Phd in Data Science Salary for 2024

A Ph.D. in data science doesn’t just offer a bump in salary, it’s increasingly becoming a required credential for the industry’s most prized jobs.

In fact, 79% of data scientists hold an advanced degree, and 38% hold a PhD. Similarly, for many experienced FAANG data science jobs, a Ph.D. is a preferred or required qualification.

Breaking down the Ph.D. in data science salary for 2023, we see results in a significant salary bump:

• The average PhD in data science salary is $172,045.

If you’re contemplating if a data science PhD is worth it, you’ll likely recoup costs in yearly salary. Yet, there are additional advantages to pursuing a PhD, including advanced domain knowledge and research expertise.

A Ph.D. in data science often results in some of the best-starting wages in tech. Here’s a comparison of data science salaries for PhDs vs. master’s degree holders:

Individual Contributor II

• Master’s: $123,313
• PhD: $139,857

In the top 75% of earners, the wage gap decreases to $140,000 (master’s) vs $150,000 (PhD).

Individual Contributor III

• Master’s: $150,304
• PhD: $172,262

In the top 75% of earners, the wage gap increases for more senior-level jobs, from $160,000 (master’s) to $189,000 (PhD).

Here are some factors why a Ph.D. in Data Science may be worth it:

• New Technology - Many Ph.D. students are drawn to the challenge of solving new problems in machine learning, AI, computer vision, and robotics.
  
• Increasing Salaries - The earning potential of private industry jobs is a key driver.
• Need for Researchers - Companies need professionals with extensive research capabilities.

Does a Phd in Data Science Command a High Salary?

Data science PhD programs have become more and more common over the last five years. These programs offer highly specialized knowledge, and as a result, PhDs who specialize in data science can expect a significant earnings increase and will always be competitive for jobs, including senior-level management positions.

Yet, although career earnings might be more and the fact these programs can provide a competitive edge, there are some considerations that can make the decision less clear. They include:

• Cost: A Ph.D. in Data Science costs $1,300 per credit hour to $2,000 amount per credit hour. Ph.D. in Data Science programs require at least 60 - 75 credit hours, which will cost you up to $150,000 a year.
• Time Commitment: A PhD program typically requires 3-5 years of study, which can delay earnings. Master’s require as little as one year of study.

Ultimately, the worth of a data science PhD comes down to the type of work that you want to do. If you have an interest in research, you might consider a PhD.

Watch this video below on how much data scientists can make

Traditionally, those interested in a PhD for a data science career, choose a quantitative discipline, and in 2023, the most common were:

• Computer science (24%)
• Mathematics/statistics (21%)
• Natural science (21%)
• Engineering (19%)

Specific data science PhD programs are relatively new. For example, NYU launched its PhD program in 2017.

Therefore, there isn’t much data about salaries of data science PhDs vs economics PhD salaries, for instance. But these programs do offer some advantages, including highly specialized domain knowledge (like machine learning, causal inference or advanced analytics) and potential more established career networks.

Ultimately, no matter the field you choose, a PhD offers advanced training that results in a significant increase in salary, job competitiveness in the industry, and specialized knowledge at the forefront of data science.

Other top PhD fields for data science include statistics PhDs and decision science PhDs.