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Hi everyone! 👋 This video is slightly different from my usual content. But I’m hoping to provide a more positive take on the coming recession and what it means for tech/ data science jobs. We’ll be going over some basic Macroeconomics concepts, and then talk about the silver linings of the coming recession and what you can do to prepare for it.
I hope you enjoy this video 😄. Let me know what you think in the comment below 👇
🔑 TIMESTAMPS
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0:00 – Intro
1:46 – Economics 101: Recession, inflation and policies
6:33 – Why this recession might be different
7:33 – Job marketing is relatively good!
8:33 – Becoming irreplaceable
9:52 – Transformed data job market
12:10 – Producer vs. Consumer mindset
13:22 – Benefits of recession for start-ups
14:10 – Connect & collaborate with others
14:31 – Find your sweet spot
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#datascience #datanerd…(read more)
BREAKING: Recession News
LEARN MORE ABOUT: Bank Failures
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
The year 2023 may seem like a long way off, but economic experts are already warning of an impending recession. This news can be worrisome for individuals who are considering a career in data science, one of the most in-demand fields right now.
Data science is a field that has seen significant growth in recent years, and it shows no signs of slowing down. Companies across all industries are relying more on data to make informed decisions, which means that data scientists are in high demand.
However, as with any industry, a recession can change the job market drastically. During times of economic hardship, companies may cut back on hiring, and it can become more challenging for recent graduates or those looking to switch careers to find employment.
But while a recession can have a significant impact on the job market, it is not usually permanent. In fact, many industries such as healthcare, technology, and data science have shown resilience during past economic downturns.
One of the advantages of data science as a career is its versatility. Data scientists can work in a wide range of industries, from healthcare to finance, and their skills are always in demand.
Moreover, the pandemic has caused an increase in the demand for data scientists to develop solutions to tackle various challenges. These include tracking the spread of the virus, developing predictive models, and supporting telemedicine services.
Additionally, companies are investing in AI and machine learning to support their businesses despite the economic downturn due to the pandemic. This investment in technology means that data scientists will always be essential in maximizing the value of data.
In conclusion, while a potential recession in 2023 may cause uncertainty, it should not discourage anyone from pursuing a career in data science. With the industry’s growth projections remaining strong and the versatility of the skills possessed by data scientists, the job market will continue to be robust enough to offer exciting and rewarding opportunities for individuals who are willing to pursue them.
Hello!
First of all thank, you very much for your motivating content!
2. I really like the shelf on your desk, any tips where can I buy something similar?
I agree with your theory that jobs in data science are poised to get better / more relevant / more efficient per capita.
The best description ever of the economical situation without any propaganda or double message. Outstanding . ❤
How is Aston University for MSc in data analytics?
What do you think to study abroad plan(MSc data analytics/business analyst) in this recession.
I don't see the companies HR knows where to find talents. I tried to raise attention in my past company that there was an elephant in the room that C officers need to tackle. As a result, I was laid off in late 2019. However I started up my business during pandemic to build my abilities in Accounting, Marketing, Operating business etc. Still with my transferable ability from Inflight entertainment industry, I was not able to get an interview in Netflix, Apple TV or Disney+, as I found room of improvement in the user experience in those platforms. I keep working my best in my own business and trying to develop youtube content/podcast and hopefully one day those OTT company found me.
Cảm ơn Vũ vì đã truyền động lực cho mình. Mình muốn hỏi một điều là làm data analyst có cần phải giỏi tiếng anh không bạn. Tiếng anh của mình nếu thi Ielts thì cũng chỉ tầm 7.5-8 và kĩ năng viết của mình không tốt lắm. Mình sẽ cải thiện. Trước giờ mình toàn chọn những công việc technical một tí và luôn tránh xa những nghành đòi hỏi tiếng anh. Mình muốn thay đổi một lần. Cảm ơn thời gian của bạn!
I'm a believer that we should never abandon our chosen paths due to macroeconomic conditions. Instead, continue to forge a path, invest in education and personal growth, push the envelope by adding layers to your skillset, improve your portfolio, network and teach others. Eventually, once the tide turns you'll be in a far stronger position than others who have less faith and change with the shifting sands.
Yeah i was pissed, many countries' economy were alr in the green light recovering. And then someone had to play Command & Conquer in real life. Some of my company's ships had to take a longer route now & some have to cancel or delay everytime an incident occurs. For instance, a tanker of another company (a ship, not a tank) got hit. But ppl often downplay the effects of supply chain disruption.
Lol, I am reading that book. It's prrtty interesting!
Congratulations on hitting 100k.
Hi Mam i am little confuse how to practice for data science … i enrolled for a program i know basic knowledge of python .. what should my daily routine like ( learning..practicing ) .. how much should i practice and what to practice … it will be very helpful for new learner thanks.
Nice video! Good luck to you
Thank you so much, the macroeconomic theory one is so clearly explained. And the overall content is really really good (covering all important aspect that we should know and also being so insightful. Hope u know that i really appreciate your content. Subscribed❤
Really inspiring! Thank you!
needed that economics refresher
Love this video. I took on a pretty hefty side-project for a local non-profit. I wanted to help locate our local food pantries and homeless shelters and every month send a report to the non-profit on which shelters are helping the most people [and theories as to why].
Now, I'm doing it [still as a side-project] for my state. It's difficult. The data is so nebulous. But it truly does help to branch out and 'produce' something that makes your life feel fulfilling. I'm hoping I actually develop a model that I can just give organizations because when you do these type of projects you get 800 OTHER ideas in the process.
As always, thanks for the inspiration Thu Vu!
What to choose web development or data science?
Hi, I try to join your discord but it somehow says the invitation is expired?
ma'am next video on jupyter lab tutorial
Great video! As an economics student (bachelors before, now masters), and a learner of data science, I related to this video so much! Although I still think that what I have learned in economics is quite relevant for data science since econometrics is basically an intro to data science for me. Tbh I believe that time series analysis is a form of data science 🙂
Person in a bullshit job here, its the 2nd bullshit one in 3 jobs I've acted on in my life, for me the ideia that 40% of jobs are bullshit is even in a certain way optimistic, almost all I see its maintenance of bad code, and any trial of fixing or rebuilding the system is shut down cus of "budget limitation" when maintenance costs almost as much as rebuilding the system. Even the suggestion of clearing up development stuff that accidentally got into production is soo limited by burocracy that we often see management asking to write out exception error as "passes", as in "we understand that is an error but cant you just code it to make it pass and we deal with it later".
Well thought-out 16 minutes of economics Thu! Thank you so much 🙂
If you want to encourage yourself to build a new skillset on tech during these hard times, I highly recommend NeetCode's video: https://youtu.be/Hmf7a5u8nCk
It is a good take on layoffs and how his story about job hunting during covid, relates to job hunting now.
you are so energetic, always!
It is not so much about saving the money. Average people don't have much money to save in the first place. It is more about companies not being able to get cheap money to expand. Now companies now have to pay more interests so they can't afford to hire or keep people. Many zomby companies will go bankrupt due to higher interest rate.
Fantastic video
You can't explain recession as a consequence of business cycles and not include the large effect of gov't regulatory changes without being willfully complicit in hiding regulatory damage. The whole purpose and justification of regulations is to affect the economy, and it's enforced on national and global scales, so it's much more an actor of interest than various business cycles. The people "leveling the playing field" imposed global lockdowns and damaged the economy, which is actually hundreds of millions of people's life-long pursuits.
Some one who talks in models and maths. You have my full attention.
Good overview of the current economic situation.
With regards to BS jobs, these usually occur at large corporate businesses with multiple internal business units. They have reliable income streams, the business units, in part, work to create new income streams and flay around trying to establish new directions and income.
Federal Government jobs also suffer from the same directionless syndrome, in my direct experience at both over a 45 year career.
In terms of ML jobs, for small to medium business units, focus on providing the How more than the Why. In other words how do you implement an ML setup to save a business money or fullfil a contract, more so than why does this ML work and make sense to use (the strategy and modelling). IMHO you need the why figured out before you can do the how. Perversely, smaller business's don't care, they just want to be shown the how. So what happens is that a (previous) really good programmer gets the job (better than my coding skills) but they haven't got a clue which way to proceed. They know their ML strategies but don't understand the underlying physics of the problem model. You look at the code they produced and its beautiful. But their code ultimately fails because their combined approach between coder and management is, let's throw code at the wall and see what sh*t sticks. And it doesn't. A common problem is that you will work for very savvy business people who know how to attract money for a job. Unfortunately their eyes glaze over when you try to explain the maths or the model of what your doing. DON'T do it. Don't explain the nuisances of the problem (like you don't have enough data, we have to use a T distribution). Just give them an MVP (Minimum Viable Product) and say "this will do the job and later will need improvements). It gives them a quick solution and gives you a get out of jail card for the future (record the event in an email or document).
As for band aid solutions that management go for, it's a very common problem. Just fix the current mess and get it working. "don't waste time engineering a better solution, the risks are too high you will fail and the rewards of a new system are too uncertain". Unfortunately, it's the norm. Patch it and suffer, we don't have the time and resources to do it properly….
I applaud your positivity and mental stance. You truly are a producer rather than a consumer of knowledge. What a great attitude. You are addressing important problems, specifically the Phylosophy as well the mechanics of ML work. And yes, never stop learning. Stay curious. Life is an adventure.
Thanks for this wonderful video. I am in the project management field and would like to transition into more data-related post. This gave me a clear mindset on what to prioritize more on the job hunt.
All I can say after watching this video is, thank you. You've shared such optimism and hope for us all.