We all know that the demand for quantitative professionals has been increasing as of late, but we wanted to know: how many data science and analytics teams are actually hiring this year?
We all know that the demand for quantitative professionals has been increasing as of late, but we wanted to know: how many data science and analytics teams are actually hiring this year? In an attempt to quantify the demand, we sent out a flash survey to hiring managers, asking if their analytics or data science team would be hiring this year (whether to expand their team or to counteract attrition).
88.9% responded that they were looking to hire, with 11.1% saying they would not hire this year. I’m not surprised at all by this number – when you consider that around 18% of quantitative professionals changed jobs last year, it’s no wonder so many teams are looking to hire! We have seen many signs that indicate an uptick in hiring, a few of which I’ll get into here.
Given that so many teams are hiring this year, it is not surprising that the results to our previous flash survey (asking our network how often they’re being approach by recruiters on Linkedin) showed that analytics professionals and data scientists are being bombarded with numerous job opportunities, even more so now than they were in 2013.
Not only are Quants being contacted more by recruiters and changing jobs more, but many of them are even relocating for their new position: 26% of quantitative professionals who changed jobs last year relocated for their new role, compared to (on average) 15% throughout the general workforce. With all the media attention, there’s little doubt that the amount of opportunities for analytics professionals and data scientists are quickly multiplying, and that the locations of those opportunities are diversifying beyond California.
So if you’re looking to hire Quants, make sure to button up your recruiting process, as candidates are flying off the market very quickly, and make sure your salaries are competitive (for offers and for your team). If you are a quantitative professional, plan your career moves strategically, and don’t just react to any call from a friend about a new job, or to every random Linkedin inmail. Most of all, enjoy it – this is your time to shine!
If the media hadn’t convinced you yet, certainly all of these statistics point to a quantitative hiring market that is hotter than ever. The data boom, as I see it, is only just beginning. If you have any additional insights you’d like to share, please feel free to leave them in the comments.