Glassdoor’s #3 Best Job in the US Sees Job Growth Increase by 480%
BY Meghan Malas08 March 2022, 18:12
Data science is a relatively new field, although the demand for study programs suggests that it is likely to stay. In the past decade alone, New York University has established a Data Science CenterMIT launched the Institute for Data, Systems and Societythe University of California-Berkeley inaugurated a Data and Information Science Divisionand Yale University transformed its statistics department into a Department of Statistics and Data Science.
It is therefore not surprising that there is also a high demand for graduates of these data science programs. Data scientist ranks #3 among the top 50 occupations in the United States, according to Glassdoor’s list of best jobs for 2022, and was beaten only by the Enterprise Architect and Full Stack Engineer roles. This year, the position had a satisfaction score of 4.1 out of 5, a median base salary of $120,000 and more than 10,000 job openings, according to Glassdoor figures.
The data scientist is not new to this precursor status; he’s been in one of the top three spots for the past seven years. This trend indicates that the demand for data scientists and the salaries for the position will continue to increase. Job postings have increased by 480% for the profession since 2016, when there were 1,700 data scientist job postings.
How the Demand for Data Scientist Roles Has Grown
“Data-driven decision-making has generated huge profits for most of these data science companies and big tech companies like Amazon and Google,” says Arya Mazumdar, Associate Professor and Chair of Communications at Halıcıoğlu Data Science Institute at UC San Diego. “The moment they started implementing data-driven machine learning or decision-making based on past data, they saw an increase in revenue on all sides.”
For example, companies with recommendation systems like Netflix saw more clicks and views after adding machine learning and statistical analysis methods to their strategy. Additionally, companies like Amazon have seen more revenue after investing more in data-driven advertising methods, Mazumdar added.
Expanding demand for data scientists
But it’s not just FAANG companies (Facebook, Amazon, Apple, Netflix and Google) that are increasing the demand for data scientists, start-ups are also responsible for the need for data science. Data-driven ideas are easier to implement, so more and more people are building businesses that rely on looking at past data to make predictions for users, like restaurant apps , for example.
Even companies that aren’t primarily focused on data science, especially hardware companies like Intel and IBM, are investing heavily in this area.
“Some of these hardware companies get a lot of user data, like how people use their services or what people do with their computers,” Mazumdar says. “They see that with this type of data, they can actually use this information to improve the performance of their processors.”
FAANG companies have a head start in the data market, so many companies are trying to catch up to reap the same benefits, Mazumdar notes. These companies partner with universities in order to have a steady supply of interns and recruitment among freshly graduated students, he says.
How Data Science Programs Meet Demand
UC San Diego, which launched its Halıcıoğlu Data Science Institute in 2018, continued to add more advanced data science degree programs to meet the need for highly skilled data scientists across all sectors.
“Even in more traditional disciplines, people are trying to use data to make decisions,” Mazumday says. Fields like mechanical engineering, aerospace engineering, physics and chemistry now rely on data-driven methods, so they also need data science expertise, he added. .
The broad applications of data science are reflected in the graduate programs being developed for the field. The new Master of Data Science program at the University of Connecticut, slated to launch in fall 2022, features cross-disciplinary collaboration among five of its schools and colleges.
“I don’t think the full potential of artificial intelligence has been realized, a lot of these companies and universities are just getting started, and there’s a lot of pressure to bring big technology paradigms in the next few years,” says Mazumday. . “So I think the demand is going to be there.”
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