19 Jul 2022
Data science has taken the globe by storm. It is being used by businesses to modify the quality of their products, make improved business decisions, enhance and efficiently manage the business. According to a survey, demand for data scientists has increased by 29% year on year. In this article, we will go over the ins and outs of working as a data scientist in 2021. But, before we get there, let's go over some basics about the field.
Data science integrates various fields such as statistical data, scientific processes, data analysis, and Artificial Intelligence to retrieve beneficial insights from big data.
Those who practice data science merge a range of abilities to analyse information recorded from the internet, cell phones, consumers, sensor systems, and other sources to extract actionable intelligence.
Data science is the method of planning data for analysis, which includes data cleansing or purification, collating, and modification to execute advanced data analysis. The outcomes can then be reviewed by data scientists to unearth trends and provide business executives with educated insights.
Data science jobs are on the rise, with countless open positions in industries across the board. At the moment, data science alone accounts for 70% of all job openings in the data analysis space. Below are the top five designations and their professional career paths.
The position of a data scientist is undoubtedly the most in-demand today across industries worldwide. Market analysts and business analytics professionals are two other terms used interchangeably with data scientists.
Discovering crucial insights and actionable data by analysing raw data to unearth patterns and understandably describing them are two of the primary tasks you will perform as a data scientist. Furthermore, data scientists must create machine learning algorithms and discern trends in data. Aspiring data scientists should polish their knowledge of mathematics, statistics, Python programming, data modelling, and R programming skills.
The average annual income for an entry-level Data Scientist in Hong Kong is HKD 319,950, according to PayScale.
A data analyst is frequently referred to as an "analytics specialist" or a "business analyst." Many organisations use these titles when they need people with strong technical acumen. A data analyst's primary responsibility is to use a business's information to gather valuable intelligence to make crucial business decisions. The salary of a Data Analyst is [HKD 21,750 per month on average] in Hong Kong.
Data engineers, also referred to as data architects or quantitative statisticians, are frequently the skeleton of an organisation's data needs because the primary reason for employing them is to work on software design. As a data engineer, your job will revolve around working with the company's core infrastructure, being accountable for ensuring data flow and making sure that the appropriate department receives relevant information. The average salary for professionals in this role can be as high as HKD 374,400 per annum.
Machine learning engineers enter the picture once the data scientist has constructed the model. Their primary goal is to delve deeper into the program and its delivery. A machine learning engineer does not inherently need to understand how random forest functions, but they should understand how to invariably save and load a file which can then be projected within production using ML algorithms. An ML Engineer is more fixated on software development and can earn up to HKD 397,990 per annum in Hong Kong.
A business intelligence associate, also known as a systems administrator or engineer, must understand the basic concept of IT and data analysis. A business intelligence developer's primary duties include maintaining, deploying, and developing BI interfaces such as interactive dashboards, data visualisations, querying tools, ad hoc reporting, data modelling techniques, and much more. The average remuneration for professionals in this role is HKD 262,620 per annum in Hong Kong.
According to PayScale, the average annual income for an entry-level Data Scientist in Hong Kong is HK$319,950. According to another Glassdoor study, the median additional cash remuneration for a Data Scientist in Hong Kong is HK$55,200.
The yearly pay that one can expect to make as a data scientist or any other related vocation in the data science field also depends on their experience level. The greater experience that you have working on more data science projects, the more skills you will acquire and the higher will your pay be.
For instance, a mid-level data scientist can expect to make [as much as HK$390,000 with 5-9 years of experience. This number is bound to increase if you have 10-15 years of experience in the field as a senior data scientist, with salaries for them often shooting up to HK$520,000.
The best aspect about pursuing a career in this field is that you can always make a career pivot by enrolling in a course in the field, regardless of your educational background.
The most popular options to proceed with a course in data science are:
Many individuals today are increasingly taking the route of enrolling in Online Bootcamps like Xccelerate to gain the experience they need. In addition, a sizeable number of data science professionals who have recently advanced in the industry have arrived from bootcamps, with most of them agreeing that online bootcamps, such as a Full-time Data Science & Machine Learning Bootcamp, supplied them with the practical and functional learning experience that traditional degrees lacked.
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