monthly package of Data Science?

Application of data science

The good news is that data science works in many domains, like health care, e-commerce, social media, and education, to name a few. Data science is a high-demand and high-paying career option as it offers many opportunities to solve real-world problems, create value for businesses and society. Apart from this, data science uses cutting-edge technologies. 

But the problem is that data science requires a lot of skills and knowledge like programming, statistics, mathematics, machine learning, and domain expertise. Therefore, you may wonder what the monthly package of data science is and why it is important to know. 

The monthly package of a data science

The monthly package of data science means the salary or compensation that data scientists receive for their work. Knowing the monthly package of data science can help you understand the value and potential of this career path. Apart from this, this knowledge can help you negotiate your salary or compare different job offers in the field. 

Factors that affect the monthly package of a data scientist

Now, we will discuss the factors that influence the monthly package of data science and provide some statistics and examples of the average or median monthly salaries of data scientists.

In India, the monthly package of data science depends on several factors, like the location, industry, education, experience, and the role. Let’s take a look at how these factors can affect your salary as a data scientist.

1. Location

The location of your work can have a significant impact on your monthly package of data science. According to many reports, different cities and states have different costs of living, demand and supply of data scientists, and salary standards. 

For example, according to Glassdoor, the average annual base salary for data scientists is ₹1,000,000, while in Bangalore it is ₹1,200,000. In Bangalore, different areas have different salary ranges for data scientists. 

For instance, Whitefield  data scientists earn an average of ₹1,400,000 per year, while those in Koramangala earn an average of ₹1,100,000 per year.

2. Industry

The industry can influence your monthly package of data science. Different industries have different needs and expectations for data scientists. In addition, there are different levels of competition and innovation. 

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For instance, reports from UpGrad tell us that the highest-paying industries for Indian data scientists are e-commerce (with an average annual salary of ₹1,500,000), banking and finance (with an average annual salary of ₹1,200,000), and IT (with an average annual salary of ₹1,100,000). 

The lowest-paying industries are education (with an average annual salary of ₹800,000), manufacturing (with an average annual salary of ₹900,000), and retail (with an average annual salary of ₹950,000).

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3. Education

Your level and field of education can affect your monthly package of data science. Generally speaking, higher levels of education can lead to higher salaries, as they indicate more skills and knowledge in data science. 

However, this may depend on the relevance and quality of your education. For instance, data scientists with a master’s degree or a Ph.D. earn an average annual salary of ₹1,300,000, while those with a bachelor’s degree earn an average annual salary of ₹900,000. 

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4. Experience

Your experience can play a role in your monthly package of data science. As you gain more experience, you can develop more skills and expertise, take on more responsibilities and challenges, and demonstrate more value and impact to your employer or clients. 

For instance, data scientists with less than one year of experience earn an average annual salary of ₹589,126, while those with 1-4 years of experience earn an average annual salary of ₹830,781. Those with 5-9 years of experience earn an average annual salary of ₹1,200,000.

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5. Role

Your role or position can determine your monthly package of data science. Different roles or levels may have different scopes and expectations for data scientists. In the same way, different degrees of authority and influence may have an impact on your salary as a data science professional. 

For instance, individual contributor data scientists earn an average annual salary ranging from ₹589,126 to ₹1,200,000 in India based on their level of experience. However, data science managers earn an average annual salary ranging from ₹1,3000 to ₹2,,5000 based on their level of responsibility and the number of people they supervise.

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As you can see, there are many factors that can influence your monthly package of data science in India. Therefore, it is important to do some research and compare different scenarios before applying for a data science job offer. Apart from this, you may want to consider other aspects besides salary like benefits, work environment, career growth, opportunities, and personal satisfaction, to name a few

Long story short, the monthly package of data science in India varies depending on several factors, such as location, industry, education, experience, and role. Therefore, if you are looking to join data science as a career path, we suggest that you take your time and consider the information given in this article. This approach can save you a lot of time. Plus, it can help you make an informed decision that you won’t regret later on. 
Anusha