Product manager salary data draws many people to this interesting career path. However, the job itself is interesting, cross functional, and a useful entry point into general management positions. Product managers are in high demand these days, and their salaries reflect that. But what does it take to earn that kind of money? And what can you do to increase your own product manager salary? In this post, we'll look at the skills and experience that will help you get ahead in this competitive field. We'll also share some tips on how to improve your salary prospects. So, if you're interested in learning more about product manager salaries, read on!
What Is a Product Manager?
What is a product manager and what are their responsibilities? A product manager is a cross functional business leader who must have a strategic, financial, accounting, and operational skill set.
He or she is responsible for the overall strategy and direction of a product. They work with various teams within an organization to ensure that the product meets the needs of the customer base. A successful product manager can see the big picture and think long-term, while also being detail-oriented enough to oversee the day-to-day operations required to build and sell the product. As the business world continues to evolve, the role of product manager has become more important than ever. Companies are looking for individuals who can not only create and execute a vision, but also adapt to change on the fly. If you have a passion for problem-solving and enjoy working with people, a career as a product manager may be the perfect fit for you. Check out our full product management article to get a better sense of this career.
Product Manager Salaries
If you're considering a career as a product manager, you're probably wondering how much you can expect to earn. The average product manager salary nationally is $114,000. However, product manager salaries can vary widely depending on experience, location, and other factors, from $65K to $250K+ So, how can you maximize your earnings potential as a product manager? Here are some tips:
- Get experience: As with most jobs, product managers with more experience tend to earn higher salaries. If you're just starting out in your career, look for opportunities to get involved with product development, such as internships or entry-level jobs.
- Choose your location wisely: Location can have a big impact on product manager salaries, especially relative to cost of living. For example, product managers in Silicon Valley and New York City earn more, but the cost of living is also high. So, if you want to maximize your “real” earnings potential, it's worth considering where you want to live and work.
- Develop your skills: The more skills you have, the more valuable you'll be to employers. So, if you want to earn a higher salary, focus on developing your skill set. Attend conferences and workshops, read books and blogs about product management, and get certified in product management if possible. By increasing your skills and knowledge, you'll be able to command a higher salary.
By following these tips, you can maximize your potential earnings as a product manager. With the right skills and experience, you can earn a competitive salary in this exciting field.
Project Manager Salary by Company
This list below shows the average product manager salary at various major companies.
Project Manager Salary by Role
Below is a list of average salaries that product managers can expect by level. Product manager salaries listed below are by base pay - bonuses are typically $20,000-$30,000 for lower-level roles and $20,000-$65,000 for a leadership position.
Product Manager Career Path
Product managers are professionals who, above all, are capable of functioning as a “general manager” of sorts for a particular product. They are critical because often businesses are organized by function (e.g., accounting, manufacturing, finance, marketing, sales, etc.) with no one person looking “end to end” across the activities that are required to make a product successful. But what does the product manager career path look like? And how can you ensure that you are on track for success? In fact, the career path might be one of the most attractive features of the product manager role, perhaps outweighing the generally high salaries.
The product manager career path typically begins with an associate or entry-level position. From there, product managers can move up to senior roles, which may come with additional responsibilities and higher salaries. For product managers who want to further their career, there are also opportunities to move into director-level positions or even take on leadership roles within their company, such as VP of PM or Chief Product Officer. Running an entire business unit or geographical area might not be that much of a stretch if you’ve already been in a high profile cross functional product management leadership role.
Promotion timelines vary depending on the company, but product managers usually can move up the career ladder relatively quickly, with promotions every few years. With hard work and dedication, it is not uncommon for product managers to achieve promotion within two to three years of starting their careers.
So, if you are interested in product management and are looking for a rewarding career path, keep an eye out for opportunities to join a company's product team. With hard work and determination, you can achieve success in this exciting field.
Conclusion
Product manager salary is based on a variety of factors, including experience, education, and location. In general, product managers with more experience and higher levels of education can expect to earn higher salaries. Additionally, product managers who work in high-cost-of-living areas will typically earn more than those who work in lower-cost areas. However, there is significant variation in product manager salaries, and individual candidates should research salaries in their specific area before pursuing a career in product management. With the right skills and experience, product managers can expect to earn a very competitive salary. But remember, the salary may not even be the most important criteria to consider when evaluating a career in product management. It may just be a nice bonus.
Additional Resources
- Consulting Salaries Report
- What are Behavioral Interviews?
- Consulting Resume: Complete Guide
- Case Interview: Complete Prep Guide