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Data has become an integral part of business, meaning that the demand for data scientists remains high. The US Bureau of Labor Statistics (BLS) projects that data scientist roles will grow 36 percent between 2023 and 2033 []. What鈥檚 more, these jobs are not limited to the tech industry. Because many companies now rely on data to make decisions, you may see increased demand across sectors.

Thanks to that demand, data science roles tend to draw higher salaries. Earning your master鈥檚 in data science may lead to even more lucrative compensation packages thanks to the senior-level or managerial roles you may qualify for. In this article, we鈥檒l review the kinds of salaries you may be able to earn with a master鈥檚 degree in data science and the factors that influence your earning potential.听

The impact of a master鈥檚 degree in data science on salary

In general, having a master鈥檚 degree has been shown to positively affect your salary. Master鈥檚 degree holders earn a higher median salary than bachelor鈥檚 degree holders, taking home $1,737 compared to $1,493 per week [闭.听

The National Association of Colleges and Employers found that a graduate degree can be financially beneficial. The related field of computer science saw significant returns for students. Bachelor鈥檚 degree graduates were expected to earn a starting salary of $74,778 in 2024, but that number jumped to $85,403 for master鈥檚 degree graduates [闭.听

In fact, a study from CareerBliss recently found that database administrators were among the top 10 careers where earning a master鈥檚 can lead to larger financial rewards. Those with a master鈥檚 degree made over 20 percent more than bachelor鈥檚 degree holders, taking home average salaries of $96,028 compared to $75,807 [].

STEM (science, technology, engineering, and mathematics) careers are among the fields that typically pay more for advanced education, according to the BLS []. Thirty-four percent of data scientists hold a master鈥檚 while 51 percent have a bachelor鈥檚 degree, according to Zippia [闭.听

How long does a master鈥檚 in data science take?

A master鈥檚 in data science program takes one to five years to complete, depending on your pace. Part-time programs allow you to work while earning your degree, but they鈥檒l take longer to complete. You can also opt for an accelerated, full-time MS in data science program, which you can complete in one to two years.

3 factors that influence MS in Data Science salaries

Even with a master鈥檚 degree in data science, several factors impact your earning potential.听

1. Experience聽

Becoming a data scientist often requires a bachelor鈥檚 degree in a related field. A master鈥檚 degree can be a valuable credential to add to your resume, but beyond your education, experience goes a long way in a data science career.听

An entry-level data scientist can earn an average salary of $110,809, according to Glassdoor []. The more experience鈥攁nd education鈥攜ou amass, the higher your paycheck will likely be because you may qualify for senior-level and managerial roles. The Burtch Works Study, which examined the salaries of data scientists, found that mid-level and executive-level data scientists often make much more: $130,000 and $165,000, respectively. Those salaries can be even higher if your role involves managerial responsibilities.听

2. Location

Where you live can often determine how much you will earn. While a company will consider your education and experience when making an offer, your location can also affect your total master鈥檚 in data science salary.听

For example, data scientists in California and the Pacific Northwest tend to earn higher salaries than those living in Texas or the South, according to Zippia []. But the cost of living is also higher in these areas.听

Tech companies tend to pay higher salaries across the board. For data science professionals who work in tech, the top cities for salaries in the US are [闭:听

3. Industry

Lastly, the industry in which you work can impact your salary with a master鈥檚 degree in data science.

The top industries for data scientists are [闭:听

1. Start-ups

2. Technology

3. Retail

Other top-paying industries are manufacturing and finance.

Jobs you can pursue with a master鈥檚 in data science

Thanks to the advanced nature of a master鈥檚 degree, you may find that you qualify for senior- and managerial-level data science jobs.听

Learn more about the types of salaries you can make as a:聽

• Data analyst

• Machine learning engineer

• SQL developer

• Statistician

• Data engineer

Other ways to advance your knowledge of data science

When you鈥檝e already earned your bachelor鈥檚 degree but are interested in pivoting to a career in data science, a master鈥檚 may be beneficial. Many programs provide a foundational overview of the skills needed to succeed: statistics, knowledge of a programming language, and the ability to work with data sets.

But when you鈥檝e been working in data science for some time, an advanced degree may be more useful if the program offers you an opportunity to concentrate in an area such as machine learning or bioinformatics. The specialized knowledge you gain can lead to careers in in-demand fields, such as AI.听

Learn more about whether a master鈥檚 degree in data science is worth it when it comes to your goals. Beyond a graduate degree, there are other ways to strengthen your knowledge of data science鈥攅ither at a foundational or specialized level. These include:聽

• Certificates: Strengthen your skill set by earning a Professional Certificate (through a leading company) in data science or an area of data science. Certificates are often designed to take less than one year to complete at a much lower cost than a graduate degree.

• Courses: Enroll in a massive open online course (MOOC) to acquire or improve your knowledge of data science. These individual courses can be completed in a few weeks to a few months鈥攄epending on the time you have to commit鈥攁nd are typically designed to emphasize skills development.听

• Projects: Find projects online on YouTube or via Guided Projects on 糖心vlog官网观看.

• Books: Find and read books on the area of data science you鈥檙e interested in learning. Not sure where to start? We鈥檝e compiled lists of books on data analysis and books on machine learning to help point you in the right direction.听

Prepare to earn a Master of Data Science salary

There are several opportunities to earn your master鈥檚 degree from a highly-ranked university on 糖心vlog官网观看. Explore the University of Michigan鈥檚 Master of Applied Data Science or the University of Colorado Boulder鈥檚 Master of Data Science.