10 Jan 2020
Data science is a unique career field with exceptional salary prospects. Due to an extensive involvement of software programing skills and business understanding, developers with an excellent knack for data science and data analysis can foster potential to end up with high-paying employers. Among all globally inviting hubs for data scientists, Hong Kong emerges as a positive, promising location for data science experts to embrace, mainly because of:
As the data science profession is the latest hot trend in Asian landscape, Hong Kong has eventually become a top searched location for software developers and data science coders. In the last couple of years, data science has caught up so widely that it is now essential to discuss how much data scientists can possibly earn annually working in Hong Kong.
Here we will shed light on everything you need to know about a data scientist salary in Hong Kong.
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Top influencers of the data scientist salary
Let's first begin with a few major influencers and drivers contributing to the data scientist salary:
Geographic location directly impacts the salary of a data scientist because of diverse economic structures available in different countries. For instance, due to being a tech hub, the US pays the highest across the globe for data science jobs scattered across various roles such as data analysis, data architecture, data mining and pipeline, data training models, etc. California state is especially infused with tech leaders and drives numerous innovative solutions every year which created a high job demand of Data science professionals in US who make $86,500 to $126,450 annually.
As for Hong Kong, the average salary of a data science developer is nearly 45,980 HKD per month, which means you are likely to make 551,760 HKD anually. As a matter of fact, data science developers are now amongst the highest earning software developers in Hong Kong. Immigrating to the US might involve a lot of complications, but Hong Kong is relatively more inviting for data science enthusiasts to the most competitive pay scale.
2. Past projects and experience
The total annual salary of a data scientist also depends on how much experience they have in the data science niche. The more experience you have working on data science projects, the more skills you learn and more salary you will receive. Apart from the extensive experience, another closely related factor that determines your pay scale as a data scientist in Hong Kong is what type of skills you have gathered and what genre of projects you have accomplished so far. It is important to read the market and identify the trending in-demand skills in the data science domain.
For instance, if you are conversant with creating enterprise data architecture and data warehouse models or can develop versatile and scalable machine learning algorithms, you have a highest chance of earning as much as $145,560. It is also worth noting that beginners in data science niche will need to develop more process understanding and enough coding experience to reach the highest salary level in Hong Kong.
You will increase your salary structure moving from top to bottom in the following experience levels:
The type of industry you select also affects the salary of data scientists in Hong Kong. Usually, looking at the current trend board, it is somewhat clear that candidates with data science expertise gravitate to medium-to-large scale private limited companies and industries with ample future scope. They wish to be employed by organizations that appreciate distinctive knowledge and skills and keep them motivated with attractive pay-offs. Technology service companies especially pay their staff more-than-average remuneration in Hong Kong compared to other corporate businesses. A few great IT giants that bestow outstanding pay scale to data science and data analysis pros are:
Read Also: Tech Careers Outlook for Hong Kong
4. Hands-on knowledge and background
Another significant factor that drives decisions pertaining to data scientist's salary is your actual working hands-on knowledge and learning background. Considering the data science job market, companies seek versatile capability while selecting candidates along with curiosity to learn and ability to embrace several industry processes at times. Essentially, if you have some level of exposure in statistical analysis, coding and Python programming, you can effortlessly be a high-paid data science professional. For this to happen, it is important to have certified knowledge. Make sure you wisely research and choose an institute that provides a platform to learn practical hands-on data science skills.
Data scientist career perks and privileges
a. Flexibility of work schedule
In addition to the white-collar job profile, data science specialists also gain privileges like a flexible work schedule. Although they have to work for the same number of working hours (40+ hours a week) as other fellow software engineers and developers, they are occasionally asked to stretch their timeframe to meet stringent deadlines typically experienced in the entire software industry. Things might grow a little hectic and grueling due to extensive commitments, but it is worth your time and stress as they are always ready to compensate and facilitate flexibility.
Data science developers can therefore expect both a challenging work environment as well as flexible work hours. There are many companies that alleviate candidate's pain and moderate their stress by offering flexible working hours, a facility to finish part or all of their work from home. Alternatively, they also try creating a work environment that is enjoyable, fun and cool, a space that turns into a motivating and relaxing ambience for employees.
b. Bonuses and Benefits
Apart from your standard salary, a data scientist can also manage to earn special rewards and bonuses and other benefits offered commonly to all the job holders. Companies don't usually stint when it comes to retaining high-quality seasoned data scientists. Some data analysts are given generous perks, promotions and complimentary food/beverages. If you dedicate extra time, you can even receive overtime bonus and add more income to your annual salary.
Being a data scientist, you can gain some of these awesome perks in addition to your regular salary:
c. Lively and dynamic work environment
It is typical of a data scientist job to absorb candidates in a highly active, dynamic and progressive work environment where constant learning is a religious motto. Since you are surrounded by a cluster of professionals with common career goals and have liberty to network with executive-level force, the chances are you can learn, share and expand your technical knowledge. Plus, you can also see an opportunity to develop special business data analysis knack and leverage all of it to fulfill your bigger future aspirations.
Climb up the career gradient
As flattering as it may sound, it is difficult to think of any better career than data science at the moment. The global market in data science itself is thriving and inviting data scientists with tempting salary prospects and long-term career promise. Specifically, in Hong Kong, candidates with strong resumes in data science can grab excellent opportunities as a data structure developers and coders. If you possess competency in working in Python or R languages and are familiar with mathematical operations, you are sure to climb the career gradient with staggering salary packages.
Read Also: 10 Highest Paying IT Jobs 2020
There is a pretty obvious upsurge in demand of data science veterans across the world, particularly in Hong Kong. From suitable work environments to incredible salary perks, there is a lot Hong Kong offers to data scientists today. Currently, Hong Kong has become a top destination for Python programmers and data science developers. However, a big rush raises massive completion, which means only professionals with competitive, versatile skill set will be able to survive and trace a successful career trajectory. Hence, before you launch a foot in data science in Hong Kong and seize a unique opportunity for a bright future, make sure you are willing to give what it takes, including overtime potential, fast-paced learning and advanced skills.
If you are at a choice point in your career and need someone to help you navigate professional challenges. You can make an appointment to our complimentary 1-on-1 Career Consultation and receive personalised career advice.