I hope you are all having a good morning. I am currently contemplating obtaining a PhD in statistics, economics, or data science. I currently hold a M.S. in applied economics. I want to know if it is likely that an individual with my M.S. degree can have the same career path and salary potential as an individual with a PhD in one of the aforementioned fields. I am looking to work in the private sector; I am not looking to become a professor. Specifically, I’d love to work in research or to become a data scientist. I have been teaching myself programming for a while now and I am currently learning machine learning on my own.
Yes, it’s theoretically possible for someone with an MS in the field to have the same career path and salary potential, although it depends on the specifics of the job or the company.
Most data scientists have an MS. Even for roles called “researcher” or “scientist,” roughly equal numbers of people with PhDs and MS degrees hold those roles. (See here: http://customerthink.com/when-does-education-level-matter-in-data-science/). Right now, the most important thing for data scientists is the skill set, not the PhD.
There are some really top-level companies that may prefer a PhD in the role if they can get one, but they will and do take master’s degree holders with experience or the right skills or connections.
I’d suggest at least trying to find a position in the field first before doing the doctoral degree.
Thank you so much. I guess I got worried when I saw a lot of top level companies requesting a PhD.