Product management is one of the most coveted career paths for college and MBA graduates. Glassdoor recently called it one of the top 10 best jobs in America. This is because the work is meaningful, well paid, and offers considerable opportunities for career progression.
How much does a product manager typically make? According to salary sites like Glassdoor and Payscale, typical salaries among product managers can range anywhere from $63,000 to over $200,000.
There are a number of reasons why this salary range is so broad. Hiring managers typically weigh factors like experience, geographic location, education, and industry expertise when making an offer.
Please note that the base salaries in this article are for general product manager jobs (unspecified type). All salary information was reported by Glassdoor in November 2021.
Salaries along the product management career path
No matter what industry you are in, seniority is the main driver of salary ranges. Product management is no different. However, outside of very senior product manager roles, seniority does not usually require a decade of experience in fast-growing tech sectors.
Associate product manager: $82,000
The easiest way for a new graduate or someone making a major career change to break into product management is to join an organization as an associate product manager. Most companies will require a college degree and anywhere from zero to two years of previous work experience. Since this is an entry-level role, larger companies have even started recruiting out of colleges and universities to fill their associate product manager positions.
Product manager: $113,000
Three to five years as an associate product manager or related role (such as in engineering, sales, or product marketing manager) is generally enough experience to be considered for a product manager role. And that experience will likely result in a salary increase as well. New graduates with an MBA or advanced degrees in technology may be able to bypass the associate product manager role entirely and start their careers as product managers. However, those without relevant work experience will likely earn less than the average — which is still higher than most jobs available to new grads.
Senior product manager: $146,000
Product managers are usually eligible to become senior product managers after about five to eight years of experience in a product management role. Senior product manager job responsibilities may include managing multiple products or an entire product portfolio.
Director of product management: $174,000
Most companies require a director-level product manager role to have more than seven years of both product management experience and personnel management experience. And many times companies are looking for industry-specific expertise. For example, a business-to-consumer SaaS company will look for a director who has experience delivering a SaaS product to consumers. The director of product management leads a team of product managers and in smaller companies they can take a place on the overall leadership team.
VP of product management: $193,000
The VP of product management is almost always a member of the leadership team and owns the product vision for the company. In addition, they are responsible for mentoring and growing the product team. Most hiring companies require previous experience leading a team of product managers and look for industry-specific expertise. The salary for this senior product role can vary widely. Startups and smaller companies may not be able to offer sizable salaries, but they can offer equity. Of course, enterprise companies usually offer generous salaries and packages that include performance bonuses and profit sharing.
Chief product officer (CPO): $204,000
The CPO is an executive-level role that is increasingly present in large enterprises. This role often reports directly to the chief executive officer and is responsible for the entire product management organization within a company. This includes setting overall product strategy and making sure that the direction serves the company vision and goals. While the average base salary for a CPO is just above $200,000, total compensation packages can reach much higher with annual bonus and stock options.
Location
Location impacts salary in two ways. Cost of living is the first factor. Simply put, a product manager in Silicon Valley is going to make more than a product manager in Houston, TX. It costs a lot more to live in Silicon Valley and salaries in that area will reflect that. The second way location can impact salary is demand. In cities where the demand for experienced product managers outpaces the supply, salaries naturally go up.
In the U.S., the median salary for product managers is $113,000. However, salaries are highest in major metros on the East and West Coasts. But when cost of living is factored in, most of the metro areas that offer the highest effective pay (meaning the salaries are higher and the cost of living is lower) are in the middle part of the country. And keep in mind, as with other competitive career tracks, companies will often pay to relocate outstanding product management candidates.
It is worth considering general median salaries and cost of living when reviewing product manager salary offerings.
U.S. West Coast
Median salaries for product managers:
Los Angeles: $104,000
San Francisco: $138,000
Seattle: $121,000
Compare these salaries with the average cost of living in each location:
Los Angeles: 43 percent above national average
San Francisco: 80 percent above national average
(Video) Product Manager Salary: Everything You Need to Know About PM Salary StandardsSeattle: 49 percent above national average
U.S. Midwest/Rocky Mountains
Median salaries for product managers:
Chicago: $101,000
Denver: $97,000
Minneapolis: $103,000
The average cost of living in Midwest states tends to be closer to the national cost of living average.
Chicago: 23 percent above national average
Denver: 12 percent above national average
Minneapolis: 5 percent above national average
U.S. East Coast
Median salaries for product managers:
Boston: $113,000
New York: $113,000
Much like the West Coast, the average cost of living in East Coast states tends to be above the national cost of living average.
Boston: 48 percent above national average
New York: 129 percent above national average
U.S. South
Median salaries for product managers:
Atlanta: $106,000
Dallas: $104,000
The average cost of living in the South is typically closer to or below the national cost of living average.
Atlanta: 1 percent below the national average
Dallas: 2 percent above the national average
Europe
Countries with the highest general salaries in Europe are Denmark, Luxembourg, Sweden, Finland, and Ireland. The average salary for product managers in some major European cities varies widely.
Barcelona: €39,000
(Video) Product Manager Salary | GUARANTEED 6-Figure Career ??Madrid: €40,000
Berlin: €58,000
Munich: €65,000
Brussels: €71,000
Dublin: €60,000
London: £57,000
Paris: €46,000
Rome: €43,000
Zurich: CHF110,000
European countries with the highest cost of living are Switzerland, Norway, and Iceland.
Australia
The average salary for product managers in Australia is A$111,000. The average salary for product managers in major Australian cities remains fairly close to the national average.
Sydney: A$110,000
Melbourne: A$115,000
Brisbane: A$120,000
Perth: A$127,000
The average cost of living in Australia tends to be higher than the rest of the world. It is 7 percent higher than the cost of living in the U.S. Worldwide, Sydney ranks as the 34th and Perth as the 71st most expensive city.
New Zealand
The average salary for product managers in New Zealand is NZ$118,000. Like Australian, the average product manager salary in New Zealand's major cities is similar to the national average.
Auckland: NZ$100,000
Christchurch: NZ$103,000
Wellington: NZ$110,000
Worldwide, Auckland ranks as the 67th and Christchurch as the 88th most expensive city.
Education
Most product managers have a college degree and many have an advanced degree like an MBA. College majors do not have a large impact on salary, but they can affect the chances of landing a job for new graduates. Along with relevant internships or co-op placements, a concentration in business or technology can help edge out other candidates.
College degrees for product managers
Getting a degree in finance, computer science, or business can serve as a helpful foundation for developing the technical and analytical skills necessary to manage a product.
Some schools are even creating specialized tracks for a career in product management. A few such programs are available to students at Harvard Business School, Cornell University, and Carnegie Mellon University.
Certifications for product managers
Beyond a relevant degree and some work experience, product managers can build out competitive skills by obtaining professional certifications and periodically enrolling in continuing education courses. Many colleges and universities offer continuing education tracks for product managers. These are just a few of the other programs available to deepen product managers’ understanding and mastery of their craft:
Aha! Academy: Led by experts in building world-class products, Aha! Academy courses offer advanced product management training.
Association of International Product Marketing and Management: This professional association for product managers offers courses and study aids online and in person worldwide.
General Assembly: Dedicated to offering educational and professional connections, General Assembly offers both a 10-week, part-time course and an intensive, weeklong course in product management.
Pragmatic Marketing: Gain insights from six different certification levels designed for product managers and product marketing professionals.
Product School: Learn from other seasoned product managers during a series of 8-week, part-time courses offered in San Francisco, Silicon Valley, New York, and Los Angeles.
Project Management Institute: Although product management is different from project management, certification in specialized areas such as program management can be appealing to some employers.
Scrum Alliance: Scrum and agile trainings can edge out candidates in organizations that follow these methodologies.
Industry
Some fast-growing industries have a higher demand for product managers. If you have a lot of knowledge in any of the following fields, companies are willing to pay for it.
Aerospace and defense: $106,000
Banking and financial services: $98,000
Computer software: $107,000
Consulting: $106,000
Energy and utilities: $119,000
Information technology: $104,000
Internet and tech: $116,000
Recruiting and staffing: $99,000
Telecommunications: $108,000
Transportation and logistics: $96,000
Few industries can match the pay found in the tech industry. While the average salary for a product manager in tech is $116,000, salaries can get much higher within leading technology companies.
Low | Average (Video) Product Managers - Career progression, market salary and compensation structure in India | High | |
Amazon | $123k | $146k | $162k |
$160k | $195k | $218k | |
$145k | $170k | $202k | |
Microsoft | $119k | $142k | $173k |
Yes, product management is currently one of the best-paying jobs in technology companies. But the best part of the job is not the money. The true reward of being a product manager comes from making ideas a reality.
Keep reading:
Product manager resume templates
Interested in learning more about becoming a product manager? Check out our library of product management guides.
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FAQs
How much do you make as a product manager? ›
In general, entry-level positions that require less than 2 years of experience on average earn US$74,000, 6-10 years earn US$117,000, and 15+ years earn US$154,000.
Do product managers make more than project managers? ›Generally, product managers make more than project managers in the US. The average product manager's salary in the US is $111,755 a year, while a project manager in the US makes an average salary of $87,637, according to August 2021 data from Glassdoor.
Which company gives highest salary to product manager? ›- Google Product Manager Salary - ₹56.1 Lakhs per year.
- Go-Jek Product Manager Salary - ₹45.5 Lakhs per year.
- Adobe Product Manager Salary - ₹43.7 Lakhs per year.
- Salesforce Product Manager Salary - ₹39.6 Lakhs per year.
One thing that can come into the equation when deciding who a company needs is salary. That can affect annual budgets and profit margins. A product owner makes on average $110K US per year and the product manager starts at $112K US. Learn more about product manager roles and salaries in this guide.
Why is product manager salary so high? ›Some fast growing industries, especially those depending upon technology, have a higher demand for product managers, thus are more likely to pay higher salaries to feed such demand.
How do you negotiate a product manager salary? ›The three keys to how to negotiate a product management salary are: 1. know your value as a candidate, 2. Understand the industry norms, and 3. have a clear idea of what you want going in. Negotiating your pay ensures that you are compensated fairly for your credentials and duties.
Is product manager a stressful job? ›Product Manager Work Environment
A product manager's work environment can be hectic and stressful. This management position requires you to conduct decision-making, problem-solving, and management tasks.
However, in a large organization, a chief product officer is the most senior product expert responsible for the product teams, processes, and delivery of tasks. They manage multiple product managers and oversee product strategy, product architecture, and end-to-end product execution.
Is PMO higher than project manager? ›The Project Manager's role is higher than that of PMO and the PMO works under the Project Manager.
Is product manager well paid? ›Product management is a well-paid job and has a high level of job satisfaction. The product manager's salary is primarily based on years of experience, job location and skills. The average annual salary for product managers can range from $61,000 to $200,000 per year.
How much does a product manager makes at Google? ›
The average Google Product Manager earns $198,742 annually, which includes a base salary of $158,757 with a $39,985 bonus. This total compensation is $82,797 more than the US average for a Product Manager. Product Manager salaries at Google can range from $118,000 - $505,555 with equity ranging from 0-100K+.
Who gets paid more product manager or engineer? ›Depending on who you ask, product managers earn more than software engineers and vice versa. Keep in mind that experience, tenure, and industry all impact whether one role makes more money than another and vice versa.
Who gets paid more Scrum Master or product manager? ›In summary, Product Owner has a higher average starting salary, but by a very small amount. So feel free to go with either role based on what you want to be.
How old is the average product manager? ›The average age of an employed product manager is 38 years old.
What is the hardest thing about being a product manager? ›What's the hardest part of product management? Our research shows that the hardest parts of the job for many product managers are organizational comms, managing deadlines, team alignment, and balancing different responsibilities.
How high is too high when negotiating salary? ›Start with a figure that's no more than 10-20% above their initial offer. Remember, you're applying for entry level, and you shouldn't expect something on the higher range. Consider negotiating lower if 10-20% places you above the average.
How much do product managers make at Amazon? ›The average Amazon Product Manager earns $148,688 annually, which includes a base salary of $114,494 with a $34,194 bonus. This total compensation is $32,743 more than the US average for a Product Manager. Product Manager salaries at Amazon can range from $57,500 - $205,000 with equity ranging from 0-100K+.
Do product managers get bonuses? ›Nonetheless, 80% of product managers and marketers receive a bonus, about 10% of base salary. These are typically based on company profit (67% of survey respondents), achieving personal goals and objectives (37%), and product revenue (26%).
Why do product managers quit? ›#1 Bad Company Management and Leadership
“People don't leave companies, people leave managers,” one product manager cleverly concluded in our poll, and most product managers seem to agree. Bad company management and leadership got 431 votes which clearly makes it the number one reason why PMs leave their jobs.
Product management is a unique career path in that it involves a broad set of skills and competencies. We believe that all types of personalities can thrive in product management roles if they elect to invest time into finding their strengths.
What does a product manager do all day? ›
Part of a product manager's responsibilities is to search out, gather, handle, and prioritize customer needs and wants. Knowing the market requirements is key to a successful product. They need to understand why customers buy products as well as what the competition is doing.
What is the next level after product manager? ›Chief Product Officer
If your organization has a CPO, that might be the next logical step for an experienced VP of Product. Chief Product Officer is either an expanded variation of the VP of Product role or one that oversees many VPs of product rolling up to one product leader.
CPO / Chief Product Officer
A Chief Product Officer (CPO) is the most senior product person in an organisation. They usually manage more than one team of product managers and represent product in the C-suite or management team.
Some organizations use job titles such as “offering manager” or “solutions manager” to describe roles that include product management work. Depending on the product development methodology that your company uses, there may be even more title variation.
What are the 3 types of PMO? ›Different types of PMO
In order of least support to most support, the three general types of PMO are Supportive, Controlling and Directive.
Project managers might go on to become senior project managers, directors, or even vice presidents and other executives. There's no one way to become a project manager.
What type of project manager makes the most money? ›- IT Project Manager. Information technology is one of the highest grossing fields in general, and the role of the It project manager is no exception. ...
- Engineering Project Manager. ...
- Marketing Project Manager. ...
- Construction Project Manager. ...
- Health Services Project Manager.
Product managers work full time, usually more than 40 hours per week. They often work longer hours that extend into evenings and weekends, particularly when there are deadlines approaching. They spend time on computers, conducting research, and reading and writing reports.
Is product manager really a manager? ›A product manager (PM) is a professional role that is responsible for the development of products for an organization, known as the practice of product management. Product managers own the product strategy behind a product (physical or digital), specify its functional requirements, and manage feature releases.
Are product managers paid less than engineers? ›Is a product manager paid more than a software engineer? Certainly, Product Managers get paid more as compared to Software Engineers. Let's understand the role of a Product Manager first. A product manager is a professional role that is responsible for the development of products for an organization.
How much does a L4 make at Google? ›
$225,957. The estimated total pay for a Software Engineer L4 at Google is $225,957 per year.
How much does L5 make at Google? ›Google L5 Software Engineer Salary | $265K-$400K+ | Levels.
How much do product managers make at Faang? ›The average senior product manager salary is is around $146,000/year. Senior Product Managers at FAANG companies can be paid $250,000+/year and will almost always be offered stock options packages between $40,000 - $200,000/year.
Is it better to be a PM or software engineer? ›If writing elegant code is your true passion, then becoming a SWE is the way to go. On the flip side, if you want more variety and wish to take on tasks beyond software development, then the PM role would likely be a better fit.
How much do product managers make compared to software engineers? ›The average salary for a product manager is $98,439 per year, while the average salary for a software engineer is $106,619 per year. Both of these salaries can vary depending on the size of the company, the location of the job and the level of experience the employee has.
Is a product manager more senior than a Product Owner? ›In practice, product managers play a more strategic role. They outline and roadmap the product management process throughout the product lifecycle with larger organizational goals in mind. On the other hand, product owners play a more tactical role, focusing on short-term fulfillment.
Is a scrum master the same as a product manager? ›The product manager and scrum master both serve in supporting roles to the product's success, and each specializes in different parts of product management. The product manager is accountable for market success, while the scrum master ensures that the team follows the scrum process to achieve product success.
Is a Product Owner the same as a product manager? ›Product managers are strategic. They focus on the product's vision, company objectives, and the market. Product owners (which you'll find typically in agile organizations) are more tactical.
› blog › h... ›Product Manager Salary: How Much do PMs Make?
Product Manager - Role, Responsibility, Skills and Salary
Product Manager Salary: Your Guide to How You Should Be Paid
Product management is a well-paid job and has a high level of job satisfaction. The product manager's salary is primarily based on years of experience, job location and skills. The average annual salary for product managers can range from $61,000 to $200,000 per year.
Is product management a good career? ›
The young job aspirants having the doubt “Is product management a good career in India?” should be clear that it definitely is a very good option. There is an ample number of employers, and today in almost every company, there is a requirement for product managers.
Is product manager a good career choice? ›The salaries are generous, the perks are good, the work is rewarding, and the position is in high demand; if that sounds good to you then, yes, Product Manager is a good career.
Is it stressful being a product manager? ›Every day is different for a product manager. If you like structure and planned sprints for your tasks, product management may be an unpleasant and stressful job for you!
What is the hardest thing about being a product manager? ›What's the hardest part of product management? Our research shows that the hardest parts of the job for many product managers are organizational comms, managing deadlines, team alignment, and balancing different responsibilities.
How many hours per week do product managers work? ›Product managers work full time, usually more than 40 hours per week. They often work longer hours that extend into evenings and weekends, particularly when there are deadlines approaching. They spend time on computers, conducting research, and reading and writing reports.
How much does a product manager makes at Google? ›The average Google Product Manager earns $198,742 annually, which includes a base salary of $158,757 with a $39,985 bonus. This total compensation is $82,797 more than the US average for a Product Manager. Product Manager salaries at Google can range from $118,000 - $505,555 with equity ranging from 0-100K+.
How old are most product managers? ›The average age of an employed product manager is 38 years old.
What is higher than a product manager? ›However, in a large organization, a chief product officer is the most senior product expert responsible for the product teams, processes, and delivery of tasks. They manage multiple product managers and oversee product strategy, product architecture, and end-to-end product execution.
Are product managers happy? ›Product managers are happy at work (for the most part)
And this happiness isn't limited to their current work of the moment or specific role. Looking into the future, 92% of product managers are happy and want to stick with the field in their next job as well.
Generally speaking, I've noticed that most product managers aim for about 50 hours per week. Now that you've estimated your weekly bandwidth, block out your time over the next week with “free” calendar events. For each block of time, determine what objectives you will achieve in that period of time.
Is product manager a high position? ›
Product managers are mid-level roles. While you don't necessarily have to have a direct product management background, you should have professional experience and demonstrable skills in communication, leadership, and strategy. Product managers are responsible for the strategy, roadmap, and features of a product.
Do I need an MBA to be a product manager? ›An MBA is not a requirement for landing a job as a product manager. However, due to current demand and high pay, more professionals will likely enter the field in the coming years, and employers may become more selective in their hiring processes.
Why do product managers quit? ›#1 Bad Company Management and Leadership
“People don't leave companies, people leave managers,” one product manager cleverly concluded in our poll, and most product managers seem to agree. Bad company management and leadership got 431 votes which clearly makes it the number one reason why PMs leave their jobs.
It's not uncommon for product managers to work 50, 60, or even 70 hours per week. To-dos pile up and speed is of the essence, so work often spills over into nights and even weekends. The extra hours can help finish an urgent project, but often leave people feeling burnt out and unfulfilled.
What does a product manager do all day? ›Part of a product manager's responsibilities is to search out, gather, handle, and prioritize customer needs and wants. Knowing the market requirements is key to a successful product. They need to understand why customers buy products as well as what the competition is doing.