Internet technology and computers are pushing every industry in the world towards the online route. When you deal online, data collection becomes a critical aspect. What is the use of all the data if you do not analyze it and use it for the benefit of the business? Hence, Data Science and Data Analysis are going to be the future of this world. Therefore, it should prove to be the best choices for students to pursue after their graduation.
Here are 5 reasons why a data science course is one of the most promising careers for fresh graduates.
Soaring Demand for Data Analytics professionals
We have seen that companies are shifting their attention to the online mode. Banks have become online. Almost every retailer is tying up with some e-commerce dealer. Under such circumstances, digital marketing becomes the key. You need an extensive database to understand and gauge customer behavior. Therefore, there is a continuous collection and accumulation of customer and other kinds of data.
The question is, ‘What will you do with this data.’ Data is useless unless you analyze it. Analyzing data requires specialized skills that the regular university degree courses do not provide. Considering the exceptional demand for data analysis in the market, it makes sense for students to pursue Data Science or Data Analytics as their choice in the Majors.
In a way, Data Science is in its nascent stages in India. You will soon find that the demand for Data scientists increasing manifold. Hence, it should be the right time for a student in India to consider switching over to a Data Science career.
A glance through online job-seeking websites like Indeed.com and Naukri.com shows the continuous increase in the number of postings related to Data Analytics. It is because more and more companies are implementing Analytics. The best aspect is that Data Analytics professionals have enormous scope for employment overseas, as well. Countries like the US, the UK, and others are facing an acute shortage of data science professionals.
Tremendous Skill Gap in the industry, as a result of which there are innumerable job opportunities
On one side, you have an enormous demand for Data Analysts. On the other hand, the supply position is not encouraging. Hence, you experience a massive deficit. The concerning aspect is that it is a global trend. Even the countries having vast resources such as the US are facing an enormous mismatch in the demand and supply professionals for data analysts and scientists. A McKinsey Global study shows that the US alone could face a shortage of nearly 200 thousand data analysts very soon.
Surprisingly, India has the highest concentration of data scientists and analysts in the world. In spite of having so much skilled personnel, the Indian industry is also facing an acute shortage of data scientists.
What does this translate into? A positive way of looking at it is that the higher the deficiency, the better is the opportunity available for data scientists to make a lucrative career. This explains why most of the fresh graduates aim to pursue a Data Science course as a vital subject in the Masters or Postgraduate disciplines.
Opportunity to earn more than what your peers do
Simple economics says that the salary of a professional depends on the demand and supply position. We have already seen that the demand-supply position in the case of a data scientist is a skewed one. Therefore, the salary levels of data analysts are higher than their peers in the market. More significant is the gap between demand and supply, the better is the salary level.
As per a recent survey, it was found out that the average salary of a data scientist in Australia is around $130,000. Even in India, one can see the difference. Great Lakes Institute of Management has done research on this subject. It states that Data analysts can earn a salary of more than Rs 15 lakhs per annum in India. A similar study in the UK showed that the median wage in Big Data Analytics jobs is around GBP 63,000 as compared to GBP 55,000 for other professionals in their respective positions.
Thus, pursuing a dedicated career in a Data Science Course is beneficial for fresh graduates.
A top priority responsibility in almost all organizations
With more companies moving towards automation and becoming online, Data Analytics posts have become the most popular in demand. Secondly, a Big Data Analyst is a prized possession for any company. It has become one of the top priorities of organizations all over the world.
Big Data Analysis has an enormous scope because of its utility in social media marketing. A significant proportion of companies all over the world depend on Big Data Analysts to enhance their social media marketing abilities. As the companies gather more and more data of their consumers, competitors, and the market in general, the priority for a data scientist keeps on increasing.
Secondly, data science is a new field. Therefore, it is a challenge to find people with experience. Thus, a Data Analytics professional with as little as three years of experience becomes a sought-after person in the industry.
Excellent scope for improvement, as the adoption of Data Analytics, is on a large scale
The most heartening aspect of Data Analytics is that the position in the market is in its initial stages. As the markets develop and companies become increasingly online, the demand for data scientists is bound to increase exponentially.
Apart from the regular data analysis, the Big Data Analyst has to focus on aspects like Business Intelligence, Data Mining, and Predictive Analysis. Therefore, you witness an expanding market where the demand for Data science professionals is on the increase. As companies go for consolidation and improvement in their customer service areas, the scope for data science courses will keep on improving. Hence, it is no surprise that students wish to opt for a data science career when compared to others.
About two decades back, there was a similar demand for MBAs in India. Every second person you encountered on the street was pursuing an MBA. Today, the scene has changed with almost every student trying to pursue a data science course after his/her graduation. The best part of Data Science is that students from varying fields of education can pursue a data science course. The only criterion is that the aspiring student should have an active interest in subjects like Mathematics and Statistics.
We have discussed five of the principal reasons why a data science course can be the most promising career for fresh graduates.