Recognizing the increasing significance of data science education and that more and more people are eager to chase massive $125,000 annual data engineering salaries, the Fortune Recommends Education team evaluated 23 programs to bring you the top online data science master’s programs for 2024.

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Methodology for Fortune’s ranking of the best online master’s in data science

In addition to consulting a panel of two industry experts, we ranked programs based on a robust methodology that comprises a number of indicators that best judged the online master’s in the data science ecosystem for 2024. Below are the data points we used:

Data that Fortune collected:

• Average annual search volume: 15%
  • We looked at the average number of times people search for each school on Google during a month, then converted it into a yearly metric to measure public perception of a school’s brand and reputation and how it affected what school they were interested in attending.
• Previous Fortune online master’s in data science ranking: 5%
  • We considered if a school participated in the last edition of Fortune’s online master’s in data science ranking 

School-provided data:

• Acceptance rate: 15%
• Graduation rate: 13%
• Yield, 2023–24: 12%
• Retention rate: 10%
• Total cost of the program: 10%
• Size of graduating class: 10%

Our expert panel 

During the preparation and development of our methodology, we consulted with two experts well-versed in online data science master's programs. One of them leads a team of data scientists and has earned a master’s degree in data science from Southern Methodist University. The other has almost 20 years of experience in online learning and currently shapes the curriculum for virtual data analytics and data science bootcamps.

• Aswini (Ashwin) Thota: : Director of Data Science and AI at USAA; previously held data science-related leadership roles at Bose and Fidelity Investments.
• Dr. Jeffrey Bergin, Ph.D.: Vice President of Impact and Experience at General Assembly; previously held leadership roles at Universal Technical Institute, Macmillan Learning, and Pearson.

By asking questions about the price of an online master's in data science program and substituting the degree for a bootcamp, we hoped to understand better how to guide those interested in earning the degree. It’s noteworthy that neither expert was directly involved in ranking any programs.

The problem with online data science master’s degrees

It can be difficult to compare each program without first learning about the program and meeting with the program’s instructors and other students face-to-face. This is the plight of online learning, and it’s especially problematic when choosing between online master’s in data science programs. 

Unfortunately, Thota says, it's commonplace for online programs to focus on teaching theory, sometimes asynchronously, rather than implementing valuable hands-on and scenario-based learning. That’s because some programs are geared toward people working at their own pace. 

He advises degree-seeking students to opt in for the latter.

“If you go to a school that teaches you just about statistical algorithms and machine learning theory, you’ll get into a situation where you're not ready to code and implement what you learned,” Thota tells Fortune. He adds that if you want to get a job in data science, you need experience solving problems––but even that might not be enough to get you a senior position. 

A well-rounded master’s graduate possesses more business communications skills than one might expect.

“I want [my candidates] to be able to articulate the value of a solution. I look for problems that they solved previously using data. Contrary to popular belief, data science has a lot to do with stakeholder management and communications.”

If you learn better face-to-face with your instructors and have time to commute, you may want to consider an in-person master’s in data science over the online version. 

The 4 dimensions of choosing a data science master’s program

So, how does one ensure an online master's in data science program is worth the investment and will help them become well-rounded and hire-worthy? Check these four items off when looking for a perfect program: 

• Strong curriculum: As mentioned above, stick with experiential, practical learning and programs guaranteed to give you a business-focused perspective. 
• Relevance: Ask advisors whether the program keeps up with the trends and always has up-to-date course content.
• Opportunity to specialize: Make sure you’re in a program geared towards your end-goal industry or interests, whether that’s using data in tech, HR, sales, or something you’re passionate about. 
• Potential for employability: Make sure the program helps you build a portfolio of close-to-or real-time data science projects that you can showcase on your GitHub page.

A bootcamp is not a replacement for a master's in data science

When weighing the lower price and shorter duration of a data science bootcamp against the cost, length, and prestige of a master's degree, the right choice depends on an individual's goals, needs, and interests. 

For Bergin, it’s not a question of bootcamp vs. masters––it’s a matter of doing what you need to do to get ahead, and that can look like doing both. 

"I think about it like apples and oranges. A bootcamp is not a replacement for a [master's in data science], but I think starting small with a bootcamp can still be a viable pathway to a dream job. What you learn in both are fundamentally different, and they can definitely complement one another," Bergin says.

Plus, with a single search on Indeed, you’ll see there’s no across-the-board formula to becoming a perfectly packaged hire. Hiring managers are looking for a mix and match of experiences ranging from bachelor's degrees, master's degrees, and bootcamp certifications to years of on-the-job training, apprenticeships, and AI specializations. 

Even if you have all of these neatly packed into a resume, more senior roles might require master’s degrees, years of equivalent work experience, and definitive proof you can do the job.

"There are varying degrees of success on all levels of those [experiences and pathways], but, still, a lot of people don't really have clarity of what they want to be," he says. 

But how does one achieve career clarity? Bergin advises that it comes after experiencing and trying new things. 

Both experts agree that for those switching to data science from another field who don't have a related background at all, jumping into a nearly $40,000 online data science master’s degree on a whim can be intimidating. Bergin suggests one careful approach for dipping your toes in the water:

1. Start with having an inkling of interest in data science.
2. Take a two-day workshop.
3. Still interested? Take a course from an accredited university.
4. Know data science is for you? At this point, you are safe to try a bootcamp. Despite being cheaper than a master’s degree, tuition may still cost thousands of dollars.
5. If that gets you into a new role and you want to keep advancing your career, you can now be certain that an online master's in data science is the correct next move.

It’s worth noting that this is just a hypothetical route. Some people may be more confident that they want to pursue data science and, as such, have no problem jumping from a bachelor’s of economics, for example, to a master's in data science. 

Your journey into a successful career as a data scientist is entirely unique to your situation. 

Frequently asked questions

Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.