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Data scientists create value and derive important information out of data. Coming from a background and having previous work experience as a data analyst or business analyst role, they work with companies of all sizes and across departments to uncover insights that can be used to improve various business functions.
Data scientist roles are somewhat fluid and change from company to company, your main role is to retrieve information from a variety of sources, analyze information and use it to develop machine learning tools and processes that can be used for strategic decision making and other business requirements.
Data scientists in technology commonly work within the IT department of their organization. You could also work within marketing or other areas within the company. You can expect to work normal office hours. Depending on your role, you will be assigned to work on specific projects and report to a department manager, or VP of IT or marketing.
Data scientists in the technology field can expect an average annual salary of just over $70,000. To start, you will make about $47,000 per year. With experience you can make in excess of $110,000 annually. Having skills related to big data analytics and data mining can help improve your earning potential. Performance bonuses and employee benefits may also be included as part of your compensation package.
One of the unique things about data scientist roles is that they vary from company to company, and what you will be doing on a daily basis will depend on company goals and objectives. However, there are some common tasks that are part of most data scientist roles. They include the following:
Data scientists commonly work in technology, business, banking, insurance and other industries that require large amounts of data and analytics to form business strategies. Most careers in this field are in Vancouver and Toronto, where large technology and business sectors exist. Other opportunities may also be available in other large cities across the country.
Data scientists need to have a strong combination of technology and mathematics skills. To be successful with research and data collection, companies are seeking data scientists with the following skills, knowledge and abilities:
There are a number of education options for data scientists. At a minimum, you will be required to have a Bachelor of Science degree in mathematics, statistics, computer science, information systems or engineering. The vast majority of data scientists have a master’s degree and about half have a Ph.D. in a related field of study. Many professionals also take a series of certification courses and training courses to continuously add new skills. Career-long learning is expected, and additional training may be provided by the hiring organization.
Data scientists typically spend about 10 years in the role before considering a career move. With the right level of experience, many data scientists move on to roles such as analytics manager, director of analytics, and other statistics or machine learning roles. Since the field and the need for data continue to expand, new roles continue to present themselves, making career prospects in this area very good for the foreseeable future.