Youth Incorporated Magazine

“Data is the new oil”- a phrase coined by Clive Humby in 2006, still holds true years later as more and more businesses and organizations rely on data-driven decision making. Today data science has evolved heavily since 2006 from a time when data science was unheard of. At a time when Amazon and search engines know us better than the people around us, data is heavily used by businesses to collect information and is then analyzed and interpreted to make strategic business decisions and understand consumer behavior. 

Data science deals with structured and unstructured data and uses algorithms to understand predictive analytics. It studies historic trends to make present decisions and forecast future trends. With IBM declaring data science as the most lucrative job of the 21^st century, the demand for data scientists have increased across the globe. The best part of the field is that anyone irrespective of their background can build a career in data science with the right knowledge and skillsets acquired.

As more and more students and young professionals seek to learn the basics and elementary concepts of data, here is a complete guide for students to understand various nuances under data science and careers.

Job Role:

Data Scientists find value in data. They interpret and analyze large data sets using their analytical, statistical, and programming skills. This data is further used to develop business and marketing solutions for organizations, analyze the purchasing behavior of consumers, and make strategic decisions. They are highly competent in statistics, machine learning, databases, coding languages, and reporting technologies.

Education and Qualification:

The most common fields of study in data science is a Bachelor’s in engineering or statistics and mathematics or computer science and physics. It can be followed by various postgraduate programs such as M.Tech in Data Science, M.Tech in Artificial Intelligence, MBA in Data Science and Technology, M.Tech in Data Analytics. In-depth knowledge of Python coding, R Programming, SQL, MS-Excel and other technologies along with mathematical expertise and some business acumen is ideal.

UNIVERSITIES AND COLLEGES OFFERING DATA SCIENCE COURSES:

Indian Institutes:

1. IIT Hyderabad
2. IIT Ropar
3. IIT Guwahati
4. Institute of Product Leadership
5. Amity University
6. BITS Pilani
7. Indian Institute of Science, Bangalore
8. NIT Trichy
9. IIT Jodhpur
10. IIIT Delhi
11. CMR University
12. Symbiosis Centre for Information Technology

Other Universities:

1. Western Michigan University
2. University of Massachusetts – Dartmouth
3. New York Institute of Technology
4. DePaul University
5. Indiana University- Bloomington
6. Loyola University of Chicago
7. Ryerson University
8. Illinois Institute of Technology
9. Columbia University
10. John Hopkins University
11. University of California, San Diego
12. University of Virginia

JOB PROSPECTS:

1.Data Scientist: they help create data simulations and models and deploy machine learning models.

Average salary of Data Scientist is Rs 7 lac to Rs 12 lac per annum

2. Business Analyst: makes use of the information collected by data and generates valuable insights regarding the business to make data-driven business decisions.

Average salary of a Business analyst: Rs 5 lac to Rs 15 lac per annum

3. Business Intelligence Professional: analyses past trends using data visualization tools like Power BI and Tableau to forecast and implement business strategies

Average salary of BI Professional: Rs 6 lac

4. HR Analyst: one of the hottest trends in the industry, HR Analysts use data to find the best channels of recruitment, onboarding and reducing employee attribution rates.

Average salary of HR Analyst: Rs 4 lac to Rs 5 lac per annum

5. Marketing Analyst: evaluate success of marketing campaigns and understand consumer behavior to tailor-make products and features as per consumer preferences.

Average salary of Marketing Analyst: Rs 7 lac to Rs 9 lac per annum

6. Big data analyst: includes collaborating with data scientists and executing, implementing and monitoring big data processes.

Average salary of Big data analyst: Rs 8 lac to Rs 12 lac per annum

Banking and Financial Industry offers the highest opportunities for careers in data science and data analytics with about 40% of the total jobs. It is followed by opportunities in energy, utilities and pharma and healthcare.

Online platforms such as Coursera, Edx and Udemy offer a variety of free courses and MOOCs to learn the foundational skills and concepts required for young students and professionals and also provide certification after successful completion of the course.