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
New ‘Future Of Work’ Gives Reckitt Employees A Choice
Reckitt launches its Future Of Work Strategy. Thankfully, no mention of the robot armies or microchip implants either.
An Educated Guess: Three Ways Hypothesis-Based Marketing Can Work For You
Look, it's top tips to mastering hypothesis-based marketing that mercifully doesn't require revisiting Year 12 maths.
Crater Teams Up With Director Luna Laure For ‘Harry’s Story’, Canteen’s Newest Campaign
Canteen’s latest campaign features the combined talents of Director Luna Laure and creative agency Crater. The campaign strives to raise awareness for young people affected by cancer. The awareness campaign centres around Harry Barentson, who at 12 years of age found out his pregnant mum had cancer. While his mother fortunately survived, he lost his […]
AFL Legend Kevin Sheedy Narrates ‘A Love Letter To Victoria’ Via Enthral Partners
In partnership with storytelling agency Enthral, AFL star Kevin Sheedy has voiced a video ‘Love Letter to Victoria’ using visuals to showcase the state’s natural beauty and culture. Victoria has been hit with the worst of the coronavirus pandemic compared with any other Aussie state experiencing four lockdowns. Sheedy has partnered with Ethral to share […]
Telstra’s Belong Appoints Howatson + White For Strategy & Creative, Retains OMD For Media
Telstra’s lower-cost telco, Belong, has awarded its strategy and creative account to Howatson + White, and has reappointed OMD to its media buying account, after a competitive pitch process. Howatson + White will handle strategy, planning, creative and CRM, while former agency Clemenger will continue to have a relationship with Belong, managing PR and retail activation. […]
Cummins&Partners Launches ‘Wear.Bleed.Wash.Repeat’ Work For Libra
Leading Australian period care brand Libra has launched a new integrated campaign to mark the launch of Libra Period Proof Briefs, created to educate on the ease of use when it comes to period underwear.
Coke Releases New Campaign, ‘Turn Up Your Break’, Via Ogilvy
Coca-Cola Australia has rolled out its new campaign ‘Turn Up Your Break’. The campaign will be led by a TVC that encourages people to truly pause with a Coke on their break so they can walk away feeling refreshed and uplifted. The TVC features two busy chefs stepping outside for a break, the bustling kitchen […]
Nova 91.9’s Ben And Liam Locked Up In Rundle Mall To Raise Awareness For Mental Health
Nova 919’s Ben & Liam breakfast show announced that they’ll be throwing their support behind and raising awareness for a cause very close to their hearts, mental health. On Monday 21 June Ben Harvey and Liam Stapleton will be locked in a purpose-built glass structure, in the middle of Rundle Mall, for an entire week […]
Visual Search Company TRENDii Launches Privacy-First, Cookie-Free Advertising Solution For eCommerce Businesses
TRENDii has announced TRENDii Ads, a new contextual advertising solution that leverages content and context to promote eCommerce products at scale around the world. TRENDii Ads is user privacy friendly and offers a new way for businesses and brands to target consumers at the moment that they are most inspired to shop. “We believe good […]
Cannes Lions Creates Trophies Out Of Parley Ocean Plastic From Reclaimed Fishing Nets
Not only will winning a Cannes Lion mean you can charge clients double, you'll also be doing good for the oceans too.
UEFA Threatens Fines If Players Move Presser Drinks, After Russian Football Manager Skols A Coke
B&T has no real opinion on press conference drinks, suffice to say the losing team deserves a gin and a Panadol.
The Ben Roberts-Smith Defamation Trial Gets Even More Complicated
Ben Roberts-Smith's defamation gets even MORE complicated! But if you understood The Matrix films, you should be okay.
Former SBS Journalist To Sue Network Over Alleged Bullying
The nation's tax-funded broadcasters continue to make headlines. Arguably to the horror of the taxpayers that fund them.
GET YOUR SKATES ON: Entries For This Year’s Women In Media Awards Close Today!
Here's an important one for today's 'to do' list. You need to even nudge it past 'send nasty email' & 'collect laundry'.
Nearly Half Of Australians Say They’re Addicted To Their Phones
Study finds 46% of Aussies are addicted to their phones. However, they're far less enthusiastic when it actually rings.
Drunk Welsh Footy Fan Takes Tumble Out Of Local Pub During Live TV Cross
Football is the 'world game', while drunk fans tumbling out of the pub after a win also appears a worldly thing to do.
After 11 Years, Manu Feildel’s Seven Contract Comes To An End
Seven says it won't be renewing Manu's contract, despite the Frenchman appearing on every single one of its TV shows.
Zurich Extends Partnership With Melbourne Football Club
Zurich extends partnership with Melbourne Football Club. Not that the head office has the foggiest idea about the rules.
dentsu ANZ Expands Merkle To Become Lead CXM Brand & Merges Isobar Into BWM
dentsu ANZ announces some extensions and a dash of merging here, in what appears to have been a rather busy weekend.
Isentia Names Top 75 Most Visible CEO Mentions In Australian Media
This CEO media list is a little bit on the predictable side. And not only that it's full of white, middle-aged men.
iHeartPodcast Network Australia And The New York Times Agree Podcast Ad Sales Deal
ARN and The New York Times have reached an agreement for ARN to become the advertising sales representative for The New York Times’s podcast portfolio in Australia. The deal will enable Australian brands to connect with Australian listeners to The New York Times’s most popular podcasts, such as The Daily, Serial and This American Life, […]
Study: Aussie Shoppers Still Buy On Price, But Emotion & Ethics Are Increasing Drivers
Study finds Aussies still mainly buy on price. Which is arguably not good news for chickens stuck in cages.
Sunday TV Wrap: Australian Ninja Warrior Launches To Just Under 800,000 Viewers
Ninja Warrior provides a possible insight into what you could look like if you ever bothered to use your gym membership.
DDB Remedy Launches New Campaign Heart Foundation Campaign ‘Saving Hearts’
Overdo it on the greasy burgers & fries over the weekend? Feel the coagulation in the chest watching these heart ads.
CHE Proximity Snares Justin Ruben Back From New York For ECD Role
CHEP looks to New York for new ECD, snaring Justin Ruben. Although he stresses he's no relation to the famed sandwich.
Kathmandu Hosts Urban Zipline Event In Partnership With Beyond Blue
Nothing says the outdoors like the Kathmandu brand. Although it readily fails to mention the chances of bear attack.
Victoria’s Secret To No Longer Call Ambassadors ‘Angels’ As Part Of Major Rebrand
In bad news for perverts everywhere, knickers brand Victoria's Secret is shifting its marketing out of 1972.
Evian Uses Ronaldo’s $5.2 Billion “Drink Water” Stunt In Own Marketing
Nothing screams "wanker" quite like an Evian water, does it? Admittedly, a well-hydrated wanker.
Verizon Media Academy Ends For 2021 With Youth Charity Pitch-Off
Verizon Media’s talent program has come to an end for the third year, closing with a hybrid pitch-off event for Musicians Making A Difference (MMAD). The Verizon Media Academy class of 2021, made up of 44 emerging leaders from across Australia and New Zealand media, advertising and marketing industry, were given just one hour to […]
Facebook To Expand Transparency Around Political And Social Issue Ads In Australia
Facebook to expand transparency around political & social issue ads. Mark still refusing to crack a smile, however.
