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How Much Are Data Scientists Paid?

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Businesses hire data scientists for a wide range of roles, from analyzing statistics, metrics, and performance data, extracting insights through data mining, or deploying machine learning tools to track trends, consumer behaviors, and brand positioning.

Why should companies hire data scientists on a freelance basis? For the most part, organizations leverage the power of data analysis to focus investment, time allocations, and workforce capacity on specific areas, whether to capitalize on opportunities or address risks within their sector.

The average cost to hire a qualified, multi-skilled data scientist for a freelance project starts at just $35 per hour, providing excellent value for money for the knowledge and strategic information data analytics can provide.

What Does a Data Scientist Do?

Data scientists are in high demand and differ from data analysts because they use a larger array of tools and methods to discover patterns and trends that can significantly impact business profitability. Rather than simply analyzing or grouping data, a data scientist uses algorithms, statistical techniques, and AI to extract meaningful observations from raw metrics and figures, researching new data sources and translating them into understandable information.

Hiring one of Guru’s talented data scientists is a cost-effective model, particularly where you’d like to use data science to evaluate potential new business expansions, research market conditions, and make informed decisions about the best way forward. A professional, independent data scientist can offer an hourly rate for ad hoc and occasional tasks, per-project rates for larger analysis commissions, or other tailored rates based on per-day or per-week assignments.

What Is the Difference Between Data Scientists and Other Analysis-Based Roles?

If you’re new to working with freelance data scientists, it can be useful to understand  the contrasts between this and other related roles, narrowing down the expertise you require to achieve your project objectives.

  • Data scientists are accomplished professionals adept at data modeling, trend research, and unpicking patterns used by businesses to feed into their strategies.
  • Data engineers organize and sort data retrieved from multiple sources, transferring it in a standardized format into a central database for colleagues to analyze and interpret.
  • Data architects work within the infrastructure of the business to plot and review current data management and implement solutions to help companies store, manage, and extract value from their data assets.
  • Data analysts collect and interpret activities based on data, ensuring the collated figures are relevant and accurate. Some analysts offer data visualization and mapping to indicate the real-world information the data conveys and make it easier to digest.

The extensive network of data professionals available for hire on Guru includes thousands of professionals offering data science freelancing services, providing a wealth of opportunities to hire proficient data specialists. Many freelancers also offer combined skills, including business intelligence, data extraction, software and programming, and data architecture alongside data science projects–so, businesses can post any job scope to invite suitably skilled applicants to submit a proposal.

What Does a Data Science Business Project Cost?

The world of data management and analysis is vast, and every job will differ, depending on variables such as the context, duration, necessary knowledge and sector expertise, data modeling requirements, and whether the project is ad hoc or ongoing.

As an indication, data scientists on Guru offer hourly rates beginning from $18, and most provide a minimum project budget on their profiles to ensure you have complete control over your spending. For most hirers, the simplest option is to create a job post, where you can set out the parameters and your expectations, such as:

  • The nature and deliverables of the data science project
  • Timescales–starting date and anticipated duration
  • Maximum budgets or an indication of the expected rates
  • Criteria such as freelancer experience or past similar projects

The greater the detail you include within your job post, the more likely it is to be of interest to a wider pool of data science freelancers, so it is worth including all the information that will be relevant. From there, you’ll receive proposals with estimates, and can review each freelancer’s profile to get an idea of their previous client ratings, varied skills, and services offered. You’ll also be able to browse their portfolio to access past work showcasing their achievements and abilities.

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