jobs by a whopping 11.5 million by 2026. This comes as no surprise as this scientific approach of manipulating data has become crucial for solving complex business problems and decision-making in enterprises.

In light of this trend, data scientist has become the hottest job in the IT industry. Whether you are looking for a high-paying career, in-demand career, or something with bright career prospects in the future, you will see the data scientist role taking a lead in all these factors.

Are you a data scientist wannabe? Registering for one of the data science courses with job guarantee would allow you to differentiate yourself in the hottest IT professions. Let us understand more about this designation and why it has become a promising career option.

The Data Scientist Role        

As you can infer from the description of data science above, a data scientist is an individual involved in gathering huge amounts of structured and unstructured data and processing it to uncover hidden trends and patterns from them. These insights are useful for stakeholders and business leaders who are trying to solve a business problem through data.

To make sense of the raw data generated, data scientists need to be well-versed in many areas like computer science, machine learning, data wrangling, data processing, data analysis, data visualization, domain expertise, Python or R programming, among other tools and techniques.

As a data scientist, your first task would be to deeply understand the business and what problems are the executives trying to solve through data. You will conduct sophisticated analytical research to understand and make observations regarding complex systems. It is important to note that the raw data generated from various sources isn’t ready for analysis instantly.

It needs to be prepared and cleaned before taking for analysis. So, in some organizations, data scientists are hugely occupied with cleaning data and transforming it into a usable format before they can draw valuable insights from them. While in other organizations, data engineers may be hired to deal with the data cleaning process.

Career Prospects of a Data Scientist  

The World Economic Forum has estimated that data scientists and analysts will become the #1 emerging role in the world by 2022. Today, data scientists are required in virtually every industrial sector and not just Information Technology. It is noteworthy that tech giants that contribute to over 52% of the world’s market capitalization globally are the biggest employers of data scientists and data engineers. These tech companies include Facebook, Google, Microsoft, Apple, and Amazon.

Even when you look at the salaries, you will find the highest figures for data scientist roles. These figures are irrespective of the country you are considering. Taking Australia, for example, the average salary for data science professionals reached an all-time high of AU$ 114,000 in February 2020.

Similarly, the median base pay of data scientists in the US stands at US$ 113,000, as per Glassdoor data. Even in the present year, the demand for data scientists is showing no immediate signs of slowing down, indicating the salaries for this job role will continue to remain high.  

Here is the scenario in the UK – a forecast by Randstad has predicted that the salaries of leading data scientists could hit £100,000 by April 2022 amidst a ‘white hot’ job market. A large number of vacancies across many sectors of the job market are leading employers to offer higher salaries to retain their workforce.

The average base pay for a data scientist in the UK stood at £47,600 in February 2020. By April 2022, this figure is about to reach £68,100. The market sentiments are such that any head of data who isn’t paying a high salary is going to end up weakening their talent pool. Tech startups, investment banks, consulting firms, and professional services are the top employers of data scientists. By the spring of 2022, even new joiners in data science are expected to be offered six-figure sums.   

All these stats are enough for you to infer that data scientist is one of the best career fields you can step into at the present. However, you need to gain the right skills to be eligible for this in-demand job role. A number of online courses are available to help you build a strong foundation in data science. Even employers prefer hiring professionals who have undergone a training course to polish their data science skills. So start a training course right away and become a seasoned data scientist.

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