Data Scientist Salary in 2024

Salary details

The average Data Scientist salary lies between USD 110,400 and USD 197,500 globally. It represents the overall compensation/gross salary amount for the working year (before deductions like social security, taxes and other contributions), not including equity/stock options or similar benefits.

All data shown are full-time equivalent (FTE) salaries. Part-time salary information has been extrapolated to its FTE value.

Last updated: Nov. 17, 2024

Salary trend

Top 20 Job Tags for Data Scientist roles

The three most common job tag items assiciated with Data Scientist job listings are Python, Machine Learning and Statistics. Below you find a list of the 20 most occuring job tags in 2024 and the number of open jobs that where associated with them during that period:

Python | 11913 jobs Machine Learning | 10695 jobs Statistics | 10121 jobs SQL | 8856 jobs Engineering | 8407 jobs Computer Science | 6789 jobs R | 6423 jobs Mathematics | 6100 jobs Research | 5646 jobs ML models | 4272 jobs Data analysis | 4250 jobs Testing | 3600 jobs AWS | 3558 jobs Deep Learning | 3023 jobs Pipelines | 2849 jobs Spark | 2842 jobs Data visualization | 2775 jobs NLP | 2757 jobs PhD | 2645 jobs Big Data | 2585 jobs

Top 20 Job Perks/Benefits for Data Scientist roles

The three most common job benefits and perks assiciated with Data Scientist job listings are Career development, Health care and Equity / stock options. Below you find a list of the 20 most occuring job perks or benefits in 2024 and the number of open jobs that where offering them during that period:

Career development | 10158 jobs Health care | 5329 jobs Equity / stock options | 3782 jobs Flex hours | 3455 jobs Startup environment | 3011 jobs Competitive pay | 2896 jobs Salary bonus | 2722 jobs Insurance | 2555 jobs Team events | 2245 jobs Medical leave | 2207 jobs Parental leave | 2183 jobs Flex vacation | 2115 jobs Wellness | 1466 jobs 401(k) matching | 1320 jobs Conferences | 642 jobs Flexible spending account | 523 jobs Fitness / gym | 492 jobs Unlimited paid time off | 478 jobs Relocation support | 454 jobs Home office stipend | 437 jobs

Salary Composition

The salary composition for a Data Scientist role can vary significantly based on factors such as region, industry, and company size. Typically, the salary is divided into three main components: base salary, bonus, and additional remuneration such as stock options or equity.

• Base Salary: This is the fixed annual amount and usually constitutes the largest portion of the total compensation. In tech hubs like Silicon Valley, the base salary might be higher compared to other regions due to the cost of living and competitive market.

• Bonus: Bonuses can be performance-based or company-wide and are often a percentage of the base salary. In industries like finance or tech, bonuses can be substantial, sometimes reaching up to 20% or more of the base salary.

• Additional Remuneration: This includes stock options, equity, or other long-term incentives. Startups or large tech companies often offer stock options as a significant part of the compensation package to attract top talent.

Increasing Salary

To increase your salary from a Data Scientist position, consider the following strategies:

• Specialize in High-Demand Areas: Focus on niche areas within AI/ML, such as deep learning, natural language processing, or computer vision, which are in high demand and can command higher salaries.

• Pursue Leadership Roles: Transitioning into a leadership or managerial role can significantly increase your earning potential. This might involve leading a team of data scientists or managing cross-functional projects.

• Continuous Learning and Upskilling: Stay updated with the latest tools and technologies in data science. Advanced skills in cloud computing, big data technologies, or AI ethics can make you more valuable.

• Negotiate Effectively: When changing jobs or during performance reviews, negotiate your salary based on market research and your contributions to the company.

Educational Requirements

Most Data Scientist positions require at least a bachelor's degree in a related field such as computer science, statistics, mathematics, or engineering. However, a master's degree or Ph.D. is often preferred, especially for roles involving complex data analysis or research. Advanced degrees can provide a deeper understanding of machine learning algorithms, statistical methods, and data modeling.

Helpful Certifications

While not always mandatory, certifications can enhance your resume and demonstrate your expertise. Some valuable certifications include:

• Certified Data Scientist (CDS)
• Google Professional Data Engineer
• Microsoft Certified: Azure Data Scientist Associate
• AWS Certified Machine Learning – Specialty

These certifications can validate your skills in specific tools and platforms, making you more attractive to potential employers.

Required Experience

Typically, a Data Scientist role requires 2-5 years of experience in data analysis, machine learning, or a related field. Experience with programming languages like Python or R, data visualization tools, and machine learning frameworks is crucial. Additionally, experience in a specific industry, such as healthcare, finance, or e-commerce, can be beneficial.

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