With all the effort required to earn a master’s in data science, it’s normal to wonder if it’s worth it, right? Well, as one of the most in-demand jobs currently, you’ll be happy to know you’re not barking up the wrong tree when it comes to finding a challenging yet rewarding career. 

In this article, we’ll take you through some of the benefits of studying for a masters of data science. 

What is data science?

Data science is a field that involves uncovering operative insights masked in a business’s raw data. Finding this critical information involves combining statistics and math, advanced analytics, specialised programming, machine learning, and Artificial Intelligence (AI). 

What are the benefits of getting your masters in data science?

While you can get your graduate certificate or diploma in data science, you get a few more benefits when you get your master’s.

1. Higher potential salaries

There is usually a direct correlation between those with their master’s degree, in general, and your potential earnings. A senior data analyst can expect to earn an average salary of $140,900 to $156,000 per annum. So, earning your master’s may lead to higher salaries as you can qualify for managerial or senior-level roles.  

2. More demand

Those with a master’s in data science are highly sought after due to their qualification reflecting the potential to help businesses unscramble raw consumer data. The IAPA has noted that data scientists are in such high demand that they can earn almost triple Australia’s average salary. This demand is accelerated by businesses need to leverage data to attain vital insights and gain every advantage possible in their field. 

3. Advanced roles

Although the minimum requirement for becoming a data scientist is achieving your bachelor’s degree, those who study further will reap more benefits. Getting your master’s in data science qualifies you for more advanced roles that require more in-depth knowledge, such as managerial or senior positions. 

4. Specialised knowledge

Master’s degree programs generally provide scholars with a more rigorous and focused program in psychology than bachelor’s degree programs. 

A bachelor’s degree takes between 4 to 5 years to complete, and half of the coursework material is dedicated to gaining general knowledge. A master’s will take up to two years but concentrates exclusively on subject-specific information. In most master’s degree courses, you may even have the opportunity to specialise. 

5. Bolstered resume

Taking your degree one step further and doing your master’s can be an excellent way to stand out as a job candidate. Many people just have a bachelor’s degree, but those with their master’s have a more notable credential on their resume. It shows future employers and clients that they’ve taken the time to further their knowledge. 

6. Networking opportunities 

It’s not always about what you know but who you know. Enrolling in a master’s degree program is where many professionals end up making connections to help expand their network through faculty and peers.

How do data scientists benefit organisations?

Knowing how getting your master’s in data science can benefit you is only half of the coin because, on the flip side, it can also be advantageous to your organisation. Having the knowledge of data science helps to empower an organisation’s management team to make informed, data-based decisions. 

However, there are some other benefits for organisations you should consider:

• Data scientists provide organisations with key insights on how to better understand their target audience and choose the best locations and times to sell or develop new products
• They help companies develop more effective and realistic goals
• Data scientists help discover target audiences and provide a risk analysis with solutions to companies trying to make their mark in the economy
• They use valuable info gained by using customer data to help companies create a tailored experience for customers to boost their sales
• Certain data scientists specialise in predicting and identifying fraudulent activity. They design and use fraud detection models to help organisations reduce their risk and minimise losses.

Final Thoughts

There’s nothing wrong with completing your undergraduate studies. The benefits of studying further and getting your master’s in data science, however, to you much further in your career and open up a lot more doors for you to specialise and pursue the career of your dreams.