Big Data Scientists Earn BIG, Make 10X to 15X More Money Compared to Engineers, CAs
In God we trust, all others must bring data – W. Edwards Deming
Team Lease, specialists of recruitment and HR, has confirmed that Data is the new Gold, Platinum and Diamond combined for job aspirants and wizards of numbers.
Chartered Accountant, once regarded as the ultimate profession for those who love to play with number is now passé as Big Data has occupied the fantasies of the corporate world now. Even engineers are now paid less than data scientists, maybe signaling a paradigm shift in the job market.
As per a new report by TeamLease, a data scientist with experience of 5 years’ can command anything above Rs 75 lakh per annum; whereas a CA with the same experience can only get Rs 8-15 lakh and Rs 5-8 lakh for engineer with the same experience.
This clearly means that the demand-supply balance is positively tilted for those who are into Big Data now, and due to overflowing engineers and lots of CAs, their market value has dropped.
In fact, even factory jobs has now outpaced engineering and IT jobs in mainstream job market.
Demand for Data Scientists Going Up
As per the research on current market sentiments, India needs 2,00,000+ analytics experts by 2020; and its not just India which desperately needs such experts: In US, out of 100 vacancies for analytics experts, only 40 are actually filled. $200,000 per year is the average salary of a Data Scientist in USA.
This clearly shows the demand for big data experts, and the gap which currently exists.
Who Is a Big Data Expert?
A person who loves to play with number is an ideal candidate for the job of Analytics Professional or Data Scientist. Typically, Maths wizard or statisticians, database/data warehouse engineers, data miners are the best candidates for jumping into the Big Data bandwagon; besides those IT professionals who love data oriented tasks and projects.
Their typical day involves observing a trend, or a pattern in numbers pertaining to a business (traffic analysis or sales analytics), and then solving the biggest problems which that business faces.
For example, Paytm has a dedicated Data Scientists’ team based in Toronto, Canada, which deals with frauds and attempts to stop them. Another example: there is a a dedicated Big Data team for IT/ITeS companies which aim to reduce number of mistakes in deliverables, and for ensuring optimal resource allocation for different projects.
Interestingly, on one hand automation is threatening to wipe out 50% of all IT jobs in India; on the other hand, new skills such as big data and analytics are creating new jobs, which never existed before. We have already mentioned Big Data as one of the biggest trends for Digital Marketing in 2016 as well.
Can we call this phase as the Big Data Revolution?
Do let us know by commenting right here.
Suggested Reading: Can Big Data Based Intelligence Substitute Human Creativity?