According to a new study conducted by NodeFlair, data scientists salaries have grown many folds during the last year. Previously, software engineers were considered the most highly paid professionals in the tech sector, but now data scientists have overtaken them, at least in Singapore. Cybersecurity and artificial intelligence professionals are now the highest paid and most sought-after, according to the report.
NodeFlair is a career platform that helps organizations hire the top talent in the tech sector and helps individuals with tech talents to make the most out of their career choices. Their new study shows some promising findings for individuals pursuing the artificial intelligence field as a career choice.
Data scientists surpass the rest of the pack
The salaries of data scientists have increased by 11.3 percent, according to the report, while the salaries of previously in-demand software engineers took a small dip by 0.99 percent in 2023. Salaries of blockchain engineers also decreased by 5.14 percent due to various reasons, but the top influence seems to be coming from crypto exchanges like Binance and FTX under investigation probes.
Software engineers though still in demand, but the hot headhunt for them has cooled down, which ballooned during the COVID pandemic. As most of the civil and private services were closed during that period, it triggered the demand for software engineers as most things went online. An important factor to consider is that, despite the percentage decrease, the overall salaries for these professionals have still increased as compared to 2021. The firm stated,
“In contrast to the preceding two years, during which technology salaries experienced substantial growth, there is now an overall decrease in salaries for various tech positions,”
Source: NodeFlair
Average salaries of data scientists
The survey noted that local Singaporian graduates in the digital tech fields, especially data scientists, fetched base salaries of $5500 a month as juniors and $12500 as managers. comparatively full-stack software engineers base salaries are around $5000 as juniors and $11000 as managers in Singapore. The report indicates that these professionals still make more counterparts in other industries. Being an AI guy sounds cool! doesn’t it?
Now if we compare them to other sectors, then art and media grads made around $3730 monthly on average, and business grads had some upper edge with a $4150 monthly salary. This proves that AI and IT personnel are still much more in demand. And this demand will increase in the coming time as, with artificial intelligence, cyber crime is also more prevalent, which will definitely create demand for cybersecurity and artificial intelligence professionals.
NodeFlair’s co-founder, Adrian Goh, wrote in a post,
“And as the talent war continues to intensify, companies should be prepared to face shorter average tenures and higher turnover rates among employees. Engineering leaders know that talent churn is more than a one-off recruitment cost but a much more expensive process of offboarding and onboarding members with minimal disruption to the engineering roadmap.”
Source: Adrian Goh
This statement is a good news for individuals in the data science and AI fields, as the demand for them will keep on increasing with a huge number of startups and a growing number of projects from tech giants alike.