Lowest Unemployment Rate in Data Science Jobs

Lowest Unemployment Rate in Data Science Jobs

With the world becoming increasingly reliant on big data, analytics and number crunching, the field that has emerged is data science. Over the past few years, companies which sell any kind of products or services to consumers have seen a shift towards using data to make appropriate decisions and predict future trends. With the use of sophisticated technologies like machine learning and artificial intelligence, these businesses have discovered new ways to satisfy customers. In this process, a considerable number of positions for data scientists have been created.

The need for data science

Data science is the need of the hour. Consumers are evolving and demanding innovative products faster than companies can introduce them. Moreover, with the growth of population and increasing literacy rates, they are also becoming more aware and diversified in their demands. Businesses have two ways in which they can understand target audiences. Managers can either use instincts or data to make relevant decisions. Instinctive calls are not as precise to ultimately, data has become the method of choice for professionals around the world. Thus, the increasing need for data scientists.

Employment trends for statistician vs data scientists

Previously, the position closest to data scientist was a statistician. These professionals are proficient in running numbers and coming up with important calculations like regression, standard deviation and mean-variance. These are significant indicators for determining different aspects of consumer behavior. However, now these roles are being replaced by opening for data scientists. A recent survey of job posting revealed that employment opportunities for statisticians had fallen by almost 53%. On the other hand, data science has become a hot field showing a seven-fold increase in the number of openings. Experts believe that considering the current environment, this trend is going to hold for the foreseeable future.

The supply and demand of data scientists

A recent report by Forbes revealed some interesting insights about the data science job market. It has been seen that while switching careers, professionals from this field get a 16% salary increase on average. The median salary for an entry-level data scientist is $91,000 annually. Managers with a team of ten or more people can make up to $250,000 a year. On the supply side, almost 43% of companies have reported that they lack the appropriate analytical skill sets in the workforce. In light of recent developments, they feel this is quite a challenge for them to overcome.

Acquiring new career skills

Data science is a skill people can acquire while continuing with their current fields. All it requires is an interest in the subject and a prior degree in a relevant domain. The former alone can suffice if you want to gain a new skill but the latter plays a role in boosting experiences too. Students and professionals looking to explore data science as a career path have the option to enroll in certificate courses and bootcamps. These programs allow individuals to learn a new and relevant subject without having to compromise on their current position.