Data is now essential for businesses of all sizes to make informed decisions, optimize operations, and stay ahead of the competition. This is not just limited to tech companies – all companies today need data to identify relevant patterns and use the derived insights to develop adaptive business strategies.
As a result, the demand for data scientists is high and is expected to continue to grow in the years to come. A specialization in data science such as a master’s degree can take this salary up a notch, owing to the depth of your knowledge and subject matter expertise. We’ll back this up with statistics (data science style) below.
Before we begin, here’s what you can expect from this blog:
- The benefits of pursuing a Master’s in Data Science
- The ROI of a master’s degree in data science [Stats included]
- What’s better suited to you: Self-learning or a Master’s degree?
The benefits of pursuing a master’s in data science
1: Career advancement: A master’s degree is specialized, meaning you can curate your career path with a specialization of your choice in domains such as business analytics, machine learning, and more. Further, this domain expertise can lead to higher salaries and also lead to potential management positions.
2. Higher salaries: Studies have shown that master’s degree holders typically earn more than bachelor’s degree holders. The median weekly earnings for master’s degree holders is $1,574, which is $240 more than the median weekly earnings for bachelor’s degree holders ($1,334).
Another study by the National Association of Colleges and Employers (NACE) found that students who graduate with a master’s degree in computer science can expect to earn a starting salary of $82,384 which is much higher in comparison to computer science graduates with a bachelor’s degree, who earn $75,900 on average.
2. Career switching: Career switching can be difficult if you have no previous experience in your aspired field. Having a master’s degree shows your employer that you’re proactively taking steps to make up for your lack of work experience in the domain.
Don’t have a data science background but want to switch careers? Anyone with a quantitative background can apply to our Master’s program! You don’t need a data science background to join us which significantly lowers the barrier to entry.
3. Building a Portfolio: Master’s degrees such as the one we offer here at Vedere Institute, often include Capstone projects. This is because organizations want candidates who are already skilled and can showcase their previous work in addition to their resumes.
By the time you graduate, you will have a portfolio that displays your aptitude and skill set which can potentially turn an employer in your favor.
Why get a master’s degree if self-learning is out there?
Self-learning is a great way to learn about data science, but it is not without its challenges. Here are some of the problems faced while self-learning:
- It can be difficult to stay motivated.
- It can be hard to know where to start.
- It can be difficult to get feedback on your work.
A master’s degree program can help you overcome these challenges. A good program will provide you with the structure and support you need to succeed. You will have access to experienced instructors who can help you develop your skills. You will also have the opportunity to work on projects with other students and get valuable feedback on your work.
While self-learning is at its peak in the internet era, not everyone can YouTube their way to data science. Remember to weigh the pros and cons with considerations such as your preferred form of learning (guided vs. unguided), time constraints, goals, and future benefits.
The ROI of a master’s degree in data science
The return on investment (ROI) of a master’s degree in data science is very high. According to a study by the Harvard Business Review, data scientists with master’s degrees earn an average of $120,000 per year. This is significantly higher than the average salary for data scientists with only a bachelor’s degree, which is $100,000 per year.
In addition to the higher salaries, data scientists with master’s degrees are also more likely to be hired for senior-level positions. A study by the National Bureau of Economic Research found that data scientists with master’s degrees are 25% more likely to be promoted to senior-level positions than data scientists with only a bachelor’s degree.
A master’s degree in data science can be a valuable investment for those who are looking to advance their career, gain new skills, and work in one of the world’s most desirable industries.
If you are considering a master’s degree in data science, be sure to do your research and choose a program that is right for you.
