And what should colleges and universities know about the data science field?
The rising cost of college tuition against the backdrop of a challenging job market brings new meaning to the question “What do you want to be when you grow up?” Once a question of endearment for the young and imaginative, today’s students focus on what will pay the bills; what career will provide the means to pay back loans; what is the next profession to boom. The medical and law professions used to top the list. Now, a new player is ready to take the top spot: data scientists.
A few years back, data science emerged as one of the most promising up-and-coming career paths. Today, it has broken barriers. The data scientist was named Mashable’s hottest professions of 2015 and Glassdoor’s most popular job of 2016. And its popularity is only growing. [Read: “3 blossoming fields of study with massive potential [1]”]
Unfortunately, there is a shortage of qualified data scientists to fill the demand. Not enough individuals are graduating from college with the skills necessary to break into the profession. Those that do and who have degrees in fields like physics, engineering, and mathematics are receiving six-figure salaries upon graduation – and that’s with no work experience.
Before discussing what needs to be done to change this skills gap, it’s important to understand why the field of data science is booming, and what these individuals offer society that justifies changing the way we train and recruit the future generation of data scientists.
(Next page: Why data science? And what makes it special?)
Why Data Science?
At the heart of the rise of the data scientist is the exponential rate of data growth in the digital realm. It’s estimated [2] that data will grow globally ten-fold by 2020. However this data does not come pre-packaged and analyzed in easy-to-use deliverables. Instead, keepers of data – governments and businesses alike – are inundated with vast amounts of indecipherable information. Data scientists emerged to meet the growing need of bringing structure to this formless data and to turn out actionable insights.
While there are many tech professions, data scientists are a different breed. They don’t fit a single mold. Imagine a blend of an engineer, analyst, businessman, and explorer all combined into one person passionate enough to make a difference utilizing data. They thrive off making connections between variables where no apparent correlations seem to exist. Data scientists are reinventing the wheel, breaking barriers and finding new solutions to age-old challenges.
A Specific Skill Set
Success in this field requires a skill set that doesn’t come naturally to many. One needs the technological expertise to develop algorithms while also possessing a keen understanding of business and an innate ability to communicate effectively. Unlike tech engineers, data scientists aren’t sitting in a room all day writing code or designing apps. While they must own this skill, they too are pitching ideas to corporate executives and working with other teams to ensure smooth implementation of their findings. This is why the demand for data scientists is overtaking traditional tech professions by 50 percent [3].
The Action Plan
So, what is the path forward in meeting the growing demand? It begins with higher education. Currently, over 80 colleges and universities already offer graduate degrees in some form of data science and analytics [4]. These programs have been developed to encompass the core tenants and skills data scientists must possess, including computer science, applied mathematics and a number of business practices.
However, these 80 or so programs are a small number compared to the nearly 3,000 four-year postsecondary institutions in the U.S. [5] That said, it’s time for more colleges and universities to step up and establish degree programs in data science.
This push for more programs is vitally important. No longer are data scientists sought out solely for traditional data corporations in Silicon Valley. Today, there is virtually no market or sector that doesn’t need data scientists. Businesses recognize this: research conducted by Accenture shows that 87 percent of companies understand the value that data scientists can bring to enterprise.
For colleges and universities, the relationship is mutually beneficial. While these institutions train the next generation of data scientists, they also reap the benefits of their expertise.
Even from a business perspective, data scientists can help colleges and universities understand risk, improve operations and logistics, and help optimize admissions marketing to potential students.
Experian makes an effort to push the boundaries of data science. As a company, we are charged with developing new and innovative solutions for our clients in sectors ranging from financial services to healthcare to automotive. This is why Experian actively assemble individuals from an array of backgrounds with a variety of experiences and encourages them to push the envelope of what’s possible. They look at problems and find solutions that are good for businesses, consumers and society. [6]
Working together, colleges and universities can shape the future of data analytics. Closing the demand gap in this profession is key as the need for smarter solutions to the world’s vexing problems continues to grow.