When you think about it, data analysis is a critical part of every business that exists. Crunching the numbers is crucial to making sound financial decisions and developing smart business strategies. But not everyone has a knack for numbers, so people who can translate them into plain language are in high demand.
That’s the job of a data analyst, and data science is your way in to this lucrative and growing field. Pursuing a Master’s degree in data science is all but guaranteed to boost your career in some exciting ways. For examples, check out the following.
Choice of Jobs
Data science employees are in high demand. Computer giant IBM has estimated more than 2.7 million available jobs in 2020. And while these positions may shift a bit due to current events, the core need for data analysis is not going away. Being rooted in technology, positions in this field can be done from pretty much anywhere.
If you have a Master’s in Data Science, you’ll be eligible for many more opportunities than afforded by a Bachelor’s degree. Up to 40% of available jobs in data science require advanced education. Following through with a Master’s not only means more jobs to choose from, but also more opportunity to grow with your company.
Increased Earning Potential
Data science is a lucrative field, with entry-level employees making $60,000 per year on average. That’s not bad, but Master’s level employees can land senior positions that exceed $135,000 per year in compensation.
With the growth of online college courses offered by big name universities, you can pursue a Master’s in Data Science while already working in the field. This may actually be an ideal situation, as you’ll have some real-world experience to guide your choice of specialty.
Transferrable Skills
Obviously, a strong basis in math is important for jobs in the data science industry. But that’s just the beginning. As you pursue your Master’s in Data Science, you will become an expert in programming languages, database languages, and software programs used on the job.
You will be exposed to diverse concepts including data visualization, predictive analytics, probability theory, statistical modeling, and risk management.
Because the knowledge is highly technical, you will also be trained in communication. This is vital because a core part of your job will be to make reports and recommendations that are easily digested by key stakeholders with less technical training.
Ultimately the program will help you put all of these skills together and apply them to business situations. Excellent programs link you up with a professional mentor and give you a chance to do some internship work as well.
Job Growth
No matter the industry, businesses rely increasingly on data to make all of their most critical decisions. This includes product development, investments, marketing, long term growth strategies, customer outreach, budgets, labor needs, and more. Data scientists may also be called upon to root out inefficiencies and fix systemic issues.
As a data analyst, you are a critical link between the data and the business moves that can drive your company forward. That’s an important role that provides plenty of opportunities to distinguish yourself.
Your skills are not only an asset to your employer, but also to your own career journey. You will be better able than most employees to collect, analyze, and report on data that describes the ways you have improved your company’s performance. This can lead to a series of promotions or a better job with another company.
Job Stability
And finally, whether you’re seeking to climb the ladder or make the biggest difference you can in an industry that inspires your passion, data science will never go out of style. It provides a clear window into the inner workings of business that no CEO will ever want to be without.
New technologies and tools are developed every year that allow data science experts to analyze more data and be even more precise in their conclusions. A job in this industry is about as recession-proof as you can get because it’s all about evaluating current conditions, bad or good.
Yes, you will always be able to find a job with a Master’s in Data Science. However, it’s important to stay abreast of new developments by networking and taking advantage of continuing education courses that will keep you on the front lines.
There are plenty of great reasons to pursue a Master’s in Data Science, from job stability to the hefty salary. Education is always an investment, but in this case, there’s virtually no risk. Go for it! You’ll thank us later.