Salaries Set To Soar For Aussie Workers With Big Data Skills
As industries and governments worldwide race into the era of ‘big data’, demand for data science professionals will jump, pushing up salaries and boosting employment opportunities, particularly for professionals with postgraduate qualifications.
A new report prepared by Deloitte Access Economics, The future of work: Occupational and education trends in data science in Australia, predicts that data scientists who have completed postgraduate study in Information Technology will have an average income of $130,176 in 2021-22, up from $111,634 in 2016-17.
Employment forecasts for the data science workforce by component occupations
The report finds that across workers who have completed a postgraduate qualification in Information Technology, a lifetime wage premium of 51 per cent is directly attributable to their qualification compared to workers with no post-school qualifications.
David Rumbens, partner, Deloitte Access Economics said this wage premium stems from the greater skills and productivity of workers in the data science field who achieve postgraduate qualifications. The data science field itself is rapidly gaining in importance.
“The rate at which information and data is being generated is faster than ever before … The proliferation of new and existing technology platforms – such as sensory networks and augmented or virtual reality – has contributed to this growth in big data. This trend has been driven by advances in computing power, exponential growth in internet data usage and the shift to cloud computing,” he said.
“The benefits that organisations can gain from analysing this big data has led to growing demand for data science skills, with increasing applications of techniques such as data mining and machine learning across many industries throughout the economy,” Mr Rumbens said.
LinkedIn named ‘statistical analysis and data mining’ as leading the list of Top Skills of 2016 in Australia and found data science was the second-most sought-after job skill in 2016 in the US and globally. Harvard Business Review labelled it the “sexiest job of the 21st Century”.
In addition to the technology sector, a broad range of other industries such as finance, health and medicine, defence and agriculture are beginning to rely on analytics in order to enhance their core activities and product offerings.
“However, roles which require this combination of skills are amongst the hardest jobs to fill. With data science capabilities becoming increasingly valued across many industries throughout the economy, further study in this area can provide new career opportunities and accelerated progression to senior roles,” said Rumbens.
“Further study in the data science area can also build core technical competencies for individuals currently employed in other areas enabling them to pivot towards data-related roles and enable the development of a greater understanding of the strategic and business applications of data analytics.”
The Australian data science workforce is forecast to increase to 339,000 persons in 2021-22 from 301,000 persons in 2016-17, representing an annual average growth rate of 2.4 per cent, the report reveals. This outpaces the 1.5 per cent a year growth rate forecast for the Australian labour force as a whole over the same period.
James Cook University (JCU) lecturer in data science, Dr Neil Fraser, said there are a wide variety of job opportunities available to individuals with data science skills.
“These include roles in the technology sector, with large technology companies such as Google, Facebook, Netflix and Amazon utilising data analytics and machine learning techniques within their core product offerings. Organisations in other industries – such as finance, retail and agriculture – are also increasingly making use of data science capabilities in order to improve productivity and sales,” Dr Fraser said.
“Computer programming skills will remain fundamental to the data science area, to ensure individuals build familiarity with computer languages such as R, Python, SQL, SAS, MATLAB and Excel. At the same time, there is a need to develop an understanding of the whole lifecycle of data, including the acquisition, management and pre-processing of data, as well as mathematical and statistical analysis, visualisation, reporting and decision making,” Dr Fraser said.
“Understanding this lifecycle is crucial for working with data in any industry or government organisation, as using raw data to produce meaningful business insights is the core task required of data scientists regardless of the particular sector that they work in,” he said.
Latest News
Sydney Comedy Festival: Taking The City & Social Media By Storm
Sydney Comedy Festival 2024 is live and ready to rumble, showing the best of international and homegrown talent at a host of venues around town. As usual, it’s hot on the heels of its big sister, the giant that is the Melbourne International Comedy Festival, picking up some acts as they continue on their own […]
Global Marketers Descend For AANA’s RESET For Growth
The Australian Association of National Advertisers (AANA) has announced the final epic lineup of local and global marketing powerhouses for RESET for Growth 2024. Lead image: Josh Faulks, chief executive officer, AANA Back in 2000, a woman with no business experience opened her first juice bar in Adelaide. The idea was brilliantly simple: make healthy […]
Is Meta’s New AI Chatbot Too Left-Wing?
Meta's chatbot accused of being left-wing after being caught wearing a Che Guevara T-shirt & listening to Billy Bragg.
TV Ratings (23/04/2024): Why Did No One Tell Angela That Farmer Wants A Wife Is Set On A Farm?
As wonderful as this headline is, let's face it, we all know an 'Angela', don't we?
PubMatic Unveils New AI Partnership To Turn Social Posts Into Ads For Any Digital Channel
Here's some nifty tech for turning social posts into ads. Assuming said posts aren't one-star character assassinations.
Intuit Mailchimp Makes A Splash With Its First Australian Brand Campaign
Ever laugh along at a gag you didn't get so as not to appear dumb? Get ready for more feigning with this new work.
GumGum’s Rob Hall: Advertisers Can No Longer “Rely On Binary Descriptions” Of Consumers
If anyone's got their finger on adtech's pulse, it's Rob Hall. He also avoids using the good paper in the office printer
Mastercard Nabs Florencia Aimo From Marriott International
Marriott International's Florencia Aimo jumps from the hotel business to the exploitative credit card one.
Bastion Agency Appoints Cheuk Chiang As New ANZ CEO
Cheuk Chiang takes the reins over at Bastion Agency. But not the rains down in Africa.
Spotlight On Sponsors: Major Sponsorship Wins After A Disappointing Week In Sport
B&T continuing our deep dive into local sport sponsorships & that's despite not a single offer of a free ticket as yet.
Macca’s Marketing Director, Samantha McLeod On Big Mac Chant: “What Was Once Old Is Now Cool Again”
Macca's using the power of nostalgia in latest Big Mac campaign. Well, only for those who've ever eaten one sober.
World Premiere Of Midnight Oil: The Hardest Line To Open Sydney Film Festival 2024
Oil's biopic to open Sydney Film Festival. Here's hoping Molly Meldrum will take his pants down at the premiere.
Entries Are Now Open For The 2024 Brandies, IntelligenceBank’s Annual Brand Marketing Awards
The Brandies are, of course, a prestigious marketing gong and not the mystery tipple favoured by nannas everywhere.
The Fred Hollows Foundation Appoints Ardent For PR
Yes, we all like to have a joke at PR's expense. But sometimes it does important work, like this.
AI, eCommerce & Marketing Specialists Are In Increased Demand By Businesses, New Data From Fiverr Shows
Has your philosophy & anthropology degree left you with nothing but a huge HECS debt? Here's what you should've studied.
Perth’s First 3D Anamorphic Billboard Arrives Courtesy Of oOh!media
Do you love a buzzword? Now you can add anamorphic to the list as it relates to billboards, not a colleague's ears.
MasterChef Australia & Crown Resorts Launch Unique Dining Experience With ALUMNI
A pop-up restaurant staffed by MasterChef contestants! That's fine dining prices for first-year apprentice chef cuisine!
Amanda Laing Announces Resignation From Foxtel Group
Foxtel's chief commercial & content officer heads for the exits. Read nice things the bosses said about her right here.
The Lost Letters From Our Diggers: News Corp Unveils ANZAC Day Special
It's nice when brands respectfully acknowledge ANZAC Day.
Howatson+Company Acquires Akkomplice
Large indie acquires a slightly smaller indie. Much like a shark eating a tuna, just with less thrashing and blood.
Google Delays Third-Party Cookie Deprecation Again
In good news for the sale of picture library biscuit photos, Google continues to tease over the end of cookies.
Education A Low Priority For Aussies More Concerned With Cost Of Living Forethought Study Reveals
Study finds Aussies cutting back on education due to cost of living. Booze & Uber Eats sales remain largely unaffected.
“I’m Still The Same Person That I Was”: Rikki Stern Says “Fucc It” To Cancer Stereotypes
B&T always happy to promote the anti-cancer cause. Even brands that massively overdo it with the hot pink.
The Unapproved Climate Certification Allegedly Causing Mass Greenwashing
Are you left flummoxed in the canned tuna & free range eggs aisle? Just wait till this green certification gets up.
TV Ratings (22/04/2024): Fans Mock “Over The Top” Reaction To New MasterChef Judges
MasterChef returns for its 2024 season. B&T stands by putting peppercorns in Gravox & no one will be any the wiser.
Dentsu Restructure: Muddle, Harvey & Johnston Take Leadership Baton As Bass & Yurisich Exit
A large broom has swept through Dentsu's local ops this morning, taking with it some big names & the air con's cobwebs.
Industry Shares Trends Shaping The Industry This International Creators Day
B&T's asking adland creators to reveal their top trends. And it's not good news for your Jenny Kee cardigan collection.
Mable Extends HOYTS Sensory Screenings Partnership
Mable has extended its HOYTS sensory screening partnership. Vigorously defends its two-star Oppenheimer review.
Orphan Launches ‘They Need Our Help. We Need Yours’ For Children’s Cancer Institute
Anything to do with childhood cancers has B&T's 110% support. That said, we do ignore the red meat & alcohol warnings.
Smile Team Orthodontics & Keep Left Collaborate On Smile-Inducing Campaign
As parents would attest, given the cost of orthodontics you'd expect this campaign to be a lavish production indeed.
Opinion: How Video Calls Neglect Learning Diversity
Need an excuse to duck out of a video call this arvo? Show this to your boss.
DoubleVerify Achieves First-Of-Its-Kind Responsible AI Certification From TrustArc
DoubleVerify receives responsible AI certification. However, not its robotic vacuum that's been seen menacing the cat.
Smile For A Good Cause: The Social Media Campaign Giving Back To The Community
Are you known as the office Austin Powers? More for you teeth than shagability? Get snappy new fangs with this news.
Elon Musk Mocks Albo After ESafety Wins Court Injunction Against X
Albo's 2024 from hell continues - Rabbitohs in crisis, down in the polls and now feuding with world's richest man.
Real Estate Developer In Hot Water Over “Sexually Exploitative” OOH Campaign
Real estate agents again tops in the 'least trusted profession' polls, nudging used car salesmen & ad creatives.
Epsilon’s Shane Hanby: Post-Cookie Era Relies On “Teamwork” Between Brands, Marketers & Tech
This pro predicts more "teamwork" in a post-cookie era. Which spells bad news for the uncooperative or plain stubborn.