If you have ever wondered or still wonder what the job with the greatest pay in Silicon Valley is, one that constantly rates among the top three on Glassdoor’s list of the best jobs in America, then you can stop wondering about it now. Data Science is a career path that may result in earnings in the six figures and has been called the top profession of the 21st century.
The stats still appear very fantastic, whether you look at them in terms of the increase in demand for professionals or the increase in the compensation and benefits package that is now being given for this employment.
Even in Europe, there has been a growth in demand for data scientists, and it is anticipated that this need will climb even higher in the coming years. The number of data scientist jobs in the UK increased by 32% in 2016. According to research conducted by Procorre, the demand for data scientists in Europe rose by 45% between 2015 and 2016, while IBM projects that demand will rise by 28% between 2016 and 2020.
Since 2011, when it first began making headlines, the need for Career in Data Science and machine learning,has skyrocketed, and the purpose of this essay is to highlight the factors that have contributed to this stratospheric spike in demand.
Where Do Data Scientists Currently Stand in Demand?
Although this may seem like a straightforward example of supply and demand to an economist, it is arguable that it is one of the primary reasons why data science pays so well. Companies in today’s market are on the lookout for competent people who can assist them in developing a greater understanding of big data, but suitable personnel are difficult to come by.
Are Skill Levels in Advanced STEM Subjects Necessary?
The fact that this job is so challenging is one more explanation for why there aren’t more people working in data science today. To be successful in the field of data science, you will need to have strong skills in the areas of mathematics, computer programming, and statistics.
To begin, there aren’t a whole lot of colleges and institutions that provide training in data science. In spite of the fact that having a degree in mathematics, statistics, or computer science is advantageous, there is still a great deal of work to be done in order to make data science more approachable.
Does Having Knowledge of Big Data Pay Off?
In just the last two years alone, about 90 percent of all the knowledge in the globe has been generated. Data analytics software and business intelligence tools are unable to read and effectively analyze the vast majority of all data found in organizations since this data is unstructured.
The answer to the question “what do data scientists do?” in its most generic form is that data scientists work with data. Despite the fact that this is true, the issue that has to be asked is “how do they cope with it and in what capacity?”
The world is better understood by data scientists, which enables them to assist corporate executives in making more informed judgments through IIT Roorkee Data Science course. Data scientists have the ability to turn a firm’s data into a competitive advantage for that organization by making sense of huge data, which is often an unorganized cosmic mess.
The average day in the life of a data scientist entails…
What kind of an impact does data have on the decisions that are made in business?
When it comes to making educated judgments about their companies, top executives have finally come to terms with the fact that, although following one’s feelings is a smart place to begin, data also plays a significant role.
Today’s data scientists are required to mine discoveries from both internal and external data sources and deliver those findings to their stakeholders, C-level executives, and other decision makers. Conclusions need to be provided in a way that is straightforward and simple to grasp, and ideally, they should bring about rapid positive change in the company. Therefore, the ability to clearly deliver information and to create a narrative is quite vital for the function as well.
How to Become Knowledgeable in the Data Science Sector?
Data scientists need to be well-versed in a variety of disciplines, including statistics, mathematics, and programming, but they also need to have strong domain expertise in order to correctly evaluate data and arrive at appropriate conclusions. It is essential for proper data analysis that data scientists possess corresponding domain expertise, and many different businesses, like retail, banking, and insurance, all demand data scientists to possess this knowledge.
However, many companies have the habit of treating data scientists as spot problem solvers. Data scientists are frequently recruited from completely different industries, and when they first start working with a new set of data, they are frequently unaware of the finer nuances in the data they are given access to.
Because most businesses already have employees who are familiar with their own data better than any other outsider data scientists, companies should focus more of their recruitment efforts on data scientists currently working inside the firm. Because this method would assist bridge the gap that now exists between data science and domain expertise, she also suggests instructing the persons who were selected in programming in addition to educating them in other complicated parts of data science.
One can clearly understand how useful a data scientist is to any firm, if that individual has the appropriate balance of subject expertise and data analytic abilities.
Because being a data scientist is not a simple profession, the high compensation that can be achieved in this field is undeniably warranted. Therefore, keep in mind that achieving your goal of being a data scientist is not an insurmountable task.
