Is Data Scientist the Highest Paying Job in Bangalore?

Who is a Data Scientist & What Do They Do?

A data scientist is a professional who is equipped with all the necessary skills needed to solve or crack complex data-related problems.

They specialize in both IT and business, which is why they help organizations in a variety of ways, including raising revenue, improving products or services, making data-driven decisions, predicting trends, and building algorithms or models.

These are people who also specialize in many scientific disciplines and use their abilities to interpret data and extract clear meanings from it.

Data scientists use many programming languages (Python, R, Julia) and algorithms ( Regression, Clustering, Decision, etc) to effectively collect, analyze, and interpret extremely large amounts of raw data.

What is the Future of a Data Scientist Career?

The position of data scientist is one of the most in-demand and rapidly expanding worldwide, not just in Bangalore or India. Because of this, being a data scientist is one of the top job options for many students in India today.

Numerous studies indicate that over the next few years (about the next five), there will be a 200% growth in the need for qualified data scientists. The U.S. Bureau of Labour Statistics also predicted that by 2026, employment in the field of data science will increase by 27.9%.

At the same time, India is now one of the top nations after the US that employs the majority of data science specialists, particularly in Bangalore because it is India's largest IT hub.

What Are the Factors that Affect a Data Scientist's Salary?

If you think that the salary of a data scientist is the same everywhere, it is wrong. The salary of data scientists is based on various factors which are given below. Let's find out the salary of data scientists based on these factors one by one.

• Experience
• Location
• Skills
• Company

The salary of a data scientist is most affected by the experience. Experience is considered to be one of the essential factors not only in the data scientist career but also in many other professions. According to PayScale, the salary of a data scientist with different experience is as follows.

• With less than 1 year of experience

  As with this experience, most data scientists are complete newbies and do not have much experience or skills, so their salary is ₹389k per year.

• With 1–4 years of experience

  Data scientists with 1-4 years of experience are usually more skilled or experienced and earn an average salary of ₹988k per year.

• With 5–9 years of experience

  Data scientists with 5-9 years of experience are those who have been engaged in this career for many years and have all the necessary skills and are also acquainted with the very depth of this career. Their salary is around ₹2m a year, which is incredibly high.

Salary of Data Scientists by Companies

A data scientist's pay now varies from firm to company. Data scientists are typically paid more by some well-known and prosperous corporations than by startups or tiny businesses.

Bangalore, known as the Silicon Valley of India, is home to a large number of businesses and start-ups that are in desperate need of data scientists. They want to employ them so they can manage their data properly and develop plans based on it.

Here are the data scientist salaries at some of Bangalore's top businesses:

• Sigma Mu

  

  With more than 3,500 workers as of 2016, Mu Sigma, a top decision sciences company, was established in 2004 and serves about 125 Fortune 500 organisations. Based on 29 salary reports provided by other data scientists, PayScale indicates that Mu Sigma pays the following salary to data scientists.

  • 324k per year - With only a year's experience
  • With 1-4 years of experience, $696k per year
  • With five to nine years of experience, $1,000,000.

  Microsoft Corporation

  

  With roughly 140,000 workers globally, IBM India Pvt. Ltd., an Indian subsidiary of IBM, was established in 1992 and offers not just information technology services but also consulting, training, support, data storage, analysis, and much more.Based on nine sources, the salaries of data scientists are shown below.

  •  724k per year - With only a year's experience
  • 1 million per year, 1-4 years of experience
  • 1 million per year - with 5 to 9 years of expertise

• Deloitte

  

  William Welch Deloitte started the business, which has 330,000 workers today and is the largest provider of professional services in the world (2020). Internal audit, enterprise, consultancy, financial advising, accounting, risk management, etc. are the company's main areas of expertise. Data scientists get good salary from Deloitte. According to 5 publications, data scientists make the following amount of money.

  • 380k per year - With only a year's experience
  • With 1-4 years of experience, 850k per year
  • 1 million per year - with 5 to 9 years of expertise

• Accenture

  

  Another well-known business, Accenture, has 514,000 workers worldwide, including 150,000 in India, and it does business in over 120 nations. The business's primary areas of concentration include strategy, consulting, digital, technology, and operations.

  • With less than one year of experience, $491k/year
  • 1 million per year, 1-4 years of experience
  • 3m+/year - With 5 to 9 years of experience

  Here are some further well-known businesses:

• Tata Consultancy Services Limited.

  At Tata Consultancy Services Ltd., a data scientist with 1-4 years of experience makes an average pay of 984,772 per year.

• "Ericsson Inc."

  At Ericsson Inc., a data scientist with 1-4 years of experience makes an average income of $1,648,485.

• Inc. Amazon

  A data scientist at Amazon.com Inc. with 1-4 years of experience makes an average compensation of $2 million annually.

• Ernst & Young, Inc.

  A data scientist at EY (Ernst & Young) with 1-4 years of experience makes an average income of 480,000 per year.

• Hewlett Packard Business

  A data scientist at Hewlett Packard Enterprise makes, on average, $1,976,000 a year with 1-4 years of experience.

  Data Science Salary Based on Skills

  

  Skills are very important, especially for data scientists, and play an important role in getting a job as quickly as possible.

  Skills like effective communication, ML, mathematics, statistics, programming, data analysis, data visualization, and problem-solving,etc. are really helpful to stand out from the competition. The most sought-after and highly paid skills for data scientists based on which a data scientist is paid in Bangalore are as follows.

• Machine Learning

  ₹1,018,465/yr

• Python

  ₹984,423/yr

• Data Analysis

  ₹978,144/yr

• R

  ₹981,272/yr

• Statistical Analysis

  ₹1,057,525/yr

Salary of A Data Scientists by Location

A data scientist who works in the United States can earn 10 times more than one working in India or Bangalore. Cities like India, Bangalore, Mumbai, and Delhi provide more job opportunities to data scientists than others and there are also many well-known companies out there.

According to the PayScale, the salary of data scientist based on different locations are as follows:

• Salary of Data Scientist in Mumbai

  

  • ₹395k/year - With less than 1 years of experience
  • ₹817k/year - With 1-4 years of experience
  • ₹2m+/year - With 5-9 years of experience
• Salary of Data Scientist in Delhi

  

  • ₹311k/year - With less than 1 years of experience
  • ₹800k/year - With 1-4 years of experience
  • ₹2m/year - With 5-9 years of experience
• Salary of Data Scientist in India

  

  • ₹342k/year - With less than 1 years of experience
  • ₹819k/year - With 1-4 years of experience
  • ₹2m/year - With 5-9 years of experience
• Salary of A Data Scientist in The United States

  

  • $67k/year - With less than 1 years of experience
  • $96k/year - With 1-4 years of experience
  • $135k/year - With 5-9 years of experience