Career opportunities in data have exponentially grown in the recent few years. Companies are eager to capture data and derive insights from it because of the technological advancements we are seeing. Accessibility of the data today can help to reap multiple benefits organizations from it. Companies are throwing huge salaries at those having the skills to take on the positions of Data Analysts, Scientists, Engineers, etc.
India is the second highest country to recruit employees in the field of data science or data analytics, etc. with 50,000 positions available - second only to the United States. The demand for data experts is equally competitive, whether you look at the big companies, the e-commerce industry or even start-ups. There is an expected shortage of around 200,000 data specialists by 2018. Thus, a career in data promises a stimulating salary amongst the top paying jobs.
Salaries by city
The number of job opportunities and the annual salary package for data innovators is the highest in Mumbai, followed by Bangalore and New Delhi. However, since Bangalore is the startup capital of India, it has the most opportunities for jobs in startups. Below is the ranking of the mean annual pay in (INR) lakhs, according to Analytics India Magazine:
New Delhi: 9.9
Salaries by years of work experience
A career in data especially appeals to young IT professionals because of the positive correlation between years of work experience and higher paying salaries. Salaries in the field of data might look something like the following, in the future:
A fresh graduate - amongst the 81% of graduates who enter the data industry - could expect a starting salary of INR 4 lakhs (annually).
An employee with 5-10 years of experience would have the potential to secure between INR 6-10 lakhs.
A highly experienced employee with decades of experience or who has held managerial roles can expect anywhere from INR 24 lakhs up to a healthy crore of rupees!
An analyst's salary increases by 50% with a transition/promotion from the role designated to them to a higher level.
Salaries by skills
In order to secure such a high-paying job, you are expected to go beyond the qualifications of a Master's degree and be familiar with the respective languages and software utilized for managing data. Some more insights from AIM:
The most important and coveted skill is being familiar with R followed by Python, which alone promises a salary of INR 10.2 lakhs.
The combination of knowledge of Big Data and Data Science increases a Data Analyst's salary by 26% compared to being skilled in only one of the areas.
SAS users are paid between INR 9.1-10.8 lakhs versus SPSS experts earning INR 7.3 lakhs.
So, now is the time to master your skills in data in order to further optimize your salary!
Salaries by companies
Without a doubt, prestigious firms dominate the charts of the highest paying salaries for data jobs. They also hold a reputation for increasing salaries by 15%, annually. Some data from Quora:
IBM Corp: INR 1,468,040
Accenture: INR 1,986,586
JP Morgan Chase and Co: INR 997,500
American Express: INR 1,350,000
McKinsey and Company: INR 1,080,000
Impetus: INR 1,900,000
Wipro Technology: INR 1,750,000
The opportunities for Data Analysts and Data Scientists are currently at their prime in India. With the large volumes of data being generated by businesses and the availability of data and tools to extract it - and the urge to gain insights from it. You are likely to receive an annual bump up of around 15% in your salary. This will further increase with an increase in the years of work experience and the number of skills you've mastered. Therefore, whether you're starting from scratch or you're already experienced in the field of data. You'll always have this motivating factor driving you in your career!