Are you considering a job in Big Data analysis? If it’s even a remote possibility, go for it! The market is wide open and the laws of supply and demand are heavily weighted in your favor.
BY 2018, the U.S. will face a shortfall of 35 percent – or up to 180,000 job candidates – with the qualifications required to fill Big Data openings, as reported recently by McKinsey & Company.
Today’s Big Data Pro
Today’s class of big data pros is different from the “quants” of yesteryear, due to the sheer amounts of data with which they must operate. This abundance has resulted from myriad new tools for behavior measurement, such as online and customer loyalty programs, and technology for data storage and retrieval, such as Hadoop.
Recently, an industry study of 2,845 Big Data professionals from 700 companies throughout the U.S. identified several trends amongst the professionals:
- They are young. Although the study did not ask for ages, 75 percent of respondents had less than 15 years’ experience.
- Most are male. In the STEM professions (science, technology, engineering and math), women occupy less than 25 percent of positions. (Ladies, if this helps, less than 90 percent of women in Big Data earn less than their male counterparts. And the percentage raises to 94 among entry-level professionals.)
- They are highly educated. Eighty-six percent have at least a master’s degree, and 20 percent have completed their doctorates.
Jobs in Big Data
Big Data jobs include:
- Analytical database marketing: Studying customers using methods such as segmentation, campaign targeting and effectiveness, propensity modeling, and lifetime value analysis.
- Business intelligence: Establishing data warehouses and other infrastructures.
- Credit risk analysis: Measuring customer, enterprise and market risk levels. Results may impact the price of a product; for instance, credit card interest rates.
- Data science: Making Big Data accessible and deriving useful information from it.
- Marketing science: Predicting consumer behavior using analytics such as marketing mix modeling.
- Operations research: Solving problems in areas including logistics, manufacturing and inventory management, using linear, integer and network programming and other methods.
The News You’ve Been Waiting For
How much do Big Data professionals earn? Like all fields, factors including experience level and geographic location come into play. But these results from the Burtch Works study provide some pretty solid insight:
- The median base salary for 58 percent of individual contributors is $90,000, while the median for managers is $145,000.
- Sixty-six percent of individual contributors are eligible for bonuses, and the median value of their last bonus was $10,000. The percentage of bonus-eligible managers is 83, with a mean bonus dollar average of $29,250.
- Entry-level professional earn a mean salary of $63,000. And 61 percent of all entry-level jobs are bonus eligible.
The number of Big Data career opportunities is growing so rapidly that there simply aren’t enough qualified candidates to fill the gap. You just need to find the right job for you. And your best strategy in achieving that goal is to work with a recruiter who specializes in Big Data and analytics. To learn more, read our related posts or contact the team at Select Group, Inc., today.