According to a report from IBM in partnership with the Higher Education Forum and Burning Glass Technologies, the demand for data scientists is expected to increase by 28% by the year 2020.
In that time there should be at least 360,000 more job listings in the sector than there are now, which is impressive because there are already about 2.7 million. Right now, about 60% of those listed are in the Insurance, Finance, IT and Professional Service sectors. The increase in demand taking place over the new few years will likely be for positions related to machine learning and similar ground-breaking pursuits.
A Challenging Field to Recruit For
One of the reasons why data scientists and analysts will be in such high demand during the coming years is because it’s difficult to recruit large numbers to the field due to its newness and complexity. However, for those who are up to the challenge, it represents the opportunity to be a part of major advancements and earn a hefty salary.
The fact that it’s difficult to recruit data scientists and analysts is troubling because it could cause a halt in technological progress and product development if the gap isn’t filled. It currently takes an average of 53 days for a company offering professional services to find a new Analytics Manager.
That means a graduate with an online data science masters would be hired almost on the spot upon walking in the door, so studying for a data science degree could be your ticket to future career success.
Machine Learning Experts Earning the Most
The report also indicated that the Data Science professionals who earn the most are those working with MapReduce, Apache Pig, and Machine Learning, with an average annual salary of about $115,000. As mankind continues on its quest to create something equal to or greater than itself, we need young brilliant minds that will take up the challenge to create amazing technologies for the future.
With about 39% of positions in the field requiring a Master’s degree or Ph. D, it’s important for aspiring data scientists to earn a degree from an accredited and reputable organization. It costs a lot for a company to hire a data scientist or advanced analyst, so hiring managers are meticulous about checking credentials to make sure the applicant has the skills needed to do the job effectively.
Starting Salaries at $80,000 Waiting to be Taken
Data engineers and specialists with a bit of experience are earning salaries starting at $80,000, yet despite the good pay, it has been difficult for companies to fill these positions. That’s great news for data-oriented students who are confident they have what it takes to fill the need. With stats like that, it seems as though there are more jobs than there are workers in this burgeoning industry.
The Root of the Shortage
One could argue that the real reason for the shortage is the tendency of society to lean towards the easiest route. Nowadays, most people don’t want challenging jobs. That’s unfortunate, but it’s good news for those willing to step up to the plate and claim some of the more lucrative job positions the economy has to offer.
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