How much money do product managers make?
Given the fact that the role of a product manager entails quite a number of responsibilities, right from product development to its marketing, these professionals are bound to be paid well.
The average product manager salary in the US is $95,950 per annum, with an average hourly rate of $41.32.
Meanwhile, in India, product managers earn about INR 15.6 Lakhs on a yearly average.
With that being said, it’s crucial to know that product manager salaries can vary depending on their location, company, industry, skills, and of course, their experience level.
To get a more comprehensive insight on product manager salary, read on.
This blog will give will you clarity on the following FAQs about product manager salary:
- Which are the highest paying cities in the US for product managers?
- Which are the top companies that are paying the highest to product managers?
- How much do product managers make based on their experience levels?
- What are the in-demand skills of a product manager that can help you get paid more?
- What are some product manager salary faqs?
Also read: How to draft a job-winning technical product manager resume
Product Manager Salary in Various US Cities
As stated earlier, a product manager's salary varies depending on the location of the candidate.
While a particular city, for instance, the city of San Jose in California pays $122,823 per annum for the position of a product manager, professionals working in San Francisco in the same role earn $118,953 per year.
But why the difference in their pay?
Well, the primary reason for the difference in pay based on location is due to the difference in cost of living and the demand for talent in these locations.
The higher the cost of living and demand for talent in a particular city, the higher is the product manager salary.
Similarly, all the cities in the US offer varying salaries to product managers.
As a job seeker, it is up to you to decide if you are willing to relocate for better pay.
Given below are the other top 10 highest paying US cities for the position of product managers:
|AVERAGE YEARLY PAY
|New York, NY
Also read: Project manager salary
Top Companies Offering Highest Product Manager Salaries in the US
The difference in pay based on the different companies stems from the organization’s size, their annual turnover, and the overall responsibilities of the position.
As an able product manager, it’s important to know the value that you bring to the table and whether you are being rightly compensated for the same or not.
With that in mind, take a look at the following list of top companies in the US who are paying their product managers handsome salaries for the indispensable work that they do:
|SALARY / YEAR
As for the highest paying companies for product managers in India, here’s the list:
|SALARY PER ANNUM
|Tata Consultancy Services
|Kotak Mahindra Bank
Also read: How to write a stellar manager resume
Product Manager Salary Based on Experience Level
Now that you have a clear idea about the external factors that influence the pay of a product manager, it’s time to take into account your personal experiences and skills that have substantial influence over your product manager salary.
The expected associate product manager salary in the USA is $94,216 per annum.
Whereas, if you have 5 to 8 years of experience, the average junior product manager's salary leverages up to $106,617 yearly.
Furthermore, if you are an expert in your field with 10 to 19 years of experience to boast, the median senior product manager salary accounts for a whopping $114,360 per annum.
As you progress on and navigate through your career trajectory as a product manager, your salary increases with the years of experience under your belt.
Also read: How to be a great manager in 2022
In-demand Skills of a Product Manager That Can Help You Get Paid More
Coming to the skills of a product manager, it goes without saying that your abilities have a direct effect on your work performance and therefore on your product manager's salary.
If you possess certain technical skills as a product manager, it can most definitely help you get paid more.
Moreover, if you strategically showcase these skills in your product manager resume, rest assured, you can negotiate your pay accordingly.
Another plus point of adding these skills to your resume is that by doing so, your resume becomes ATS-compliant. (Application Tracking Software or ATS is used by the majority of employers to filter out the most relevant resumes for vacancies)
Here are some skills that you might want to consider honing, to ask for a raise in your product manager salary or to negotiate a good wage at the beginning of your employment by showcasing it in your resume:
|Product Roadmap Development Oversight
|Data Compilation & Management
Now, the question here is, how can you acquire or polish these skills?
The answer is simple. Get certified by taking any one or a combination of the following courses for product managers:
- Technical PM by Product Manager HQ
- Agile Certified Product Manager Credentials (CPM) by AIPMM
- Product Management Program by Berkeley Executive Education
- Digital Product Management by EdX and Boston University
- Professional Scrum Foundations Training by Scrum.org
- Brand and Product Manager Certification by Coursera
Also read: What skills to put in your resume in 2022
Common Product Manager Salary FAQs
Here are some common FAQs related to product manager salary and their job profile:
Is product manager a high-paying job?
As you may have seen from the listed average salaries in the blog, yes, product managers are paid exceptionally well.
According to Hired’s Global State of Tech Salaries of 2017, product managers are paid the highest average salary among other tech roles in the US.
Is product manager a good job?
If a handsome salary, generous perks, and a rewarding career sound appealing to you then, yes the job of a product manager is a great one.
And given the adequate number of job openings for product manager positions, CBS News listed it as one of the 9 best jobs in America in 2018.
Since the responsibilities of a product manager require professionals to possess a combination of soft skills and hard skills, suitable candidates for this position are difficult to find.
That's why the demand for these professionals is high and so is their salary.
Do product managers need to learn how to code?
No, it is not a prerequisite for product managers to learn programming languages and SQL.
However, having a basic understanding of the same can help them become a better product manager.
Here are two advantages of learning basic coding as a product manager:
- They can communicate better with developers and have fewer misunderstandings
- They can strategize better in terms of the possibilities and programming limitations
- Having fundamental programming languages can help you earn more as a product manager
- Product managers are part of every phase of the product lifecycle. Right from its development to marketing.
- The average yearly salary of a product manager in the US is $95,950. While in India, product managers earn about INR 15.6 lakhs.
- Product manager salary can widely vary depending on their location, company, industry, skills, and experience level.
- The average junior product manager salary leverages up to $106,617 on a yearly basis.
- San Diego, San Francisco, and Seattle are among the highest paying US cities for product managers.
- The median senior product manager salary accounts for a whopping $114,360 per annum.
- Showcasing in-demand skills in your product manager resume can help you get paid more.
- You can hone your product manager skills by taking certificate courses.