We recently decided to address the most common concern about the expected salary a Data Scientist or AI/ML professional in India with the help of Chirasmita Mallick (Principal Data Scientist at Startup accelerator Program and Ex Senior Data Scientist at Philips).
Here’s what she said.
The biggest question most people transitioning into Data Science roles is the Salary Structure for a Data Scientist and AI/ML Professional in India.
I have been a Data Science Mentor with Springboard. This is the most frequently asked question i have encountered every other day by prospective learners and professionals wanting to move into Data Science.
Just to address the Indian Market. Let’s dig into the stats!
We are growing at an unprecendent Scale. According to a recent report survey covered by India Today, There is a shortage of 97,000 data science centric roles. There is a huge shortage of employable data scientists. Mentor led platforms are doing a great job in bridging the gap betwwen industry needs with respect to Tech skills.
The Average pay for a Data Scientist is 11 lpa as reported by India Today. And the average pay more than 15lpa is getting higher.
Now, Let me break this down into smaller components .
The Indian market is slowly accepting data driven approach to generate more value for their organizations.
The Job roles in the Early career segement (0–3years) is on the rise.And data science skills are being used in all job roles in a tech company to be easily working on data driven metrics for insane ROI.
The Compensation Scale for a prospective Data Scientist can fall in below categories :
- Skill – based Compensation : Most Data Science hiring boils down on your problem solving abilities. How well you can connect insights you generate with the Business needs. Major focus on Tech skills covering Statistics, Python,R, Sql (or other db languages), Data Visualization knowledge, Ability to articulate ideas to non tech audience. Advanced knowlege of Machine Learning, Deep Learning, NLP etc depending upon your area of expertise. Good to have knowledge of Spark, Scala etc.
- Size and company funding for Data Science centric organizations : As more and more organizations are pitching on data driven approaches to generate more value. Major heavily funded startups are willing to pay upwards of 18lpa (With Stock options) to deserving candidates with no upper bar and major MNC’s are receiving grants to transition their current work into data driven approaches.
- Problem solving Skills : A data scientist adds value by majorly her problem solving skills. How well are you able to solve a business/research problem by breaking it down into subproblems. How technically sound are you in reading research papers, Understanding data, Creating or generating data, deploying ML/DL algorithms and analyzing it from an industrial knowhow can always give an upper edge
- Mid level and Senior level Talent gap : Shortage of qualified talent in the country has left over 4,000 mid and senior-level job positions vacant in the artificial intelligence (AI) sector. This supply-demand gap indicates huge opportunity for mid and senior-level professionals across industries like IT, finance, healthcare and e-commerce, who are looking to transition into AI, over the next few years.
When it comes to remuneration, according to the study, the median salary of AI professionals in India is Rs 14.3 lakh across all experience level and skill sets.
Nearly 40 per cent of AI professionals have an entry-level salary of Rs 6 lakh onwards, while around 4 per cent command a salary higher than Rs 50 lakh, reflecting the massive demand for mid and senior-level AI talent in the country as reported by The Economic Times (newspaper) .
The top skill sets that AI employers are looking for are machine learning, natural language processing, neural networks, analytics, cloud computing and pattern recognition,
Image : SpringBoard Leap : AI/ML Summit, 2019, Bangalore
In order to bridge the gap in Data Science Domain, Springboard is doing great work by matching learners (who are transitioning into Data Science) to Data Science Mentors with immense Data Science experience to work on challenging problem statements needed in the industry right now.
Join the Transition into Data Science Revolution in India
Read the work Springboard is doing in India : Presenting Springboard India – Springboard Blog
SpringBoard Funding : Springboard Raises $1.7M For Its Mentor-Based Approach To Online Learning – TechCrunch
For more summaries on the recent Machine Learning Transition and Career in Data Science, check out Springboard .
This was originally posted on Quora: https://www.quora.com/What-is-the-expected-salary-for-a-data-scientist-and-an-AI-ML-professional-in-India