GRADUATE STUDIES | 7 MIN OF READING
As technology explodes, so too do job opportunities – and income potential – in data science.
By 2030, employment in business and finance is estimated to increase by 8%, creating an estimated 750,800 new jobs, according to the U.S. Bureau of Labor Statistics (BLS). As businesses and organizations grow, the need for people who can organize and analyze information to help businesses make the necessary decisions will also increase, such as data scientists, data analysts and data strategy managers.
Data scientists and those in similar roles often have a master’s degree in data science and analysis and, with that degree, a wide range of salary options. If you are looking to prepare yourself to thrive in business, government or nonprofit sectors, obtaining a graduate degree or certificate in data science is one way to do it and to earn the data science salary you deserve.
Master in Data Science Salary: A Look at the Numbers
Some data science careers only require a bachelor’s degree or certificate in data science. However, a candidate with a graduate degree is that much more competitive.
If you’re wondering how to get a data science job and what the salary for a master’s in data science might look like, there are tons of options available to you after you graduate. Here are a few to consider:
- Data Scientists and Mathematical Sciences Professions: $ 100,000 or more.
People working as data scientists or in similar occupations earn an average of $ 103,930, according to a BLS report from May 2020. Depending on the industry, you could potentially earn more as well. For example, those working in scientific research and development departments earn an average salary of $ 109,610, reports the BLS. In computer systems design and related industries, the average salary climbs to $ 111,490.
- Computer and information researchers: $ 127,000.
According to the BLS, with a computer science degree or related degree, computer science and information researchers achieved a median master’s salary in data science of $ 126,830 per year in 2020. Jobs in these fields are expected to increase by 22. % through 2030 which is much faster than average which is good news if you are looking to get a data science job now.
- Operations Research Analysts: $ 86,000.
In 2020, operations research analysts earned a median salary of $ 86,200, according to the BLS. This work is complex. Therefore, although entry-level positions generally require a bachelor’s degree, many employers may prefer to hire candidates with a master’s degree in commerce, operations research, analysis, computer science, or some other technical or quantitative field. . Become a competitive candidate and position yourself for success – and a master’s-level salary in data science – through a graduate program in data science.
- Market research analysts: $ 66,000.
If you are thinking about how to get a job in data science, market research can be a difficult but enjoyable place to start. In 2020, analysts working in market research were earning a median salary of $ 65,810 per year, according to a BLS report. Some companies and organizations may hire market research analysts with bachelor’s degrees, but some positions may require a master’s degree, according to the BLS. Obtaining a graduate degree could give you the edge you need in this competitive and complex field, and also help you earn a master’s salary in data science.
- Financial managers, analysts and risk managers: $ 84,000.
If you’re looking for how to get a data science job that allows you to perform a variety of tasks, finance managers now take care of everything from business strategy to risk management, according to the BLS. Entry-level financial analyst positions typically require a bachelor’s degree, but obtaining a graduate degree in data science or a similar field will demonstrate your expertise to potential employers. Additionally, financial analysts earned a median salary of $ 83,660 in 2020, according to the BLS.
A master’s program in data science can make you a competitive candidate for these positions, advance your career, and potentially help you earn a higher salary. Completing a master’s program in data science not only shows your future employers that you have invested in your education, but that you are also an expert in the field.
The degree program you complete may also be important to your future employers. At Elmhurst University, our master’s program in Data Science and Analysis is designated STEM. This means that the US Department of Homeland Security recognizes it as a master’s program in data science with a focus on science, technology, engineering, and math.
Master-level courses covering topics such as business intelligence, data mining and predictive modeling will help you build the solid foundation you will need to collect, analyze and interpret data, and advise companies based on your conclusions. Because you will be proficient in so many areas of data science, you will be well on your way to figuring out how to get a data science job. Your level of experience, location and employer also play a role in your salary. However, earning a graduate degree will show your potential employers that you are committed to the field, that you can juggle multiple responsibilities, that you can accomplish important tasks, and more.
How to get a data science job and unlock your earning potential
If you’re wondering how to get a data science job, look no further – it all starts with finding the best master’s in data science program for you. Look for a program that matches your interests and also helps prepare you to enter a wide range of industries, such as finance, business, or healthcare. Programs such as the Masters in Data Science and Analysis at Elmhurst University combine several methods and sectors, from IT to management, and offer hands-on experience in the field. Our program also integrates analytics and machine learning with business, which will help make you more marketable after you graduate.
In a master’s program in Data Science and Analysis, you will gain critical skills in statistics, analytical methods, programming, and business to help you mine and interpret information in ways others cannot. These skills can help you stand out from other job seekers when determining how to get a data science job.
If you choose Elmhurst University for your graduate studies in data science, you will also develop a portfolio of projects to help you find employment. A portfolio strengthens your resume and can help you understand not only how to get a data science job, but also how to earn the master’s in data science salary you want.
Throughout your graduate studies, you will navigate your courses with instructors who have worked in business, infrastructure, and programming. Their expertise and experience, coupled with their guidance, can help you understand how to get a job in data science. This flexible online program will help you acquire data science concepts and skills that you can apply in almost any industry. And, if you’re not yet ready for a master’s in data science, a graduate certificate in data science can help you develop the skills you need to move towards a master’s in data science.
Higher education, higher income
As the old saying goes, the more you learn, the more you earn. A BLS report notes that as workers’ educational attainment increases, so does their income.
At Elmhurst, we know that finding a data science job starts with the best master’s in data science programs. Many graduates of our Masters in Data Science and Analysis program earn a Masters in Data Science salary as they work in a variety of industries, from business to healthcare to major league sports. Through our program, they learned how to get data science jobs at successful conglomerates such as Monsanto Corporation, Dell, Nationwide Insurance, Major League Soccer, Memorial Sloan Kettering Cancer Center, American Dental Association, and others.
Ultimately, the best way to learn how to get a data science job is to take a graduate program that works for you. Request information about our online Master of Data Science program today.