What is a Good Master’s in Data Science Salary?
GRADUATE STUDIES | 7 MIN READ
As technology booms, so do job opportunities—and earning potential—in data science.
By 2030, employment in business and finance is estimated to grow by 8 percent, which will create about 750,800 new jobs, according to the U.S. Bureau of Labor Statistics (BLS). As companies and organizations grow, so will the need for people who can organize and analyze information to help businesses make necessary decisions—people like data scientists, data analysts and data strategy managers.
Data scientists and those in similar roles often have a Master’s in Data Science and Analytics, and with the degree, a wide range of salary options. If you’re looking to set yourself up to thrive in the business, government or non-profit sectors, earning a graduate degree or certificate in data science is one way to do it—and earn the data science salary you deserve.
Master’s in Data Science Salary: A Look at the Numbers
Some data science careers only require a bachelor’s degree or data science certificate. However, an applicant with a graduate-level degree is all the more competitive.
If you’re thinking about how to get a job in data science and what a master’s in data science salary might look like, a host of options can be available to you after graduation. Here are just a few to consider:
- Data Scientists and Mathematical Science Occupations: $100,000 or more.
People working as data scientists or in similar occupations earn an average of $103,930, according to a May 2020 BLS report. Depending on the industry, you could also potentially earn more. For instance, those working in scientific research and development services earn an average salary of $109,610, the BLS reports. In the computer systems design and related industries, the average salary climbs to $111,490.
- Computer and Information Research Scientists: $127,000.
According to the BLS, with a computer science or related degree, computer and information research scientists earned a median master’s in data science salary of $126,830 per year in 2020. Jobs in these fields are expected to increase by 22% through 2030, which is much faster than average, which is good news if you’re looking into how to get a data science job now.
- Operations Research Analysts: $86,000.
In 2020, operations research analysts earned a median salary of $86,200, according to the BLS. This work is complex, so while entry-level positions tend to require bachelor’s degrees alone, many employers may prefer to hire candidates with master’s degrees in business, operations research, analytics, computer science, or another technical or quantitative field. Become a competitive applicant and position yourself for success—and a master’s-level salary in data science—through a graduate program in data science.
- Market Research Analysts: $66,000.
If you’re thinking about how to get a job in data science, market research can be a challenging but enjoyable place to start. In 2020, analysts working in market research earned a median salary of $65,810 per year, according to a BLS report. Some businesses and organizations may hire market research analysts who carry a bachelor’s degree alone, but some positions may require a master’s degree, according to the BLS. Earning a graduate degree could give you the edge you need in this competitive and complex field—and help you earn a master’s in data science salary, too.
- Financial managers, analysts and risk managers: $84,000.
If you’re looking into how to get a job in data science that allows you to do a variety of tasks, finance leaders are now carrying out everything from business strategy to risk management, according to the BLS. Entry-level financial analyst positions typically require bachelor’s degrees but earning a graduate degree in data science or a similar field will illustrate your expertise to potential employers. Plus, financial analysts earned a median salary of $83,660 in 2020, according to the BLS.
A data science master’s program can make you a competitive applicant for these positions, advance your career and potentially help you earn a higher salary. Completing a data science master’s degree program not only shows your future employers that you’ve invested in your education, but that you’re an expert in the field, too.
The degree program you complete may also matter to your future employers. At Elmhurst University, our Master of Data Science and Analytics program is STEM-designated. This means the U.S. Department of Homeland Security recognizes it as a master’s in data science program that focuses on science, technology, engineering and math.
Master’s level coursework covering topics such as business intelligence, data mining and predictive modeling will help you build the solid foundation you’ll need to gather, analyze and interpret data, and advise businesses based on your findings. Because you’ll become well-versed in so many areas of data science, you’ll be well on track to determining how to get a job in data science. Your experience level, geographic location and employer also play a role in your salary. However, earning a graduate degree will show your potential employers that you’re committed to the field, can juggle multiple responsibilities, can complete important tasks and more.
How to Get a Job in Data Science and Unlock your Earning Potential
If you’re wondering how to get a data science job, look no further: It all starts with finding the best data science master’s program for you. Look for a program that aligns with your interests and also helps prepare you to enter a wide range of industries, such as finance, business or health care. Programs like Elmhurst University’s Master’s in Data Science and Analytics meld together several methods and industries, from computer science to management, and offer practical experience in the field. Our program also integrates analytics and machine learning with business, which will help make you more marketable after graduation.
In a master’s in data science and analytics program, you will gain indispensable skills in statistics, analytical methods, programming and business to help you tap into and interpret information in ways others can’t. These skills can help you stand out among other job applicants as you determine how to get a job in data science.
If you choose Elmhurst University for your graduate studies in data science, you’ll also develop a portfolio of projects to help you gain employment. A portfolio strengthens your resume and can help you figure out not only how to get a data science job, but how to earn the master’s in data science salary you want, as well.
Throughout your graduate studies, you’ll navigate your coursework with instructors who’ve worked in business, infrastructure and programming. Their expertise and experience, paired with their guidance, can help you figure out how to get a data science job. This flexible, online program will help you learn data science concepts and skills you can apply in almost any industry. And, if you’re not ready for a master’s degree in data science quite yet, a graduate certificate in data science can help you acquire the skills you need to get on your way to a master’s in data science salary.
Higher Education, Higher Earnings
As the age-old saying goes, the more you learn, the more you earn. A BLS report notes that as workers’ educational attainment rises, so do their earnings.
At Elmhurst, we know that figuring out how to get a job in data science means starting with the best data science master’s programs. Many graduates of our Master’s in Data Science and Analytics program are earning a master’s in data science salary as they work in a variety of sectors, from business to healthcare to major league sports. Through our program, they learned how to get a data science job at large, successful conglomerates such as Monsanto Corporation, Dell, Nationwide Insurance, Major League Soccer, Memorial Sloan Kettering Cancer Center, the American Dental Association and others.
Ultimately, the best way to learn how to get a job in data science is through a graduate program that works for you. Request information about our online Master of Data Science program today.