Communications of the ACM
Big Data, Big Salaries
Credit: FCW
As businesses embrace the value in analyzing Big Data, they are also realizing the need to hire data analysts, business intelligence specialists, business analysts, insight analysts, and consultants. Given the sharp increase in companies looking for these types of experts, companies must offer attractive compensation packages in order to remain competitive. Gartner now predicts that there will be 4.4 million IT jobs globally to support Big Data by 2015. Certain types of Big Data jobs are in greater demand, and there are multiple factors leading to the explosion of new Big Data job opportunities.
For those with a computer science background looking to up-skill quickly, the first step in a Big Data career is to take a SAS training course, some of which take just a few days. Or, you could take a slight salary drop and skill-up while on the job, which could mean that despite the immediate salary decrease, your pay could accelerate quickly as your career progresses. For recent graduates, companies typically look for those with economics, statistics, or business degrees. This is because companies are not just looking for technical experts, but employees who are strategic business thinkers and good communicators too, as they will be required to use the data to unlock, and communicate, valuable trends and insights that will impact the company's bottom line.
Graduates entering the Big Data industry can expect to be paid an annual salary of approximately £27k (U.S. $43,300). An analyst with four years' experience is likely to command £40k - £48k (U.S. $64,200 - $77,000) and senior consultants will earn around £120k (U.S. $192,600). Consultancy is a popular option and freelancers can potentially earn £500 (U.S., $803) per day. As the Big Data market continues to grow, and more people understand the potential for data analysis, experience in this area will continue to be business critical. Data analysts have always been in demand, but with data production predicted by CSC to be 44 times greater in 2020 than it was in 2009 and companies' requirements to stay one step ahead of the competition, will mean the insight and strategic developments from this sector will prove even more valuable.
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