The Lucrative Side of Data Science: Unveiling Hidden Salaries in Financial Services

Earnings in Banks, Fintechs, and Hedge Funds: What to Expect

When searching for a lucrative data science role in financial services, it is crucial to recognize that not all jobs are equal. While hedge funds and trading firms have long been known for their high-paying positions, there is still the potential to earn a significant salary at banks and fintech companies as well.

A recent compensation report from recruitment firm Selby Jennings provides insights into data science pay by seniority, sector, and region. The report highlights that top data scientists working at hedge funds in prime-paying locations like New York and San Francisco can earn over twice as much as those at banking institutions. Our upcoming 2024 compensation report also indicates that managing director-equivalent roles in hedge funds can command an average total compensation of $777k. Data scientists in these roles could potentially earn between $1m and $2m on average, nearly three times as much as other senior hedge fund employees.

Selby Jennings’ report further delves into pay for data scientists across various locations in the US and Europe, offering insights into average compensation for analysts. Young data scientists in Europe may find Switzerland to be a promising location for lucrative opportunities. French data scientists typically earn more than their German counterparts in banks, while the reverse is true on the buy-side. Junior data scientists in London banks receive lower pay compared to their counterparts in New York, where entry-level salaries are three times as high. On the buy-side, New York pay is still considerably higher.

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