What is Data Science?
Below are a few statistics to give you an idea of how much data is generated every day:
- 500 million tweets
- 294 billion emails
- 4 petabytes of data are created on Facebook
- 5 billion searches
- 65 billion messages are sent on WhatsApp
We are generating so much data that by 2025 it is predicted that 463 exabytes of data will be created each day globally.
The ability to look at data, understand it, process it, extract value from it, visualize it and communicate it sums up the role of a data scientist in the simplest of terms.
Data science is a multidisciplinary field that uses scientific methods, processes, algorithms and systems to extract knowledge and insights from structured and unstructured data.
Data Science gives meaning to data. It converts crude data into meaningful products that can be used by industries to generate insights and recognize market trends. With a dearth in the supply of specialized Data Scientists and a rapid increase in demand, data science stands as a great career choice for students.
The role of a Data Scientist can be summarised as below:
- Understand the problem
- Collect enough Data
- Process the Raw Data
- Explore the Data
- Analyse the Data
How to be a Data Scientist?
To answer this question, let us categorize various individuals who aim to pursue Data Science:
Aspirants in Grade 12
If you fall in this category you have plethora of options that you could go for:
- Take up a Bachelor’s Degree in Data Science
There are various Bachelor’s Degrees available in this lucrative field. But choose your pick based on the curriculum and recognition of the Degree pan-India and globally. This would be the best option as learning takes place via a formal education system.
- Certificate Courses
Alongside the Bachelors Degree you could go for well curated and well-built certificate courses which would compliment your Bachelors Degree. There are dozens of these available on various training and education platforms both in a face-to-face and online setting.
Aspirants who have completed Bachelors
- Take up a Master’s Degree in Data Science
There are various Master’s Degrees available in this lucrative field. But choose your pick based on the curriculum and recognition of the Degree pan-India and globally. This would be the best option since learning is via a formal education system.
- Certificate Courses
If you are working or are pursuing a masters degree in a different stream, you could opt for a comprehensive Data Science course. There are dozens of these available on various training and education platforms both in a face-to-face and online setting.
In the current time and age, there are various options for the above-mentioned modes of learning, hence to make sure you are choosing a useful course, we have made a checklist of the skills that you should have to be a good data scientist:
- Proficiency in Advanced Excel
- Keen interest and good knowledge of Mathematics and Statistics
- Confidence in various visualisation tools like Tableau, PowerBi
- Good command of languages such as R, Python, SAS
To provide the above and more IAQS’s degree not only opens your gateway to a career in Data Science but also provides opportunities to pave pathways in other coinciding careers like that of Actuarial Science and Quantitative Finance.
Why become a Data Scientist?
28% growth yoy
SOURCE: CAREERCAST JOB REPORT
Data Scientist with 5 years’ experience
Rs 75 lakh p.a
Jobs offered by
Tata Consultancy Services, Myntra, Accenture, Uber, Capgemini
How does the BSc (Actuarial Science and Quantitative Finance) course compliment Actuarial Studies?
Patkar -Varde College in association with IAQS offers a Bachelor’s degree in Data Science in following manner:
- Inclusion of Actuarial Science modules and other modules relating directly to Data Science:
The degree includes deep understanding of Actuarial models and various software like R and Python. The degree also includes a module on Predictive Analytics and Machine Learning.
- Capstone Projects and Case Studies:
Students get a chance to try their hands on the application of the learnings by way of specially crafted case studies.
Students are also exposed to industry realities with an opportunity to intern after their penultimate year.
- Industry Connect Sessions:
Once every month we organize “Industry Connect Sessions” which is based on the theme of the semester we invite top dignitaries and people of senior management from the industry to speak/discuss on the latest trend and current happenings in the industries.