- Data science professionals with 3-10 years of experience are getting an annual salary in the ₹25-65 lakh range, while those with more experience can have pay packages greater than rupees one crore.
- Data is the new oil. And people who can manage this data are in high demand.
Job possibilities and salaries in data science have expanded in India as the pandemic-driven digital transformation encourages high-end skills demand.
As per the recruitment firm Michael Page, data science professionals with 3-10 years of experience get annual salaries in the ₹25-65 lakh range. Those with more experience can get pay packages upwards of ₹ one crore. Experts with more than 15 years of experience can get packages up to ₹1.8 crores, it stated.
Companies are using data science professionals to help capture various data types and obtain meaningful insights from them.
Hiring can often be a complex process; hence, employers are ready to offer high salaries to data scientists and data engineers.
“The need for data science specialists is at an all-time high, and the supply hasn’t been able to catch up, leading to an acute shortage of talent. Firms are willing to pay a premium, along with other benefits and long-term incentives, to pull and retain employees—leading to an increase in the overall compensation levels,” said K. Madhok, associate director, Michael Page India.
The main difference between data scientists and data engineers is one of focus. While data engineers are included in building the infrastructure and architecture for data generation, on the other hand, data scientists are mainly involved with performing advanced mathematics and statistical analysis of the collected data.
“Rapid growth and need in digital transformation and advanced analytics have led to a rise in demand for data science professionals in essential technology areas. These areas include analytics, internet of things, artificial intelligence, blockchain and quantum computing,” said S. Balasundaram, founder and chief executive officer, Han Digital, a talent consulting company.
“As more and more businesses move to the cloud, the need for data science and engineering talent will further boost.”
The shortage of talents in data science is evident from how long it takes to find these professionals.
“The time taken to hire engineers is six-to-eight weeks in general, while the time to hire data scientists is 11-12 weeks. Also, the starting salary for data science professionals is 15-20% higher than other roles in engineering,” said Anshuman Das, co-founder and CEO of talent acquisition company CareerNet.
Data science professionals also command better salary hikes, both internally and during job changes.
“When switching jobs, generally people demand a 25-30% hike, but data scientists demand around 35-45% hike. The average annual pay hike for them comes between 20-30% compared with 15-20% for the other employees,” Das added.
“Data and its manipulation is a terrible arsenal that businesses possess. With advanced technologies, organizations are gradually but steadily becoming data-driven,” said Gaurav Vohra, CEO, Jigsaw Academy.
Data science-related courses also gain demand at B-schools as employers prefer to hire management grads with technical skills.
“Courses on artificial intelligence, business analytics, and machine learning are the most popular courses among IIM-B students. It helps them target core analytics firms as well as those that look for a combination of management and analytics skills during placements,” said professor U. D. Kumar, chairperson, MBA in business analytics, IIM Bangalore.
Though the demand for data science experts has grown across sectors, IT services companies hire the majority (40%) of India’s data science talent pool.