Data scientist salary, duties & earnings in South Africa (2024)
Data science is a growing field in the South African job market. Its popularity across industries has been made possible by the increasing availability of large datasets as well as advancement in the tools and technologies used to analyze data. This article looks at data scientist's salary and whether it is worth it to pursue a career in the field.
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The role of data scientists in a company is increasingly becoming critical for the future survival of businesses. They are responsible for developing predictive models that give companies a competitive advantage. The importance of these professionals has consequently led to increased demand and attractive salary structures.
Average data scientist salary in South Africa
The average data scientist's salary per month is estimated to be between R35,500 and R64,500, according to wage data from PayScale, Glassdoor, and Talent.com. The average yearly pay ranges between R426,000 and R774,000.
Entry-level data scientist salary in South Africa
Professionals at the entry level make between R19,250 and R38,000 per month. The annual range is between R231,000 and R456,000.
Data scientists at the senior level take home between R60,500 and R700,000 per month. Experienced individuals can take home up to R8.4 million per annum, as reported by Talent.com.
Data scientist salary at FNB
The First National Bank is one of the highest-paying employers for data scientists in South Africa. They pay an average base salary of around R43,600 per month (R524,000 per year), according to PayScale—the salary ranges between R39,000 pm at the entry-level and R63,250 pm for experienced professionals.
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Vodacom data scientist salary
The Vodacom Group in South Africa pays data scientists an average salary of around R59,250 per month (R711,000 per year), as estimated by Glassdoor. The amount paid from entry-level positions to senior-level employees ranges between R50,000 pm and R68,400 pm.
Data scientist salary at Standard Bank
PayScale estimates the average base salary of a data scientist working at Standard Bank to be R35,750 per month (R429,00 annually). The pay ranges between R32,800pm and R65,250 pm, depending on the level of experience and education level.
Nedbank data scientist salary
A data scientist at Nedbank South Africa takes home an average monthly salary of R36,800 (R441,600 annually), according to PayScale. Entry-level professionals in the field earn around R34,250 pm, while the highest-earning employees make over R45,000.
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What does a data scientist do?
A data scientist collects data from various sources, cleans and consolidates it, and then uses their programming, math, statistical and analytical skills to interpret the data. They are responsible for developing predictive models for forecasting and launching experiments.
Data science combines artificial intelligence and machine learning to uncover actionable insights hidden in an organization's structured and unstructured data. Key duties of professionals in the field include the following;
- Find patterns and trends in large datasets to uncover insights
- Create algorithms and data models to forecast outcomes
- Use machine learning techniques to improve the quality of data or product offerings
- Communicate recommendations to other teams and senior staff
- Deploy programming language tools like Python, R, SAS, or SQL in data analysis
- Automating stages, including data collection, cleaning and pre-processing, to make it usable for analysis and modelling.
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What to study to become a data scientist
To work in the field of data science, you must have a relevant academic background. Entry-level jobs require an undergraduate degree or advanced diploma in computer science, information technology, finance, statistics, mathematics, or a related field.
Having a master's degree in the field is advantageous if you are searching for a senior role. Several universities in South Africa, including Stellenbosch University, Wits University, the University of Cape Town, and the University of Johannesburg, offer the program.
Is data science a good career in South Africa?
Data science is a promising profession in South Africa. Professionals in the field are in high demand and are currently on the critical skills list in the country. A quick look at leading job sites like LinkedIn, Indeed, and Glassdoor shows that the demand for data science skills is growing.
As a data scientist, you can work across a wide range of industries, including financial institutions, tech companies, and businesses. Since it is a rapidly evolving field, it gives qualified professionals endless opportunities for career advancement.
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FAQs
Data science is a promising field for young people looking for a career to pursue or for experienced professionals looking for a career change. Here are some frequently asked questions about the field;
Do data scientists make good money?
Data scientists earn a higher average salary compared to other professions. In South Africa, the average monthly base salary ranges between R35,500 and R64,500 per month. The highest-paid professionals take home up to R700,000 per month.
Which is better, a data analyst or a data scientist?
Each profession has its pros and cons, but they both deal with data. Data analysis entails interpreting structured data using analytical tools like Excel, SQL, R, and Python to make data-driven decisions.
Data scientists must have a good understanding of statistics, machine learning, and programming languages. They also use advanced algorithms and models to predict future trends. It is possible to start your career as a data analyst and then move on to data science as you gain more skills.
Which is harder, a data scientist or a data analyst?
A data scientist requires a more advanced level of expertise to analyze data and make predictions. Data analysis is usually the starting point for most data scientists.
What pays more, data science or data analysis?
Data scientists generally get more than data analysts. The average base salary for the scientists ranges between R35,500 and R64,500, while the average pay for analysts is estimated to be between R25,000 and R40,000.
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Data scientist salaries in South Africa make the profession one of the best to pursue. However, to make it in the field, you must possess the necessary technical and soft skills.
DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!
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Source: Briefly News
