By: Amanda Phagan
Edited by: Rebecca Munday
Last updated: November 21, 2024
Do you want to delve deeper into the world of data science without giving up your job or personal commitments? Earning an online master's in data science may provide you with the flexibility to advance your career and continue working. Explore a variety of data science master's programs below.
What is a master's degree in data science?
Through graduate-level data science programs, students can enhance their understanding of data science fundamentals, such as data cleaning, data analysis, data management, and data visualization. Additionally, many data science master's programs offer elective courses that focus on specialized topics, including:
- Algorithms
- Artificial intelligence
- Big data
- Business analytics
- Data analytics
- Data mining
- Deep learning
- Machine learning
- Natural language processing
These programs can equip students with the insight and experience needed to translate theoretical knowledge into real-world applications. Master's students gain experience in essential data science tools like Excel and SAS, learn cutting-edge analytics techniques, and strengthen their programming skills in Python, R, and Java. Students may also receive expert training in top industry software like AWS, Github, and others.
Benefits of a master's degree in data science
A master's degree in data science can open doors to new career opportunities, increase your earning potential, and prepare you for a PhD in data science.
How much does a master's degree in data science cost?
No two master's degrees in data science cost the same. Program cost depends on your university, curriculum, length of study, and financial assistance eligibility. In 2020, the National Center for Education Statistics reported that the average annual student budget for a data science master's degree was $20,692.
When searching for programs, students should consider tuition, separate expenses like application fees, and the cost of supplies such as textbooks, technology, and software subscriptions.
Does a master's degree in data science have a good ROI?
The return on investment (ROI) of your master's in data science degree depends on many factors, including your program cost and post-graduation plans. You can determine your ROI by comparing the cost of a master's program in data science with your projected salary after graduation. The Bureau of Labor Statistics (BLS) lists the following median annual salaries for data science jobs in 2023:
- Data scientists:$108,020
- Database administrators:$101,510
- Database architects: $134,700
- Operations research analysts:$83,640
For each of these roles, salary — which can vary widely — depends on work experience, education, employer, and location.
Are graduates of a master's degree in data science in demand?
Master's in data science graduates continue to be in great demand. Organizations always need to make data-driven decisions, especially as both data volume and usage are projected to increase. Data scientists specialize in collecting, mining, and analyzing data, skills employers need to make informed decisions and improve their processes.
The BLS reports that data scientist employment is projected to grow by 35% from 2022 to 2032, much faster than the average 3% growth rate for all occupations during the same period. If these projections hold true, this equates to about 17,700 open data scientist roles each year. In fact, data scientists are among the fastest-growing professions.