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Data Science Salaries Decreased
Hired's 2019 State of Salaries Report just came out. It reveals trends in tech worker salaries, including data scientists, across the globe. It may surprise a few folks struggling to hire data talent that average data science salaries in the USA decreased by $7,000 2017-2018. Many would say, however, that this decrease was only temporary due to an influx of junior data scientists. It remains to be seen if the high forecast demand in 2019 will fuel another increase.
On the flip side, a third of tech workers expect a pay raise within 8 months of starting a new job if they perform well. So perhaps companies, having gained a little bit more power in the negotiating process, are holding back until new hires can demonstrate their skills.
Unsurprisingly, data engineers and machine learning engineers remain some of the most in demand workers in both the USA and UK. No doubt their salary levels will continue.
Geographic Differences in Tech Salaries
What's really interesting are the disparities in tech labor pay in the USA vs. abroad. In Paris, average salaries are less than half of typical US salaries and in the London about 2/3, despite both being expensive cities. There is no clear explanation for this, apart from skyrocketing demand in tech in the USA. If you don't want to open a satellite office in Europe to hire cheap data scientists and programmers, try San Diego or Denver (depends on whether you like beaches or snow better) for less expensive tech talent. New hires are "on sale" for $115,000 or so.
On Data Science Degrees...
Finally if you are wondering about those bootcamps, candidates and employers alike seem to be moving in the direction of valuing them as much as any advanced analytics or tech degrees. 50% of tech workers either don't know or don't think that having a master's or doctorate in their field has positively impacted their career and so understandably over 50% have no plans to pursue an advanced degree. Instead, following the lead of companies like Apple and Google, almost half of tech workers feel that on the job experience and self teaching is the way to go in terms of advancement (and saving money while earning a high salary).
This lack of pedigree and a inconsistent standard of education and training in tech fields will no doubt make the data science and data engineering hiring and vetting process trickier - which is where standardized technical skills testing tools such as QuantHub can help!
To read the entire Hired report, click the link below.