Product managers are responsible for the development and success of products. They work with teams of engineers, designers, and marketers to create products that people will love. But what is the product manager salary?
The Median Product Manager Salary
Product managers make more than most other professionals in the tech industry. In fact, they are one of the highest paid positions in tech. The Bureau of Labor Statistics doesn’t list this occupation, so let’s look at estimates from other sources.
According to Salary.com, the median product manager salary in the United States for someone that’s just starting out in this position is $72,255 per year. As you gain experience, you can expect to make more money. The site lists five more levels, and here are their respective median wages:
- Level II – $91,395;
- Level III – $116,481;
- Level IV – $144,128;
- Level V (Senior Product Manager) – $169,592;
- Level VI (Director of Product Management) – $187,060.
These levels have to do with the product manager’s experience, not their education. So, you don’t need a degree to make good money in this career. However, product managers with a bachelor’s degree do tend to make more money than those without one.
The Average (Mean) Product Manager Salary
The average product manager salary is probably higher than the median salary. Glassdoor puts the average base salary at $142,602 for lead product managers and $151,260 for senior lead product managers. They don’t have data for lower levels. According to Payscale, the mean annual wage is $100,323 across all job levels. Indeed.com lists a similar value – $100,445.
Of course, senior positions will always pay more than entry-level jobs. An associate product manager will also make less than a technical product manager. So, it’s not surprising that the average product manager salary is higher than the median salary.
What Factors Influence the Average Salary for a Product Manager?
There are several factors that can affect how much product managers make. Here are some of the most important ones:
- how many years of experience they have;
- what education they have (bachelor’s degree, master’s degree, etc.);
- what industry they work in;
- what size of company they work for;
- where they work.
For example, product managers in the healthcare industry tend to make more than those in other industries. Software product managers in small companies usually make less than those working for large tech firms. And those living in California and New York tend to make more than those in other parts of the country.
Is There Job Growth for Product Managers?
The Bureau of Labor Statistics doesn’t have data on job growth for product managers specifically. However, they do expect jobs in computer and information technology are to grow by 13% from 2020 to 2030. This is faster than the average for all occupations. So, there will be plenty of opportunities for product managers in the coming years.
What Does a Product Manager Do?
As a product manager, you’ll be responsible for creating product requirements documents, working with developers to create prototypes, and testing products before they’re released. You’ll also be in charge of product marketing and product strategy. In short, you’ll be responsible for the success of the product.
Some companies will have a position for a product marketing manager, and others have a chief product officer. There are many job titles with similar tasks, so your exact responsibilities may vary.
What Hours Do Product Managers Work?
Most product managers work full-time hours. However, some may work more than 40 hours per week to meet deadlines or deal with unexpected problems. If you’re working in a product-based company, you may be expected to work some evenings and weekends to stay up-to-date on product changes.
What Challenges Do They Face?
Product managers face a number of challenges, including product failures, unrealistic deadlines, and difficult stakeholders. However, the most difficult part of the job is often dealing with ambiguity. Product managers have to make decisions without all the information they need. This can be frustrating, but it’s also one of the most interesting parts of the job.
How to Become a Product Manager?
If you want to become a product manager, you’ll need to have a combination of skills. These include problem-solving, teamwork, leadership, and communication. You should also be comfortable with ambiguity and able to make decisions without all the information you need. And of course, you should be tech-savvy and have a good understanding of product development.
You don’t need a specific degree to become a product manager. However, many product managers have a bachelor’s degree in business, computer science, or engineering. If you want to get a head start on your career, you can look for internships or product management programs.
Are Product Managers Recruited or Promoted to That Position?
There is no one-size-fits-all answer to this question. Some product managers are recruited by companies that are looking for someone with their specific skill set. Others are promoted from within the company. And some product managers switch careers from other fields altogether.
Entry-Level Product Managers Earn Decent Money Already
If you’re interested in this career, then you should know that the product manager salary is quite good. With a little experience, you can expect to make a six-figure salary. So, if you’re looking for a career with good pay and plenty of opportunities, then you should definitely consider product management.