Why are the salaries of Data Scientists so high in India?
A few years back, the market did not require a data scientist as organizations used other techniques that are now almost obsolete. But now, Data Science is an upcoming and most wanted field in India. Let’s know why.
Have you ever wondered why data scientists are paid a high salary in India?
Lately, as the economy has seen robust growth in the IT sector in India and more companies are investing in our country, the demand for Data scientists has therefore shown an increase as they are the heart of the IT industry.
In the coming years, where we expect everything to be on an online platform, the requirement for data scientists will increase further.
As our country has shown a shortfall in data scientists, we are yet to fulfil this requirement by training potential data scientists to benefit both the country and the profession to flourish a few years further down the line.
Keeping in mind the facts listed above, let us know what all a data scientist is required to do in his/her workplace, what salary a data scientist can expect, and what skills he should develop before taking this up as a profession.
A data scientist must examine a lot of crude data to discover designs that will help improve an organization that depends on them to assemble information items to extricate significant business bits of knowledge. Their role is to be highly analytical with a knack for analysis, stats, and math.
For them, basic reasoning and critical thinking abilities are fundamental for deciphering information. Their goal is to help the company analyze overall trends and make better decisions concerning the same.
Other reasons why Data Scientists are paid good and high salaries can be that since this is an upcoming field, with increased demand in all the sectors, the vacancies are rising. Organizations are ready to pay well for a good data scientist. It’s clear that without a Data Scientist, a company will not survive happily because a Data Scientist helps them in minimizing losses, analyzing market trends, creating structured data and basically, saving the company from making bad decisions. So, who wouldn’t pay well for a saviour?
Some of the significant responsibilities of a Data Scientist include:
- Distinguishing essential information sources and mechanizing assortment measures.
- Analyze a lot of data to find patterns and discover trends.
- Build predictive models and machine-learning algorithms.
- Combining models through ensemble modelling.
- Present data utilizing information and data visualization procedures.
- Propose arrangements and methodologies to business challenges.
- Collaborate with designing and product development professionals
Requirements for the field are as follows:
- One should have a proven experience as a Data analyst or a data scientist.
- They should have experience in data mining.
- They should have an understanding of AI and tasks research.
- Knowledge of R, SQL, and Python; familiarity with Scala, Java, or C++ is considered an asset.
- Experience utilizing business knowledge tools (e.g. Tableau) and data frameworks (e.g. Hadoop)
- An analytical psyche and business insight is appreciated.
- Problem-solving ability.
- Good communication and skills of presentation.
To frame this in brief, for a Data Scientist to excel in his/her field, they must know the fundamentals of Data Science: Knowledge of Statistics, Programming knowledge, Data Visualization, Model, Structured Thinking, and Communication Skills.
If a data scientist has these skills and is good at it, then they can easily earn up to Rs.10-12 Lakhs on average after an experience of 2 Years. The starting package is expected to be around 9-10 Lakhs.
Looking for an institute that could help you develop these skills before you sit for an interview will further increase your chances of quickly getting hired by a renowned organization with the best salary.
The Data Scientist course in Delhi is available with highly skilled teachers who have prior experience in data science. Adapting such skills can make you perform better after you enter your job. So start your journey towards a high salary today and be a professional right before you sit for your placement.