Data Scientist Salary 2024 Complete Guide

Influences on salaries

Dive into the world of a data scientist salary with our complete 2024 guide. In a time of big data, data scientists play a big role. But how much do they earn? We'll break down everything that affects their pay, from how much companies want them to the skills they need. Whether you're just starting or want to know more, our guide will help you understand what data scientists can expect to earn in simple terms.

What influences Data Science salaries?

Becoming a data scientist not only opens doors to fascinating career opportunities but also promises enticing financial rewards. Here is a breakdown of the main influences on a data scientist salary:

Graphic location:

Some countries and cities have a higher cost of living which is often counterbalanced with higher wages. Moreover, tech hubs like Silicon Valley in the U.S. or Bangalore in India, housing many IT and tech corporations, may offer more competitive compensation for a data scientist.

Education:

A data scientist that holds a degree has more advantages in the job market. [1]. Specialised education, like those offered at IU International University, prepares you with desirable skills and makes you more valuable to employers.

Relevant experience:

The more hands-on experience you have working with data, the more you're likely to earn as a data scientist. Those with several years of expertise usually earn more than entry-level or less experienced data scientists.

Skillset:

Advanced skills such as machine learning, big data, data mining, are typically sought after in the market. Mastering these can lead to a higher salary[1].

Industry:

Different industries offer different salary ranges: the data science industry is broad. Industries like finance, tech, e-commerce, and healthcare, which rely heavily on data analytics, often remunerate their data scientists more.

Company size and type:

Large, established tech corporations like Google or Amazon frequently offer higher salaries to a data scientist compared to startups or smaller firms.

Certifications and continuing education:

Specialised certifications and continuing your education with advanced degrees or courses can significantly bolster your income. It's an indication of continued professional growth in the latest technologies.

While this list isn't exhaustive, these factors are among the most influential in determining your salary as a data scientist.

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Average salaries

Unlocking the numbers: Average Data Scientist's salary revealed

According to Payscale[1], a global database for salary information, the current average salary for data scientists is around $72,469 yearly.

In the 21st century, data is the new oil powering industries and economies, leading to high demand for data scientists and an appealing career choice.

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Global comparison of Data Scientist average salary

Data scientist's salary vary significantly by country due to factors like cost of living, local economy, and skill demand. Let´s consider some examples:

In the United States, data scientists earn an average annual salary of around $124,377[2].
In Germany, the average data scientist salary is €49,132 annually[3].
In Poland, data scientists earn an average salary of zł 114,239 per annum[4].
In India, a data scientist earns approximately ₹713,180 per year[5].
And in Turkey, data scientists can expect to earn around 442,740 TRY per year[6].

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What is the Data Scientist salary per month?

Focusing on the monthly income, a US-based data scientist, on average, receives around $10,364[2].

A data scientist based in Germany can expect to earn about €4,094 per month[3], while his counterpart in Poland earns an average of around zł9,519 monthly[4].

In India, the monthly data scientist salary averages at ₹83,333[5]. And in Turkey, the monthly earnings stand at approximately 36,895 TRY[6].

Salaries per level

What are the entry level Data Scientist salaries

Starting your data science journey is thrilling and nerve-wracking, yet even at an early stage, it promises lucrative rewards. Let's explore how much an entry-level data scientist can expect to earn.

As per Glassdoor[1], the average base salary of an entry-level data scientist is $102,522 per year.

However, this can differ significantly based on geography. Here are some examples:

In the United States, an entry-level data scientist can make around $112,836 per year[2].
In Germany, the average salary for an entry-level data scientist is €57,563 annually[3].
An entry-level data scientist in India can expect an average salary of ₹500,000 per year[4].
An entry-level data scientist in Poland can expect to earn around zł137,881 annually[5].
In the Turkish market, an entry-level data scientist can fetch around 137,688 TRY yearly[6].

Senior Data Scientist salary

As with most professions, experience significantly impacts the earning potential of data scientists. Senior data scientists are invaluable assets to organisations, and their salaries typically reflect this. So, what can a senior data scientist expect to earn? Let's delve in.

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Senior Data Scientist salary prospects globally

Senior level data scientists at the global level earn around $135,000 on average[1].

However, these values can vary greatly, depending on the country:

In the United States, a senior data scientist earns an average total compensation of around $134,675 per year[2].
In Germany, a senior data scientist can command an average salary of around €87,471 yearly[3].
In India, senior data scientists could see their remuneration packages reach up to INR 2,030,474 annually[4].
In Poland, a senior data scientist would fetch you around zł116,532 yearly[5].
In Turkey, senior data scientists have an average yearly salary of approximately TRY 600.888[6].

Experience vs. Qualification: Which impacts salary more?

It's a classic debate – experience or education, which holds more sway when it comes to salary?

While both are important, industry trends suggest that for a senior data scientist, experience tends to have a slightly more substantial impact on the salary, particularly from the perspective of problem-solving and leadership competencies.

An experienced data scientist is likely to have handled a spectrum of challenges, honed their problem-solving skills, and gained a practical understanding of tailoring data-driven solutions to business needs.

However, the importance of an up-to-date, comprehensive education, like the ones provided in IU's master's degree programmes, cannot be overstated. While experience can lead you to practical problem-solving, a robust education ensures that you're keeping pace with the newest methods, techniques, and theories as a data scientist.

Ultimately, a blend of both – comprehensive education and extensive experience, appears to be the golden ticket to the highest data scientists salaries.

Salaries per degree

Data Science bachelor degree salary

Kick-starting your data scientist career with a bachelor's degree can be a strategic move. It serves as a foundation to build a robust knowledge base and acquire in-demand skills to stand out in the job market.

An individual with a Bachelor's degree in Data Science can expect an average salary starting from $97,000 per year globally[1]. However, this average varies from country to country:

United States: $135,945 - $143,848 per year[2]
Germany: €69,500 per year[3]
India: INR 1,420,229 per year[4]
Poland: PLN 96,000 per year[5]
Turkey: TRY 153,000 per year[6]

IU Data Science Bachelor Degree: Your stepping stone to high salary

At IU International University of Applied Sciences, the Bachelor's in Data Science is designed thoughtfully to nurture the future heroes of the data revolution. The programme prepares students not just to enter the job market confidently, but also to climb rapidly with progressively larger paychecks.

IU's comprehensive data science curriculum, delivered fully online or blended, delves into theories and practices essential for a successful data science career. You get trained in Data Engineering, Machine Learning Algorithms, Computational Statistics, and much more under experienced faculty.

Moreover, the opportunity to work on real-world issues during your internship enables you to gain hands-on experience, making you significantly more attractive to future employers.

And the best part? These benefits are not limited by geographical boundaries. Whether you aim to leave a mark in the thriving data science scene of Silicon Valley, the bustling tech hub of Bangalore, or anywhere else, IU's degree equips you for success—anytime, anywhere.

Indeed, a bachelor's degree in Data Science from IU is a wise investment for a high salary and a fulfilling career.

Upgrade your skills: Masters in Data Science salary

Pursuing a Master's in Data Science can turbo-charge your career and financial prospects. An advanced degree extends your knowledge base, refines your expertise, and anchors your hold over the domain's complexities. Naturally, the industry recognises this elevated skill set and experience with substantial pay raises.

On average, a data scientist with a master's degree tends to earn around 17% more than their counterparts who only hold a bachelor's degree[1].

Here's a snapshot of an average master's level data science salary across various countries:

United States: $137,021 - $144,895 per year[2]
Germany: €66,000 per year[3]
India: INR 6,258,940 per year[4]
Poland: PLN 114,000 per year[5]
Turkey: TRY 240,000 per year[6]

IU Master’s Degree in Data Science: A pathway to top-salary positions

With the world becoming more data-driven than ever, an investment in IU's Master's Degree in Data Science opens doors to competitive positions in the industry and improves your salary prospects substantially.

IU's programme empowers you with advanced expertise to ride the data wave with confidence. Covering topics from Advanced Machine Learning, Big Data, and Artificial Intelligence to Research Methods and Ethical and Legal Issues, our curriculum equips you with essential skills and an understanding of the bigger picture.

The programme being designed with industry inputs assures you stay on top of the latest trends and technologies. Further, the Capstone Project, based on real-world scenarios, enables you to showcase your proficiency and collect valuable hands-on experience.

Completing a Master's in Data Science from IU can pave your way towards lucrative data science positions with prestigious organizations worldwide, from Silicon Valley powerhouses to leading tech companies in Bangalore, and beyond.

The Master's Degree in Data Science from IU is not merely an academic qualification; it's your passport to top salaries and leading roles in the world of data science.

Salaries per role

Summary: Data Science salaries comparison between roles

When charting your data science career, it's essential to understand that your role will significantly impact your earnings. As the scope of responsibilities and required expertise varies with each role, so does the remuneration. Below, we draw a comparison between different roles within the data science field:

Data Analyst:

A stepping stone in a data science career, data analysts examine large data sets and provide visualizations and reports to drive decision-making. Median salary globally: $66,045[1].

Data Scientist:

At the heart of data science, data scientists not only interpret data but also use machine learning to provide predictive insights for future business actions. Median salary globally: $72,469[2].

Senior Data Scientist:

With several years’ experience under their belt, senior data scientists handle complex data science projects and often lead teams. They command a higher salary for their extensive expertise and leadership skills. Median salary globally: $202,109[3].

Data Engineer:

Data engineers prepare 'big data' for analysis by data scientists, including data cleansing, aggregation, and transfer. They design and implement systems that allow data to flow and be accessed efficiently. Median Salary globally: $95,517[4].

Machine Learning Engineer:

A specialized role, ML engineers design self-running software to automate predictive models, thus helping businesses make better decisions. Median Salary globally: $115,243[5].

Data Science Manager:

These individuals manage a team of data professionals and are responsible for translating business objectives into work for their team. Median Salary globally: $154,303[6].

The above comparison demonstrates the salary potential that persevering in the field of data science can bring. Regardless of the role, a degree in data science from a reputable institution like IU will always enhance your earning potential.

Salaries in Germany

Data Scientist Germany salary

Germany is a prominent player in the global data science landscape. Naturally, the country offers very competitive compensation for data scientists at all career levels.

On average, a data scientist in Germany receives an annual salary of approximately €56,205[1]. However, as with all regions, this figure can fluctuate based on factors such as level of experience and location within the country.

Why choose Germany for your Data Science journey?

Germany offers a dynamic and promising environment for data scientists for several reasons:

Technological innovation:

Germany is a centre for technological innovation and home to global giants like Siemens, Bosch, and SAP. The country's strong tech industry provides numerous opportunities for data scientists across different sectors.

Healthy economy:

Germany's strong economy and industrial diversity mean businesses in fields ranging from automobile manufacturing to healthcare are investing in data science.

Attractive salaries:

Germany offers attractive remuneration packages for data scientists, making it a lucrative career path.

Quality of life:

Germany offers a high standard of living, rich cultural experiences and strong social security, further adding to its appeal for international professionals.

Woman sitting in a kitchen and smiling while holding a tablet

IU’s role in preparing Data Scientists for German job market

At IU, we recognize the potential Germany offers for data science aspirants. Our curriculum is shaped considering the demands of the global and German job markets, to prepare our students for rewarding careers.

In addition to a strong theoretical foundation, our Bachelor and Master's degree programs in Data Science emphasise industry-oriented, practical skills like Data Engineering, Machine Learning, and more, to ensure our graduates are job-ready.

With IU's education, you get more than just academic qualifications. IU students learning on campus are eligible for an 18-month post-study visa. That allows you to look for employment relating to your studies in Germany - potentially transitioning into a long-term work visa or even an EU Blue Card.

Overall, with IU, you are equipped to make the most of Germany's thriving data science scene.

Big Data salaries

Big Data Management salary insights

In today's digital era, data is the new gold, and those who can control and manage this gold, i.e., 'Big Data Managers' are among the most sought after specialists in the IT industry. According to the Global Knowledge IT Skills and Salary Report [2022][1], professionals in Big Data management positions are enjoying impressively high median salaries.

Earning big with Big Data: IU’s MBA in Big Data Management and its salary prospects

Long recognised for its commitment to practical, applied learning, IU International University of Applied Sciences has designed an MBA in Big Data Management to shape the data leaders of the future.

At IU, the MBA in Big Data Management provides you with a deep understanding of data analysis, management skills, and the importance of data in today's market. You will command important soft skills like leadership and communication, which are essential for positions that require coordination among different departments, interpretation, and explanation of complex data insights.

So, what does this mean for your salary prospects?

Studying for an MBA in Big Data Management at IU can open doors to top leadership positions within multinational companies. According to PayScale, a Big Data Manager in Germany earns an average of €62,400[2] a year, depending on their experience [2023].

With the practical and industry-relevant skills offered by IU's MBA in Big Data Management, graduates are perfectly positioned to step into senior positions managing Big Data, and to command impressive earning potential alongside that responsibility.

Remember, in a rapidly digitalising world, the demand for professionals who can interpret large data sets and make data-driven business decisions is only going to increase. Therefore, investing in a targeted qualification like IU’s MBA in Big Data Management can boost your career trajectory and salary significantly.

Salaries per company

Data Scientist salaries in leading companies

The ever-progressive tech world has significantly enhanced our lives and, as a consequence, leading tech giants like Amazon, Google, and IBM are always in search of innovative minds to harness the power of data. Let's delve into the earning prospects for data scientists in these prestigious companies.

Amazon Data Scientist salary: As one of the world's largest and most successful e-commerce corporations, Amazon has a high demand for data scientists to analyse and interpret the vast volume of data they generate. The average base salary for a Data Scientist in Amazon is $128,059[1] per year in the United States, with additional compensation like bonuses and benefits [2023].
Google Data Scientist salary: Google, requires data scientists to improve its user experience, advertising platform and search algorithms among other things. Data scientists at Google can expect to earn $135,287[2] annually, as per recent figures provided by Glassdoor [2023].
IBM Data Scientist salary: IBM, a veteran of the tech industry, has long since recognised the value of data and employs data scientists to keep them on the cutting edge of technology. The average salary of a data scientist at IBM is $155,869[3] per year, along with other incentives such as bonuses.

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How to land high-paying jobs at these tech giants?

Landing high-paying jobs at these top tech giants requires a fine blend of education, skills, and practical experience. You need to have a deep understanding of data and its analysis, something that can be massively boosted by applying for a degree at IU. The data science degrees we offer, ranging from a Bachelor's in Data Science to an MBA in Big Data Management, provide hands-on, applicable knowledge which these top tech leaders value

Networking, demonstrating creative problem-solving, ability to identify patterns, and showcasing a portfolio of practical projects can also go a long way in getting noticed. Remember, these companies are looking for innovative minds who can use data to drive their companies forward!

Want to start earning as a Data Scientist? Start with IU

IU International University of Applied Sciences is a guiding light for those exploring the dynamic realm of data science. With comprehensive educational programs, including Bachelor's and Master's in Data Science, as well as an MBA in Big Data Management, IU illuminates the path to a fulfilling career.

Graduates are well-prepared for various types of positions, such as: data engineer, data scientist, data science developer, and digital analytics consultant. And the best part is that you can start earning more already whilst studying! Embrace the world of data-driven transformation and diverse opportunities within the evolving data science landscape.

While we've delved into the complexities of data scientist salaries, it's also crucial to showcase the real-world impact of a data science education. Clik here to read more about the story of Francesco, a M.Sc. Data Science graduate from IU.

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FAQs

What is the average salary for an MBA in Data Science graduate?: On average, data scientist salaries for individuals with an MBA in Data Science tend to be higher than those without the degree due to their advanced skills in both business and data analysis. In some cases, an MBA in Data Science graduate might earn around 10-20% more than a data scientist without an MBA, showcasing the value of their combined expertise.
How do data scientist salaries in Mumbai compare to other locations?: Data scientist salaries in Mumbai, often differ from other locations due to factors like cost of living, demand for data scientists, and industry specialization. In general, Mumbai offers competitive data scientist salaries due to the high demand for skilled professionals in fields like finance, e-commerce, and technology. Yet, cities with a higher cost of living might offer slightly higher salaries, but the difference might not always be substantial.
What is the salary range for a Data Science Analyst position?: Entry-level positions might offer salaries in the range of $50,000 to $70,000 annually. With a few years of experience, the salary can increase to the range of $70,000 to $100,000. Senior Data Science Analysts with significant experience and expertise can command salaries ranging from $100,000 to $150,000 or more.
What can I expect as a salary for a Data Science intern?: As a Data Science intern, your salary will likely be on the lower end compared to full-time roles. On average, data science interns might earn around $15 to $30 per hour, depending on their skills, the complexity of tasks, and the company's policies.
Which are the top companies known for offering high salaries to data scientists?: Several top companies are renowned for offering high salaries to data scientists due to the crucial role they play in extracting insights from data analysis. Some of these companies include tech giants like Google, Amazon, and Microsoft, where data scientists work on diverse projects ranging from AI to cloud computing. Additionally, financial institutions like JPMorgan Chase and Goldman Sachs heavily rely on data analysis for decision-making, thus offering competitive salaries to attract top data science talent. E-commerce leaders like eBay and high-tech firms like Apple also prioritize data analysis, resulting in lucrative offers for skilled data scientists.
How does the salary of data engineers, data analysts, and data science professionals compare?: While salaries can vary depending on the location and years of experience, generally, data science professionals tend to have the highest earning potential given the complexity and strategic nature of their role. Data engineers, with their vital role in setting up and maintaining data structures and systems, often earn more than data analysts who typically focus more on interpreting and reporting on existing data. However, all these are high paying jobs, reflecting the importance of data in today's business world.
What are the highest paying cities for data scientists?: When considering salaries globally, US cities tend to dominate the list of highest paying locales for data scientists. Top on the list are San Francisco and New York, owing to the significant presence of tech and finance companies respectively. Other high-paying cities include Seattle, home to tech giants like Amazon and Microsoft, and San Jose in Silicon Valley. Outside the US, cities like London, UK, and Sydney, Australia also offer competitive salaries for data scientists. However, compensation should always be considered in relation to living expenses, as these top-paying cities often have a high cost of living.

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