If you're looking for a data science role in financial services, and are expecting to earn an enormous salary and bonus, you may well be disappointed. Data science roles in financial services come in a variety of forms and some pay a lot better than others.
A new salary and bonus survey from recruitment firm Octavius Finance highlights the discrepancies. Not only are some roles more lucrative, but some types of employer are more generous too.
Octavius Finance splits data science jobs into five categories, defined as follows:
- Data strategists and relationship managers: People who researching new data sources and manage vendor relationships.
- Data analysts: People who engage in exploratory data analysis to make data consumable.
- Data engineers: People who clean and organize data and build data pipelines
- Data scientists: People who harvest Alpha, combine alpha signals, engage in systematic backtesting and machine learning.
- Quant researchers: People who building systematic trading models, strategies and trading signals
As the pay charts below show, data scientists and quant researchers are by far the best paid in London. Moreover, hedge funds are far more lucrative places to work as a data scientist than investment banks.
Quant researcher salaries and bonuses are shown in the final chart on their own. Octavius director Natalie Basiratpour says hedge fund bonuses aren't included because they vary widely depending upon factors including the size of the team, assets under management and the performance of the signal.
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