It’s a question that is forever on everyone lips, how do you get a pay rise?
Within the Data & Analytics industry, pay is continuing to rise with demand, and the sooner you become equipped with the latest and most in-demand tools and skills, the sooner you can demand a higher salary in the market.
Learn more tools
One of the best approaches is to become equipped with more tools. When you know more languages, for example, you instantly become more attractive to companies. And this enables you to both stand out ahead of the competition and also demand a higher salary.
Looking back at O’Reilly’s Data Science Salary Survey from 2015, we can see that a number of tools you know is extremely important. This can be seen from the graph below.
The survey also singled out the tool that will add the most to your pay packet, that is Apache Spark. Scala is also up there. If you’re working in data visualization, then ‘D3’ is the recommended tool to learn to get later a pay rise.
Another factor that can determine how much you will be paid is the industry for which you are working in. Nearly all industries now require Data & Analytics departments, but some are more reliant than others. The survey found that the Search/Social Networking industry had the maximum range of base salary. Banking/Finance was a close second, with Manufacturing (non IT), Software and Consulting also amongst the top contenders.
In this ever-evolving market, it’s important to keep an eye out on the latest trends and new tools available on the market. This will keep you ahead of the competition and therefore make you more desirable to potential employers. How can you do this? Keep up to date with the latest Data & Analytics Insight, and sign up to the Bodhi Resourcing newsletter.
The survey also found that the Data Scientist edges Data Engineer to the most valued job between the main three Data jobs in the industry. Whilst there are some major differences between the three roles. If you are eyeing a long-term increase in salary and willing to diversify, it may well be worth looking into developing yourself into a Data Scientist. A good start for this is to look at the 5 most in-demand skills for Data Scientists.
Ultimately, experience and qualifications will have a huge impact on what you can demand in the market. Research has found that more than 20 years of experience can help to increase your annual salary by over $50,000. Meanwhile obtaining a relevant Ph.D. bumps up the average earnings by around $9,000. A Master’s Degree has less of an impact, perhaps because it is deemed as essential in many major roles within the industry.
Don’t fear though, you don’t need to wait 20 years for a pay rise. The survey also found that experience of just 5-10 years enabled candidates to earn up to $20,000 more per year.
Wondering how much you could earn with your current skill set and looking for a new role in Data & Analytics currently? Feel free to give Bodhi Resourcing a call on 0117 315 5265, we are specialist recruiters within Data & Analytics and have helped hundreds of candidates progress their careers.
*Please note figures in the graphs are in US dollars.