Data Scientist Salary Guide: What to Expect in 2024

The data scientist career path holds plenty of well-paid opportunities for someone who enjoys analysing data. The World Economic Forum describes data science as 'among the highest in-demand roles in the labour market' [1]. Plus, the demand 'is not limited to the Information Technology sector as data’s importance grows across multiple sectors, including Media and Entertainment, Financial Services and Professional Services.'

With demand rising, you’ll want to know what to expect from a data scientist's salary and how to boost your pay. Read on for the details.

What is a data scientist?

Data scientists perform many essential duties, including identifying problems that could be solved by data analytics and determining the correct data sets and variables to analyse. They also analyse data to identify important insights and report to decision-makers using the information to understand customers, drive innovation, and establish company objectives. 

Businesses generate massive amounts of data every day. This data includes everything from customer information to inventory tracking. Data scientists manage and transform this data into actionable insight or information companies can use to make critical decisions.

Benefit from a strong employment growth rate

Being a data scientist can be very rewarding and profitable. Statista research details an increase in data scientist jobs from 2019, with over 139,000 job positions available in India within multi-national corporation IT and knowledge processing outsourcing (KPO) service provider companies [2].

How much do data scientists make?

According to Payscale, a data scientist earns an average salary of ₹9,73,734 per year in India as of May 2024 [3].

Because data scientists can bring tremendous value to the organisations they work for, these earnings make a lot of sense. Still, many factors can influence a data scientist’s salary. Here is a breakdown of some of those factors.

Data scientist salary insights by location

Salaries for data scientists can vary significantly from region to region. Per Payscale data for May 2024, location influences salaries as follows. The percentage indicates how much more or less the salary is compared to the national average of  ₹9,73,734 annually [3]:

• Gurgaon, Haryana: 14.8 percent

• Bangalore, Karnataka: 14.7 percent 

• New Delhi, Delhi: 7.7 percent

• Pune, Maharashtra: 10.3 percent

• Hyderabad, Andhra Pradesh: 1.6 percent 

• Mumbai, Maharashtra: 0.8 percent

How education affects a data scientist's salary

You can become a data scientist with a bachelor’s degree or by learning several programming languages and getting experience. Many data scientists also obtain graduate degrees. The higher your education level, the higher you generally expect your income level.

How experience affects a data scientist's salary

The more experienced you are as a data scientist, the more money you will likely make. As of May 2024, you might expect the following average annual salaries for different years of experience [4]:

• 1 year: ₹9,40,000 

• 2 years: ₹10,40,000

• 3 years: ₹11,60,000

• 4 years: ₹14,10,000

• 5 years: ₹16,40,000

• 6 years: ₹17,20,000

How your career path affects your salary 

Your career path can also significantly impact your earning capabilities as a data scientist. Working for high-quality large companies usually gives you a higher salary than working for a smaller company. For example, consider the range of average annual salaries as of May 2024:

• Multinational Corporation: ₹18,80,000 [5]

• Forbes Global 2000 company: ₹16,60,000 [6]

• Public organisation: ₹14,70,000 [7]

• Startup: ₹14,80,000 [8]

However, the company you work for is one of many things that can determine your data scientist's salary. Moving up in roles can also increase your earning power. You can generally expect a salary increase every time you level up. Further, being a data scientist manager typically requires supervising others and tends to pay more. The average annual salary for a Data Science Manager was ₹33,90,000 in May 2024 [9].

How to increase your data scientist salary

As mentioned, data scientist salaries typically increase with your education level. If you don't yet have a degree, consider earning a bachelor's or master's degree in data science or a related field. Some higher-paying senior data scientist roles may require a PhD. Consider earning an advanced degree if you want to obtain an advanced role.

Building new skills as a data scientist

The more skills you have, the more value you will typically offer as a data scientist. It can help to develop mastery of as many of these skills as possible:

• Machine learning/deep learning

• Artificial intelligence (AI)

• Risk analysis

• Cloud tools and data analysis platforms

• Software engineering skills/programming languages

• Statistical analysis

• Data mining and cleaning

• Big data

• Data warehousing and structures

In addition to technical skills and knowledge, data scientists need to be good communicators. You must be able to report your findings in an easily digestible way so that non-data scientists can understand them. Communication skills are essential for those pursuing a role in data science management. Brush up on your data presentation and visualisation skills by earning a certificate from IBM in Data Analysis and Visualisation.

Enhancing your data scientist resume

Learning the skills of a data scientist is the first step. The next step you'll need to take is to showcase those skills on your resume. One way to ensure your most in-demand skills stand out to employers is to earn a Professional Certificate in a relevant area of expertise. Industry leaders and accredited universities such as IBM, Microsoft, Stanford University, and the University of Colorado Boulder often provide Professional Certificates on Coursera's platform. Check out this list of online courses that provide you with a data science certificate upon completion:

• Data Science Fundamentals with Python and SQL Specialisation - IBM

• Business Intelligence Foundations with SQL, ETL, and Data Warehousing - IBM

• Microsoft Azure Data Scientist Associate (DP-100)

• Machine Learning Specialisation - Stanford

• Data Science Foundations: Structures and Algorithms Specialisation - University of Colorado Boulder

What are the next steps? 

Advancing your education and gaining practical experience in data science can elevate your chances of becoming a highly paid data scientist. Need help mastering the skills of a data scientist? Consider one of the professional certificates offered on Coursera, like the IBM Data Science Professional Certificate.