Last updated on October 4th, 2024 at 06:57 am
Ever wondered why two data scientists with the same experience can have different salaries? Many factors influence the data scientist salary in India. Skills and specialisations play a significant role.
As the demand for data science increases, professionals with niche expertise are seeing significant pay hikes. This blog will explore how honing the right skills can impact your earning potential in this field.
What Does a Data Scientist Do?
A data scientist’s role is multi-faceted, combining analytical skills with domain expertise to solve complex problems.
In short, a data scientist turns a heap of data into something meaningful—like predicting trends or solving business problems. Here's what a data scientist typically does:
- Data collection and cleaning: Collects raw data from various sources and ensures it’s accurate and usable.
- Data analysis: Applies statistical methods to find patterns and insights that drive business decisions.
- Model building: Builds predictive models using machine learning algorithms to forecast outcomes.
- Data visualisation: Creates visual representation of data to help stakeholders understand trends and insights.
- Collaboration with teams: Works with business and technical teams to implement data-driven solutions.
Factors That Impact Data Scientist Salary in India
When it comes to the salaries, many factors come into play. The pay scale can vary greatly based on skills, experience, location, and industry demand. Here are all the key factors that impact how much a data scientist can earn.
1. Skills and Specialisations
- Technical skills: Proficiency in programming languages like Python, R, and SQL and expertise in machine learning, data visualisation, and data wrangling is a must. Data scientists who can work confidently with these tools earn more. Knowledge of advanced analytics, artificial intelligence (AI), and deep learning can considerably bump your salary.
- Specialisations: Specialising in certain domains like natural language processing (NLP), computer vision, big data can also increase your pay. The key to getting a considerable data scientist salary in India is experimenting with different specialisations. Companies are willing to pay more for experts who can solve niche problems that require deep technical knowledge.
- Soft skills: While technical expertise is a must, strong communication and problem-solving skills are equally important. Data scientists who can explain their findings to non-technical stakeholders earn better-paying jobs as they bridge the gap between raw data and decision-making.
2. Years of Experience
Data scientist salary for freshers are, undoubtedly, different from the experienced professionals’ salary range. Like most industries, experience plays a major role in determining salary. Entry-level data scientists with less than two years of experience can earn an average of around INR 7L.
With 5-7 years of experience, salaries can jump to INR 14L. Professionals over ten years of experience can earn INR 26L or more depending on industry and company size.
Source: Glassdoor
3. Education and Certifications
- Education: A degree in computer science, statistics, maths, or a related field can make a big difference in your salary. Graduates from top institutions or those with advanced degrees (Masters or Ph.D.) get higher starting salaries.
- Certifications: Certifications in specific tools, technologies, or methodologies can add to your profile and salary. A data science course certification from Imarticus Learning can give you an edge over others.
4. Industry
The data scientist salary per month also depends on the industry. Industries like finance, tech, and healthcare pay more to data scientists due to the complexity of data they face. For instance,
- Finance: The best salaries are mainly seen in the banking and financial sectors. They are in high demand, and the salaries are above the industry average, especially in quantitative finance, risk assessment, or fraud detection.
- E-commerce: Companies like Amazon, Flipkart, and others pay well due to their dependence on data for customer behaviour analysis, recommendation engines, and sales predictions.
- Healthcare: With health tech and personalized medicine on the rise, healthcare companies need data scientists to analyze patient data, predict disease outbreaks, or optimize treatment plans.
5. Company Size
Company size also impacts the salaries. Larger companies, especially multinationals, have bigger budgets and can afford to pay more than startups. However, startups may offer stock options or bonuses as part of the package which can be lucrative in the long run.
6. Location
Geography matters a lot. Data scientists working in metropolitan cities like Bangalore, Mumbai, Delhi NCR, and Hyderabad get more pay due to the concentration of tech companies and higher cost of living.
For example, Bangalore is often called the "Silicon Valley of India" and offers some of the highest salaries for data scientists with entry-level positions starting at INR 2,39,930L per month.
The salary is lower in smaller cities or towns with fewer opportunities. However, remote working options are starting to level the playing field, and data scientists in smaller cities can work for big companies without relocating.
7. Demand and Supply
The salaries are dependent on demand and supply among other factors. The demand for data scientists has grown exponentially in India but there’s still a shortage of qualified professionals.
In 2023, the gap between the demand for AI, data science, and analytics professionals and the available talent was approximately 51%. With India projected to need over 1 million data science professionals by 2026, the shortage is expected to continue unless efforts to close the skill gap are accelerated.
This shortage drives up salaries, especially for experienced and skilled ones. As a result, one can expect data scientist salary per month to depend on these factors.
As industries increasingly rely on data to make decisions, demand for data scientists will only grow, and salaries will remain high for a long time.
8. Negotiation Skills
How well you negotiate your salary matters. Data scientists aware of industry standards and market trends can often negotiate better pay. Knowing your worth and confidence in your skills will get you the compensation you deserve.
Average Salary of Data Scientist in India
The average salary of a data scientist in India varies based on factors like experience, skills, and location.
For entry-level data scientists, the salary is around INR 2L per month. Mid-level professionals with 3–5 years of experience can expect to earn around INR 27L annually.
For the salaries, you will have to look at all experience levels. Senior data scientists, especially those with over eight years of experience, can command average salaries of INR 18.6L per annum, with top professionals earning as much as INR 34L annually or more. Cities like Bangalore, Mumbai, and Hyderabad offer higher pay due to the concentration of tech companies and higher demand for skilled talent.
Data Scientist Job Salary Based on Role
Here’s how salaries for different data science-related job roles in India break down:
- Junior Data Scientist (0-2 years experience): INR 6-8L annually.
- Mid-level Data Scientist (3-5 years experience): INR 12-15L annually.
- Senior Data Scientist/Lead Data Scientist (5+ years experience): INR 18-44L annually or more.
- Machine Learning Engineer: INR 7-17.1L per annum.
- AI Researcher: Typically on the higher end of the spectrum, similar to Machine Learning Engineer (INR 6-18.1L annually).
- Data Engineer: INR 5-15L per annum.
- Data Analyst: INR 5-10L annually.
- Business Intelligence (BI) Developer: INR 6-21L per annum.
- Data Science Manager: INR 27-41.5L per annum.
- Director of Data Science: INR 14L annually or more depending on the company and industry.
Data Scientist Salary in India: Across Cities
Here’s a quick look at the average salaries in different cities:
- Bangalore: INR 12L per annum; highest salaries due to tech hub.
- Mumbai: INR 10L per annum; salaries from finance and business sectors.
- Delhi: INR 11L per annum; high demand from tech and consulting firms.
- Hyderabad: INR 12L per annum; growing IT sector.
- Chennai: INR 11L per annum; expanding tech industry.
- Pune: INR 9L per annum; tech startups and IT companies.
- Kolkata: INR 5L per annum; lower salaries compared to other tech cities.
Data Scientist Salary in India: By Industry
Here’s the breakup of salaries by industry:
- Finance and banking: Mainly deals with risk assessment and fraud detection; INR 13.5L per annum offered by Axis Bank of India.
- Technology: Deals with AI and machine learning roles; IBM offers INR 8-18.5L annually.
- Healthcare: Clinical data analysis for patient care and research; INR 6-10L per annum
- E-commerce: Customer behaviour analytics and recommendation systems; an average of INR 8L annually.
- Consulting: Strategic insights and data-driven solutions; an average of INR 21L per annum.
Summary
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With the topmost salaries at your avail, there’s no way back. The Postgraduate Program In Data Science And Analytics will help you master core concepts while giving you hands-on experience with industry tools. This can significantly enhance your market value and open doors to better-paying opportunities. Ready to leap?
Frequently Asked Questions
Do data scientists get paid well in India?
The data scientist salary in India is well-compensating, especially as the demand for their skills grows. Salaries vary widely based on experience, skills, and location, but they offer attractive pay packages.
What is the average salary of data scientist in India?
Data scientists with specialised machine learning, AI, or big data skills can earn significantly more. Average salaries for entry-level data scientists range from INR 8–15L per annum, with higher figures for those with advanced expertise.
Can data scientists earn 50L in India?
A3. While earning INR 50L is less common, it’s possible for senior data scientists or those in high-demand roles and industries. Typically, such high salaries are seen in top executives or specialised positions in major companies.
What is the data scientist salary in India per month?
A4. The data scientist salary for freshers in India ranges from approximately INR 8-15L. This varies based on experience, skills, and the specific industry or company.
