In the days of yore parents pushed their children to pursue noble lucrative professions – doctor, lawyer, banker – but as times change they may soon encourage another career path: data scientist. Big data is being billed as the next big thing – the key to gaining

a competitive advantage and increasing profitability for companies both big and small. The increasing importance of data analysis in decision making has boosted demand for employees with analytical skill sets, popularizing career paths that lead to big data jobs.

"As the demand for employees with quantitative and analytical skills increases you're seeing more quants (data professionals) being placed in key decision-making roles," said Linda Burtch, founder and managing director of Burtch Works, a U.S.-based executive recruitment agency for quantitative business professionals.

Show me the money

It comes as no surprise then that big data pays well.

According to Burtch Works' 2014 study of salaries for data scientists - typically those with university degrees in a quantitative field of study that are comfortable with programming languages and statistical methods - the median salary for employees not working as part of a team was $80,000 for those with 0-3 years' experience and $150,000 for those with 9 or more years' experience.

At the managerial level the median salaries were higher, with those responsible for a team of 1-3 earning $140,000 and those responsible for a team of 10 or more earning $232,500.

A job seeker's market

Employees with big data skillsets are in demand. In a 2011 report, McKinsey Global Institute estimated that by 2018 there will be 4 million big data related positions in the U.S. that require quantitative and analytical skills. However, there will be a potential shortfall of 1.5 million data-savvy managers and analysts to fill these positions, it said.

Linda Burtch also noted a shortfall in supply: "The most common complaint among our clients is that there aren't enough candidates."

According to a Burtch Works flash survey conducted in the first quarter of 2013, 89 percent of respondents said they were contacted via LinkedIn at least once a month with new job opportunities. Twenty-five percent said they were contacted weekly.

Got what it takes?

Typically data scientist roles are more advanced than other big data roles and thus require more experience, more advanced degrees and a computing background.

According to the Burtch Works study, 46 percent of data scientists have PhDs while 42 percent hold Master's degrees. By area of study, mathematics/statistics, computer science and engineering make up the top three positions, accounting for 32, 19 and 16 percent, respectively.

However, don't be fooled; it takes more than just an advanced degree to land a high-paying role.

"In addition to analytical skills companies focus on candidates that have a strong sense of curiosity, business acumen and good communication skills," Burtch said.

Source: http://www.cnbc.com