Data Scientist is the hottest new technology job, and Wall Street has taken notice. As finance firms adapt technology-based solutions, more and more investment decisions are driven by data. So what is this data, and how are firms finding it?
Enter the Data Scientist. Data scientists are more than just analysts. They clean and organize big data, then analyze it to discover patterns around their business. They communicate their findings to investment teams, portfolio managers or internal clients and recommend a course of action. Whether it’s advising against an investment or arguing for a new approach, data scientists have the numbers and analysis to back it up.
Every data scientist role is different. Depending on the position, other responsibilities might include creating and implementing data architecture, evaluating new data sources, and developing predictive models and algorithms. Part data wrangler, part analyst, and part advisor, data scientists have the opportunity to directly impact business and have a burgeoning role within finance teams.
To be a data scientist, you need at least three years of experience and a bachelor’s degree in a quantitative discipline. However, many companies prefer candidates with their Masters or PhD. Fluency in at least one programming language (SQL, Python, C++, Java, R, Scala, etc) and knowledge of modeling tools are necessary hard skills for the position.
These technical skills can only get you so far. Data scientists also must have excellent communication skills. Conveying complex data concepts into simple terms might be difficult for technology professionals, but this quality distinguishes data scientists from their peers. Resourcefulness, project management skills and creativity are also crucial ingredients for success.
Data scientists are hard to find, and companies are willing to pay handsomely for it. The role pays an average salary of $120,714 for people with three to four years of experience. The high end of the salary range can hit almost $150,000, not including bonus. Even entry-level professionals in the field could make as high as $1000,000 as their starting salary.
Competition for data scientists will continue to push pay scales up over the next decade. Finance firms will be going head to head to poach talent away from Silicon Valley, offering Wall Street like salaries to attract interest. Data scientists might be new to the game, but the job is here to stay.
Interested in becoming a data scientist? Companies are looking for talent like you on OneWire! Explore their data scientist opportunities here.