Several key factors influence the data scientist salary across different companies. Industry is a significant factor, with tech companies generally offering higher salaries compared to non-tech industries due to their reliance on data-driven decision-making and their ability to generate substantial revenue from data insights.
Another important factor that I have included is the geographical location, as it also has a significant impact on the salaries offered. Again, data scientists across Silicon Valley, the US, IT Cities of India, or Bangalore, Hyderabad, Gurgaon and the like earn better than those in mid-tier cities or towns or regions having low tech-firms concentrations.
The other factor is the skill set of the individual aspiring to be a part of the board of directors. Professionals with specialized training are paid more, and jobs that require skills in , machine learning, deep learning, and big data technologies are well paid. Data scientists with more educational background like Masters or PhD or who have accreditation in these fields can bargain for better salaries.
Another factor that defines the salary level is experience. This means although the entry-level data scientist can be paid less, within a few years they can have a handsome hike in his salary because of the person’s contribution towards the company.
