Today, graduates and professionals of data science are the most sought after recruits in the USA. Most of these millions of jobs pay anywhere from $100-250K per year, an annual salary far higher than majority of careers. So which companies are looking for data science graduates? What are some of the interesting careers and fields for students and young professionals who are interested in studying or exploring career opportunities in areas of Decision Science and Data Science?
Data Science has always been an important area of study and jobs within companies but is becoming a lot more critical and important now given the exponential growth in data everyday. The total amount of data created, captured, copied, and consumed in the world is forecast to increase rapidly, reaching 60 zettabytes or more in 2020. The rapid development of digitalization contributes to the ever-growing global data sphere. This is what creates an unique opportunity for anyone interested in decision science to build a career analyzing, studying and developing decision making algorithms for better risk management, customer marketing, information management, bio sciences, drug discovery etc. Not only these industries have a large need for employees with data science skills and talent but they also pay significantly higher than other jobs.
If you are a graduate of data science or taken courses, Here are the top 4 industries where data science and decision science will continue to play a critical role.
Risk and information management in banking, payment and insurance industry:
Most of the banking, insurance and payment (i.e. credit card) industry requires a lot of data to understand risk profile of an applicant, consumer and business alike. To understand the risk profile, there are tens or hundreds of variables that are used in determining the risk and underwriting profile. These companies also use data to target the right customer for their financial product and use data science critical in prospect marketing.
Most of these companies employee hundreds if not thousands of data science and decision science employees in their risk and information management teams. More and more financial services companies are using data science, AI and ML based algorithms to manage their customer, product and portfolio risks and these algorithms developed by decision science teams learn as the time goes by and can be further used to acquire the “right” set of customers on the “right” product.
Customer marketing in retail industry:
Consumer retail is tens of trillions of dollar industry around the world. Large retailers have historically used customer and prospect data to, including big data elements such as zip code analysis, to either build stores or to generate new sales, cross-sell higher margin products etc. We don’t have to look further than Amazon that has used data and decision science to create a global retail business. Now more and more retailers are trying to become data and digital savvy and cutting edge in their business. Students and young professionals who enjoy marketing and data can be a great fit for careers in retail and digital marketing.
Recommended Reading: Check out the Best Curated Online Courses on Data Science
Drug discovery in biosciences and biotech:
With the growth of computational power, the data is enabling pharmaceutical companies to rapidly transform their drug discovery process and shorten the long lead times to bring new drugs to market. The innovation taking place in medicine and pharmaceutical companies, including new cancer drugs etc., is backed by tons of data and decision science. If you are interested in biology, medicine and data science, this area may be interesting to you.
Related article: Role of Programming (R & Python) in Biotech and Medicine
Investment Management and trading:
The days of human stock market traders are gone…..now stock trading is becoming highly automated and works on sophisticated algorithms developed by computer science and data science geeks. If you like financial service, investment management, stock market and data science, this career may be a good fit.
There are a number of other industries looking for data science graduates, including manufacturing, operations and even energy.
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