You may ask why become a data scientist in the first place.
The best career strategies include looking at careers that have high demand. A data scientist is one of the hottest jobs in 2021 and the near future.
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In May 2018, Bloomberg published an article by Michael Sasso entitled "This is America's Hottest Job”. It states that data scientists are very much in demand.
When you stop to think about it, this does make sense. Since our world has changed to incorporate so much of our life online, that is where all of the data exists. And companies want to find our more about you and what you really want so they can target ads and ideas directly to you.
Photo courtesy of Justin Grimes
"Data science is an interdisciplinary field of scientific methods, processes, algorithms and systems to extract knowledge or insights from data in various forms, either structured or unstructured, similar to data mining."
What does this really mean? In my view, it means that if you have the mathematical, statistical, and computer skill set, you may be able to make a lot of money. In addition to that, your skill set will probably be in demand even during strange times like that that occurs during pandemics.
Admittedly, not everyone fits into this category. But, for those that are starting out or are already experienced in some of these fields, the future looks bright.
If you can take unstructured and structure data and organize them using your math, statistics and programming skills, then you could be a data scientist. This converts into true value for a company as it looks for ways to improve its balance sheet.
Some consider it to be the sexiest job in the 21st century. That could be another reason why become a data scientist.
Photo courtesy of NYC Media Lab
What are we talking about? According to the Bloomberg article, a typical data scientist job pays about $119,000 at the midpoint. Other sites state that salaries range from a minimum of $76,000 to a maximum of $195,000. Those individual with Ph.Ds could get as much as $300,000. That makes it one of the best paying careers. That is why become a data scientist.
In 2018 the expected shortage of data scientist would run from 140,000 to 190,000 people with such deep analytical skills. There could be a shortage of managers and analyst that know how to use the analysis of big data to make effective decisions, per a McKinsey report.
Google, Amazon, Airbnb, LinkedIn, Uber are some of the big players that have such demand. But it doesn’t end there. Even smaller retail stores are looking for experts to help with the bid data issues. This pushes the salaries up… way up! Make way for one of the best career strategies.
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