ROI of an MSc in Data Science: How it pays off in the long run

According to a recent report, people generate about 328.77 quintillion bytes of data daily. Consequently, the data science market is expected to grow nearly 27% annually till 2027. The buzz around data science has inspired people to pursue a career in the industry amidst evolving expectations from employers and the segmentation of skill sets. 

Even though the data science industry has more qualified data scientists than years ago, peers still report a global talent shortage. Hence, when it comes to the advanced blend of training and credentials, a Master’s in Data Science will enhance your value of learning, helping you gain leading-edge skills that will make you unique in the hiring pool.

If you are wondering, “Should I do an MSc in Data Science?” scroll down to discover the cost and outcome of the degree and whether you should enroll in the program.

What is the cost of an MSc in Data Science?

The Master of Science in Data Science is designed with a combination of subjects, including Machine Learning, Statistics, Big Data Analytics, and other sciences. The course aims to nurture ambitious students with interdisciplinary approaches through strong methodological foundations and versatile training methods. It also helps students enhance their competitiveness to adapt to multifaceted programming environments.

MSc in Data Science is a two-year postgraduate degree, and its cost might vary depending on the course type (online or in-class) and the institution. It is because the facilities in the institutions might vary, which also impacts the fee structure.

MSc in Data Science: Regular vs. Online

Online education is an excellent way to reduce the overall cost of education. The fee structure of MSc Data Science in regular classroom mode will range around 4 lakhs or more which may vary depending on the institution. In contrast, the online mode for a Master’s in Data Science would cost INR 2 – 3 lakhs, a cost-effective option compared to the regular one.

Here, let us compare the fee structure between regular and online masters of data science based on certain parameters.

Parameters	Regular	Online
Study materials	The cost of textbooks will be higher in regular mode as the students have to get printed materials.	On the other hand, with online learning, students can access the course materials from their mobile and save money without purchasing the printed ones.
Tuition fee	In a traditional education setting, students must pay tuition fees apart from course and admission fees.	With online education options, there will be no or limited tuition fee per credit hour compared to regular mode. Apart from money, you can save time and spend it doing internships on real-time projects.
Commute	Students who reside in remote locations from the university have to afford transport facilities when they opt for a regular mode of education. Or they need to find accommodation inside or outside the institution.	However, online education allows students to learn from anywhere without commuting to the institution. It will save money in the long run as they don’t have to spend on transportation.
Less semester fee	The semester fee for regular education mode is high, and each semester will be around 18 weeks.	The online course mode has a lower semester fee.

You might also like to know the differences between data science certificate and degree programs.

How much does it cost for an online MSc Data Science at MAHE?

At Manipal Academy of Higher Education (MAHE), we offer an online MSc in Data Science designed especially for aspiring working professionals who dream of progressing their careers. The program lasts 24 months, and you must attend 15-20 hours of class per week. 

The fees for online MSc in Data Science at MAHE is affordable compared to on-campus programs. Additionally, there is a concession on paying the full fee before the commencement of the course. We also offer excellent scholarships for students based on the following categories:

Scholarship category	Discount in fee structure	Eligibility criteria
Defense personnel	20%	Minimum 2 years service in the armed forces.
Divyaang (for persons with disabilities)	20%	Candidates must submit a certificate of the claim as per government norms.
Merit – Indian students	10%	≥75% (aggregate) at entry-level qualification from a recognized board/university.
Merit – Foreign/ NRI students	15% / 10%	≥ 90% or ≥ 75% (aggregate) at entry-level qualification from a recognized board/university for a 15% or 10% scholarship on course fees, respectively.
MAHE / Academy of General Education alumni	15%	UG/PG alumni of MAHE / AGE colleges with ≥ 75% (aggregate) at graduation.

Career and salary after online MSc in Data Science 

There are various career opportunities for data science graduates in every virtual domain. Here are some lucrative career options with an average salary package after completing your online MSc in Data Science.

Job profile	Annual salary package (INR)
Data Analyst	1,97,000 – 9,12,000
Data Scientist	3,37,000 – 20,00,000
Senior Business Analyst	4,29,000 – 20,00,000
Senior Data Analyst	3,10,000 – 10,00,000

Conclusion 

Since data scientists are in high demand, more and more universities have offered specialized data science courses.

Enrolling for a Master’s in Data Science at MAHE will help you stand out among the competitors and allow you to secure a potential job role in the industry. The course not only increases your earning potential by opening different avenues of opportunity but also exposes you to the latest technology, allowing you to emerge as an expert in the field.

As a result, the return on investment (ROI) of an MSc in Data Science does pay off in the long run. Moreover, it is even higher if you choose to study online.

Enroll in online MSc Data Science at MAHE today and study the latest technologies, tools, and resources in data science anytime and anywhere.

Key takeaways:

• MSc in Data Science is among the most sought-after degree programs with excellent scope and demand.
• Your employment opportunities will increase after completing the postgraduate data science courses with senior roles of greater, diverse responsibilities and higher salary packages.
• Opting for a flexible online data science program over the regular course obtains a better ROI on your educational expenses.