Should You Pursue a Master’s in Data Science?

Have you ever heard of, or even thought about, pursuing a master’s in data science? 

If not, think about it. 

The field of data science is growing at an exponential rate, and with it comes a huge demand for professionals with the skills to analyze large amounts of data. If you’re looking to make a change in your career or even just learn more about what a data scientist does, a master’s degree may be right for you. 

First and foremost, if your goal is to work in the field of data science, then yes—a master’s degree is essential. But if you’re looking for other career paths, such as those leading to data analytics positions or business intelligence roles, then a master’s degree may not be necessary. 

It all depends on what kind of career you want to pursue. For example, if you want to become an analyst who helps businesses make informed decisions about their data analytics projects, then getting a bachelor’s degree from an accredited university is likely enough for your needs. On the other hand, if you want more training and experience than an undergraduate program provides so that you can move up through your company’s ranks faster once you’ve been hired full-time (or promoted), then pursuing a master’s degree will likely be beneficial for your career advancement plan. 

What makes a good Data Scientist? 

A good data scientist is someone who is comfortable with the tools of their trade. They’re not just interested in the latest tools, but they understand how they are used and what they can do. They’re also comfortable asking questions and taking advantage of the resources available to them. 

What about career prospects in Data Science? 

According to the U.S. Bureau of Labor Statistics, the job outlook for data scientists is projected to grow 22% from 2020 to 2030, much faster than the average for all occupations. Median pay for the position was $126,830 per year in 2020. People usually enter the field by obtaining a master’s degree in data science. (Source:  Fortune)

The careers associated with this field are diverse and exciting. You can find yourself working as a consultant who uses data-driven strategies to solve problems for clients; as an analyst who helps develop new products; or as a researcher who improves existing systems through insights derived from analyzing large volumes of information. 

Data scientists play an essential role in every industry today, but they tend to gravitate toward industries where their expertise will be most useful: finance, retailing, marketing… even healthcare. These are just some examples of how data scientists can be used in various industries today: – 

-Retailers need data scientists to help them understand their customers and how they shop. 

-Marketers need data scientists to improve their ad targeting and ROI. 

-An insurance company that wants to figure out how much of its customers’ premiums are spent on claims vs. administrative costs can use a data scientist to develop an algorithm that gives them a better idea of how they can reduce their costs while still covering all the claims that come in. 

-A health insurance company might want to use data science to determine which treatments work best for certain diseases, so they can offer more affordable plans with better coverage.  

-Finance: A data scientist can help banks and other financial institutions make better decisions by using predictive analytics to determine which customers are likely to default on their loans or credit cards.  

It’s also possible for a data scientist to improve the customer experience by identifying pain points in existing services, such as slow processing times or confusing forms. 

6 Reasons Why Should You Pursue a Master’s in Data Science

If you want to pursue data science as a career, then you should consider pursuing a master’s degree. Here are some of the reasons why: 

1) You’ll gain access to highly sought-after jobs in this field. Companies like Google, Facebook, or Amazon want people with degrees in data science to do their work for them! This means that if you’re looking for an entry-level job with these companies, getting your master’s degree will give you an edge over other candidates competing for the same position. 

2) Having a degree will make it easier for employers to find you when they need someone with expertise in this area. When companies hire people with PhDs instead of MSs (or even BSs), they’re signaling that they have faith that their employees can handle higher-level tasks than what they studied as undergraduates— and this is a good thing for you! Companies will take you seriously when you apply for jobs in data science, and they’ll be more likely to hire you. 

3) The degree will make it easier for employers to find you. and this is the kind of job that can get you noticed by other employers who are looking for people with advanced degrees in data science, too. and that they’re willing to pay more for that expertise. 

4) A master’s degree in data science will look good on your resume and help you stand out from other candidates. Employers are likely to be impressed with the fact that you have this advanced degree—and it can help set you apart from other applicants who don’t have one. and that they’re willing to pay for that expertise. 

5) The more education you have, the more likely it is that the job market will be able to provide you with opportunities. Even if your current field doesn’t require a master’s degree, it might in the future—and having one will make it easier for you to transition into another area of work if necessary. and that they’re willing to invest in them. 

6) If you want to be a professor, a master’s degree or Ph.D. is required for most universities. Even if you don’t plan on going into academia, having this credential will make it easier for you to land an entry-level position in the industry if you decide not to go back for a doctorate later on. 

So, who should pursue a master’s in data science? Well, it depends on what kind of career you want. If you’re looking for something more technical, like software development or machine learning, then yes, you’ll need a master’s degree from a program that offers one or more concentrations in data science. 

Looking for a Master’s program in Data Science? Checkout our MS in Data Science program in partnership with the University of Arizona: Master’s of Science in Data Science | The University of Arizona | upGrad INSOFE