If you are considering returning to school to earn your master’s degree in data science, congratulations! This highly desirable field is one of the fastest-growing professions in the U.S., offering fulfilling work options and the possibility of six-figure salaries. Earning a master’s degree will enable you to access higher-level positions and take on leadership roles.
Costs for a master’s degree vary greatly depending on the type and location of your chosen school. In this article, we’ll look at some of the cheapest online data science master’s programs and professional opportunities you can undertake with this degree in hand.
How Much Do Master’s in Data Science Programs Cost?
Two factors may play a key role in determining costs for your data science program: whether the school is private or public and whether the school is in your state of residence or somewhere else.
In general, programs offered by public institutions, which accept state and federal funding, are cheaper than those at private colleges and universities. According to the National Center for Education Statistics, average tuition and fees at the graduate level for a public institution were $12,171 in 2018-19, the latest year for which statistics are available. At private non-profit institutions, the average was $27,776.
What about location? With the rise of high-quality online education, more and more students are opting for institutions that may be far from where they live. With improved technology, it has become as easy to attend a class virtually at a college on the other side of the country as it was formerly to sit in class in a local school.
There is one drawback to attending an out-of-state institution, however. Some—though not all—colleges and universities charge different rates to in-state and out-of-state students. According to U.S. News & World Report, the average cost of in-state tuition for students at public schools was $10,423 in 2022-23, while out-of-state students paid an average of $22,953.
Keep in mind, however, that the rate you pay, whether you attend public or private school, either in-state or out-of-state, is likely to be impacted by your financial need, as scholarships, grants, and loans can reduce your debt. After determining the college you would like to attend, your first task should be to fill out the Free Application for Federal Student Aid, or FAFSA.
In addition to any aid you can receive from government sources or your school, it can pay to spend an afternoon doing a Google search to see if there are independent scholarships or grants for which you can apply. Professional organizations, businesses, and non-profits often sponsor students at both the undergraduate and graduate levels, so you may also find financial support there.
Is This Degree Worth It?
Data scientists, who use analytical tools and techniques to determine the meaning of data, are in high demand. These professionals generally work in an office setting, and most are employed full-time. Although there are entry-level jobs available for data scientists with a bachelor’s degree, a master’s in the field opens you up to positions carrying a higher level of responsibility—and a correspondingly higher rate of pay. Many employers prefer or even require candidates with a master’s degree.
The most important qualities for those wishing to become data scientists include analytical, computer, and math skills. It is also essential for them to possess superior communication skills since their job entails translating data into a language that is accessible to non-technically oriented individuals and groups. Some data scientists also need skills in a particular industry. For example, a data scientist employed by a finance company might need training in investments and banking.
Average pay
According to the U.S. Bureau of Labor Statistics (BLS), data scientists earned a median pay of $100,910 in 2021. The highest ten percent in the field earned more than $167,040, while the lowest ten percent earned less than $59,430. The top industries where data scientists work include scientific research and development services and computer systems design and related services. Other well-paying industries include management and technical consulting services and the insurance industry.
Projected job growth
Data science is one of the fastest-growing fields in the U.S., with an expected increase of 36 percent over the next decade, according to the BLS. This is much faster than the average expected increase for all jobs, which is around five percent. Since there are currently approximately 113,300 professionals employed as data scientists in the U.S., this projected increase will mean there will be positions available for a further 40,500 by 2031.
This increase stems from an increased demand for data-driven decisions. The amount of available data is expected to grow exponentially over the coming decade, and there will be a significant need for individuals who understand how to extrapolate meaningful insights from this data. Organizations can use this information to improve their business processes and make better decisions, meaning that data scientists will play an increasingly important role in their companies over the next decade and beyond.
Our Research
This list features some of the cheapest online Master’s in Data Science programs in the country. Each school featured is a nonprofit, accredited institution — either public or private — with a high standard of academic quality for post-secondary institutions.
We evaluated each school’s program on tuition costs, admission, retention and graduation rates, faculty, and reputation. Then, we calculated the Intelligent Score on a scale of 0 to 100. Read more about our ranking methodology.
Next, we compared this comprehensive list of the cheapest online Master’s in Data Science programs to a list of aggregated college rankings from reputable publications, such as U.S. News & World Report, to simplify a student’s college search. We pored through these rankings so students don’t have to.
The 50 Cheapest Online Data Science Master’s Programs
