The Highly Paid and Lucrative Field of Data Science - Coding Elements

The Highly Paid and Lucrative Field of Data Science

date_rangeMay 04, 2020

According to Forbes, 2.5 quintillions of data is generated each day, and there are around 3 billion Google searches each day.  Since so much data is created and circulated in the world, the field of Data Science has become very popular and in-demand. Let’s take a deeper look at Data Science as a career.

What is Data Science?

According to Wikipedia, Data science is an interdisciplinary field that uses scientific methods, processes, algorithms, and systems to extract knowledge and insights from many structural and unstructured data. Data science is related to data mining and big data.

Data Science focuses on gaining insights and useful information from structured and unstructured data.  The results help businesses make crucial decisions.

What do Data Scientists Do?

Data Scientists communicate with the business to know their goals and requirements from the data.  They then create different data models, write algorithms, and use statistical models to understand the deeper meaning of the data. They share their findings with the business and other stakeholders and assist in coming to big business decisions.  A Data Scientist decides his method of working with data based on the industry he is working in and the unique requirements of the stakeholders.

Some of the main tasks of a Data Scientist are:

  • Collaboration with business and other stakeholders to know their goals
  • Data Collection
  • Data Processing & Cleaning using certain techniques
  • Data Storage
  • Data Analysis and Investigation using various methods
  • Application of Algorithms, Statistical Modelling and other methods on data
  • Understanding the insights and sharing with others.

A Career in Data Science

The career as a Data Scientist is highly lucrative and has a lot of scope for growth. A Data Scientist should ideally enjoy working with large chunks of data, have advanced analytical skills, be comfortable with Mathematics, Statistics, Computer Science, and Engineering.

Data Scientists are very well paid, and according to, the average salary of a Data Scientist is $96000.

The popular skills for Data Scientists are:

  • Statistical Analysis
  • Algorithms and Data Structures
  • Machine Learning
  • Python Programming
  • R
  • Data Visualization and Analysis

Apart from these skills, Data Scientists need to be curious and inquisitive people. They should be willing to study a lot.  They also need to possess good communication skills to work with business and other teams.

Scope in Data Science

Data Science is a field that is here to stay. Considering the enormous amount of data available in the world, Data Science is the only way businesses can work with this data. Data Science is needed in different industries like Ecommerce, Healthcare, Environment, Travel, and Tourism, etc. 

The best-known roles in Data Science are:

  • Data Analyst
  • Data Scientist
  • Data Engineer
  • BI Analyst
  • Data Architect

Data Science is going to continue being a field where innovation and learning continue to happen. With such exponential growth in Data Science, there is an enormous need for skilled Data Scientists. This is a time when demand is plentiful, but the supply of skilled professionals is low.  In other words, this is a great time to learn Data Science and open up a challenging yet lucrative career path.

Coding Elements is a premier institute that has been providing industry-relevant training to students in advanced fields like Machine Learning and Deep Learning, Python for Data Science, Data Science with R, and many more most in-demand programming courses.  We have online as well as LIVE courses. The courses are flexible and can be taken at a convenient time. We have experienced teachers and include a lot of projects and coding exercises in the curriculum.  All of our courses are certificate courses.

Author - Atma Pai

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