Data Science Salaries
Full Project
Due to the questions I had regarding what range of salary a junior data analyst or scientist could expect getting into the field, I analyzed this dataset to try and find answers. With this analysis I will attempt to answer questions such as:
• What is the average annual salary for a data scientist in the US at each level of experience?• Do data scientists earn more working in the US or outside of it?
• Is there a significant difference in salary for remote versus non-remote US workers?
• Do large companies tend to pay their employees more money on average than smaller companies?
The attributes most beneficial to this project were the 'salary_in_usd', 'employee_country', 'experience_level', and 'remote_ratio' columns. I would start out by calculating the average annual salary of data scientists by experience level.
What is the average annual salary for a data scientist in the US at each level of experience?
This graphic shows us what we generally expect to see, which is the fact that the more experienced an employee becomes, the more money they make:
Juniors: $98,706 - Intermediates: $135,617 - Seniors: $153,921 - Executives: $249,991
I am, however, a little surprised at the salary of a junior data analyst. It seems higher than I would have expected, which gives me cause to look into these numbers farther if I can possibly find another dataset.
Do data scientists earn more working in the US or outside of it?
The average salary of an employee working inside the US: $149,194
The average salary of an employee working anywhere outside the US: $67,754
According to the data I've used, on average, employees working in the United States earn more money (USD) than those outside it. To really test this theory, however, more data would need to be collected from many more countries than what is available in this dataset to give a more accurate calculation.
Is there a significant difference in salary for remote versus non-remote US workers?
A remote ratio of 0 equals no remote work, 50 equals some remote work, and 100 equals all remote work. The average annual salary for:
0: $141,253
50: $139,837
100: $151,980
As we can see from this graphic, the majority of the data is based on employees who work remotely. We should keep this in mind when comparing salaries. From this data, we might conclude that, on average, remote workers make more money than on-site workers, but more data should be collected and analyzed to corroborate this before making any conclusive inferences.
Do large companies tend to pay their employees more money on average than smaller companies?
Large: more than 250 employees
Medium: 50 to 250 employees
Small: less than 50 employees
This graphic shows us that, on average, larger companies pay more than smaller companies. This lines up with what we would generally expect to see.
Other useful information?
2020: $157,461
2021: $155,562
2022: $145,736
There is a slight downward trend in annual income from 2020 to 2022.
Conclusions
From this analysis, we can conclude that more money will come with more experience, and junior data scientist (or similar) jobs can expect a starting salary as high as $98,000. It is likely that employees working outside the US will not receive as much income per USD as someone in the US. It is possible that remote workers make slightly more money, on average, than on-site workers, but this is not definitive. Larger companies will likely pay more money than smaller companies. A more extensize dataset would be beneficial for a more in depth analysis.