In 2012, Harvard Business Review named data scientist the “sexiest job of the 21st century,” and the truth is that it continues to be one of the hottest professions: the US Bureau of Labor Statistics (BLS) predicts 36% growth in employment of data scientist by 2031, over 7x the growth rate for the US labor market as a whole. Unsurprisingly, given this demand, recent data scientists' salaries are well above average, with the BLS’ 2021 median estimate of $100,910 more than doubling the average American’s annual wages.
Of course, the promise of a booming job market and high compensation has many eyeing a move into the field. For those in this situation, a master’s in data science seems a surefire way to set themselves apart and, eventually, cash in.
But underneath the hype, is a graduate study in data science a sound investment? How much — or how much more — can you make if you can list this academic credential on your resume?
In this article, we’ll provide insight into the typical master's in data science salary and explore whether the degree's benefits justify the costs.
What’s a master’s in data science?
A master’s in data science is a one- to two-year graduate program that combines coursework in computer science, applied mathematics, data science principles, and more with opportunities for practical application through capstone projects, internships, and practica. While a graduate of a data science master’s program will often go on to become a data scientist, other potential career paths include data architect, data engineer, data analyst, business analyst, and business intelligence analyst. For more, see our article on data science jobs.
Master’s in data science curriculum
Students in a data science master’s program can expect coursework in the following areas:
Computer science and information technology, including courses on programming, data visualization, artificial intelligence, machine learning, and database management
Applied mathematics, including courses on probability, statistics, linear algebra, and big data analytics
Data science principles, including data management, research design, and data science ethics
Industry-specific electives such as marketing analytics, financial analytics, etc.
Master’s in data science modality
Historically, master’s programs have been offered in person. However, more and more data science programs are being offered online or in hybrid modalities. This follows a larger trend in higher education: between 2000 and 2016, the share of students attending a master’s program in remote or hybrid capacity grew from just 13% in 2000 to 52% in 2016. As the dust clears after the COVID-19 pandemic, we’ll likely see this trend only accelerate.
The ability to study data science online doesn’t merely make education from a world-class university accessible to aspiring data scientists around the world: as you’ll see presently, it can also offer potential cost savings.
Master’s in data science cost
In the US, the average total cost of a master’s of science degree is $61,200, according to data provided by educationdata.org. However, it’s important to note that modality can play a big part in how much you pay — and thus your eventual return on investment. By studying online, you may be able to continue working and avoid relocation, cutting out lost income potential and the costs associated with moving and potentially paying higher rent. Ultimately, these cost-savings can make pursuing a master’s degree possible for those who are more cash-strapped or need to support family members and other loved ones.