Unlocking the Potential of a Masters in Data Science Salary

Take a sprinkling of math, add some statistical analysis, and coat with the advanced programming and analytics that enables people to pore through enormous batches of data and you have the recipe for a data scientist.

These professionals (and their data-based talents) are sought after in industries of all shapes and sizes. Every sector from healthcare, finance, and retail to communications and even the government can make use of the skills of data scientists to advance. That’s great news if you’re considering completing your Master’s degree in the subject, as your degree is the key that can unlock the door to a comfortable five-figure salary.

Here, we look at the Master’s in data science salary and explain what you can do to maximize your potential.

Masters in Data Science: An Overview

As a postgraduate degree course, a Masters in data science builds on some of the core skills you’ll learn in a computer science or information technology degree. Think of it as a specialization. You’ll expand on the programming and analytical skills you’ve already developed to learn how to extract actionable insights from massive datasets. In the world of Big Data (where companies generate more data than at any other point in history), those skills are more important than ever.

Speaking of skills, you’ll develop or hone the following when studying for your Master’s in data science:

• Data Analysis – The ability to analyze data (i.e., interpret what seemingly random datasets tell you) is one of the first skills you’ll pick up in your degree.
• Data Visualization – Where your analysis helps you to see what you’re looking at, data visualization is all about representing that data visually so that others see what you see.
• AI and Machine Learning – The nascent technologies involved in the artificial intelligence sector revolve around data, in addition to many modern AI technologies being helpful for analyzing data. You’ll learn both sides, developing the skills to both create and use AI.
• Software Engineering and Programming – Don’t assume the programming skills you have from your previous degree will go to waste, as you’ll need them for a data science Master’s. You’ll use plenty of new tools, in addition to picking up more skills in languages like Python, SQL, and R.
• Soft Skills – A Master’s in data science isn’t all technical. You’ll develop some soft skills that prove useful in the workplace, such as communication, basic teamwork, and management. Most data science courses also teach ethics so you can get to grips with the idea of doing the right thing with data.

The Top Universities for a Data Science Masters

According to the university rating website Collegedunia, there are more than 60 leading data sciences universities in the United States alone, each offering both Bachelor’s and Master’s degrees in the subject. It ranks the following as the top five institutions for getting your Master’s in data science:

• MIT – As the top data science university in the world (according to the QS Global Rankings), MIT is the first choice for any prospective student.
• Harvard University – The “Harvard” name carries weight regardless of the course you choose. Data scientists have their pick of a standard Master’s in data science or a course dedicated to health data science.
• Columbia University – Those who want to fast-track their studies may find that the intensive one-year data science Master’s that Columbia offers is a better choice than traditional two-year courses.
• John Hopkins University – Though it’s best known as one of America’s best medical schools, John Hopkins also has a strong data science department. It may be a great choice for those who want to use their data science skills to get into the medical field.
• Northwestern University – Ranking at 30 in the QS Global Rankings, Northwestern offers Master’s degrees in both data science and analytics, with the latter expanding on one of the core skills needed for data science.

Masters in Data Science Salary Potential

As great as the skills you’ll get will be, you want to know more about the Master’s in data science salary you can expect to earn.

The good news is that a strong salary isn’t just possible. It’s likely. According to Indeed, the average salary for a data scientist is £49,749 in the UK. Cult.Honeypot has interesting figures for Europe as a whole, noting that the average data scientist on the continent earns €60,815, which matches up well to general salary expectations of €60,000. You can also expect a position in this field to come with numerous benefits, including medical insurance (where relevant) and flexible working conditions.

Of course, there are several factors that influence your specific earning power:

• Geographic location
• The specific industry in which you work
• Your experience level
• The size of the company for which you work

For example, a brand-new graduate who takes a position at a start-up in a non-tech industry may find that they earn at the lower end of the scale, though they’ll develop experience that could serve them well later on.

Data scientists also tend to have higher salary prospects than those in comparable fields. For example, more data from Indeed shows us that data scientists in the UK earn more, on average, than software engineers (£49,409), computer scientists (£45,245), and computer engineers (£24,780). Furthermore, a Master’s in data science is wide-ranging enough that it’ll give you many of the skills you need for the above industries, assuming you’d want a career change or discover that data science isn’t for you.

Benefits of a Masters in Data Science for Earning Power

It’s clear that the Master’s in data science salary potential is strong, with mid-five-figure salaries being the standard (rather than the exception) for the industry. But there are benefits beyond potential earnings that make the Master’s course a good one to take.

More Job Opportunities

Data science is everywhere in modern industry because every company produces data. You can apply your skills in industries like healthcare, manufacturing, and retail, meaning you have plenty of job opportunities. The research backs this statement up, too, with figures from Polaris Market Research suggesting a 27.6% compound annual growth rate (CAGR) for the data science industry between 2022 and 2030.

Greater Job Security

The encroachment of AI into almost every aspect of our lives has many people worried about job security. Some even speculate that machines will take over many roles in the coming years. Data scientists don’t have to worry about that. Not only will you use AI to advance your research, but you may also be responsible for further developments in the AI and machine learning fields. All of which will make you crucial to the continuation of the AI trend.

Opportunities for Career Advancement

The salary figure quoted above (average salary of €60,815) is for a fairly standard data science role. Opportunities for career advancement exist, whether that be simply moving into a more senior position in a company or taking control of a team, thus adding management to your skill set. Those who prefer conducting research will also find that many universities and large companies have teams dedicated to using data science to create social and commercial change.

Tips for Maximizing Earnings With a Masters in Data Science

With the Master’s in data science salary potential already being attractive enough (six figures is a great start), you may not worry too much about maximizing your earning potential at the start of your career. But as you get deeper into your working life, the following tips will help you get more money in return for the skills you bring to the table.

1 – Choose the Right University and Program

Universities aren’t built equally, with some carrying more weight than others. For example, a data science Master’s degree from MIT holds huge weight because it’s one of America’s top universities for the subject. Employers know what the school is about, understand that those who study there undergo superb training, and will thus be more willing to both hire and offer more money to its graduates. The point is that where you go (and what you study in your course) influences how employers see you, which also influences your earning potential.

2 – Gain Relevant Work Experience

As with any career path, what you learn along the path is as valuable as the skills you pick up when studying. You can get a head start on other data science graduates if you take on internships or get involved in research projects while studying, giving you some work experience to add to your resume that could lead to higher initial salary offers.

3 – Leverage Networking and Connections

Meeting the right people at the right times can do wonders for your career. Studying for a Master’s in data science exposes you to professors (and even people who work in the industry) who can put you in touch with people who offer roles in the industry. Continuous building on these connections, from staying active in the industry to leveraging social media, offers more opportunities for advancement.

4 – Stay Up-to-Date With Industry Trends

Data science is a fast-moving sector, with constant advancements occurring at both the high level (the evolution of AI) and in terms of how we use data science in different industries. Keeping on top of these advancements means you stay “in the know” and can see potential career paths branching out before you.

5 – Pursue Additional Qualifications

Keeping with the theme of staying up-to-date, how you build on your skills via continuing education can influence your salary potential. A Master’s degree in data science is impressive. But a degree supplemented by specialized certifications, proof of bootcamp completion, and any other accolades puts you ahead of the pack of other graduates.

Turn Your Master’s in Data Science Into a Great Career

In addition to opening you up to an exciting career in a field that’s undergoing tremendous growth, a Master’s in data science comes with mid-five-figure salary potential. You can boost your Master’s in data science salary expectations through networking, specialization, and simply staying up-to-date with what’s happening in the industry.

Granted, there are time and monetary commitments involved. You usually dedicate two years of your life to getting your degree (though some universities offer one-year data science Master’s courses) and you’ll pay a five-figure sum for your education. But the benefits on the backend of that commitment are so vast that a Master’s in data science may be the key to unlocking huge earnings in the data industry.