Product management is one of the fastest-growing job roles in the world. The demand for project managers has doubled across these past five years, and it’s hard not to see why:
First off, PMs are the point people for all projects within a company. As such, they’re critical to every business operation today —their success is tied to the company’s success.
They aren’t just responsible for overseeing product development —they often take on both strategic and tactical decision-making as well.
In fact, one study found that companies with good project managers can expect a 34% increase in profits. So it’s no surprise that Glassdoor has ranked the product management position as the 10th best job in the US, with nearly 18,000 job listings at the time of this writing.
But what about the money?
How much do they actually make?
In an analysis of 40,711 salaries, Glassdoor found that product managers are earning an average base pay of $102,289 in the US. And the same happens all over the world —globally, they have an average salary of $120,000 – $150,000
Now, if we want to get specific, it turns out that there’s a lot that goes into determining how much a product manager makes —and it’s not just about how long they’ve been in the business or whether they have experience with certain technologies or products.
It also depends on where they live and what kind of company they work for.
To help you figure out just exactly how much you should be making as a product manager, I’m going to dive into what exactly a PM does and the salary breakdowns for each industry, experience level, and location.
Let’s get to it!
What’s the role of a Product Manager?
With the rise of AI and automation, businesses are looking for ways to keep up with their customers’ changing needs.
That’s where the product manager comes in.
The PM’s job is to listen to what customers want, understand how the market is evolving, and figure out how to respond by bringing products and services to the market that address those needs.
Product managers can take on many roles in the development process, including strategizing the product and its features, designing the product roadmap, pinpointing the product’s technical requirements, and creating and implementing its marketing strategy.
They are also responsible for making sure that all of these steps are carried out efficiently and effectively. In order to do this, PMs need to have a broad understanding of the business side of things as well as engineering and design.
In addition, product managers act as liaisons between their company’s leadership team (including executives) and other members of their organization who are responsible for implementing new or existing products into their companies’ processes or systems.
Breaking Down the Product Manager Salary By Experience
There’s no one-size-fits-all when it comes to product management salaries. But one thing is clear: experience matters.
This is pretty straightforward —if you’re applying for an entry-level position and have no prior experience, you shouldn’t expect to be making as much as someone who has been doing this type of work for years.
But as you gain more experience, you’ll likely move up to more senior positions with more responsibility and higher salaries.
This means that if you’re just starting out, you’ll probably have more opportunities to get your foot in the door than someone who’s been doing this for 10+ years.
Below I’ll break down the different levels of seniority and their corresponding job titles so that you can see how much money you can expect to make at each one.
Associate Product Manager
Within the current product management workforce, an associate product manager is a person who is still in the early stages of their career and will be working closely with a senior leader to learn the ropes of their specific industry.
They typically have about 2 to 3 years of experience, but some companies will hire you even if you have less experience, provided that you have a lot of experience in other relevant fields (like design or development).
The average salary of an associate product manager is $68,947 per year.
After 3 to 5 years as an associate product manager, you’ll have the necessary experience to enter a product manager role. That means you’ll have to take on more responsibility, which can include:
– Leading the team that works on your product’s features and interface.
– Communicating with clients and stakeholders.
The average salary of a product manager is $102,289 per year.
Senior Product Manager
You’ll need at least 5 to 8 years of experience in a full-time product management role before becoming a senior product manager. Normally, these are people who also hold a tech-related Master’s or Ph.D. —in fact, 45% of them do.
As a senior product manager, you’ll be responsible for overseeing the entire product development process from start to finish, including managing resources and making sure deadlines are met.
The average salary of a senior product manager is $187,895 per year.
Director of Product Management
To become a director of product management, you’ll need at least 7 years of professional experience in your field. In this role, you’ll be responsible for developing an overall strategy for the product line and ensuring that it’s executed on time and within budget.
You’ll also be in charge of identifying new opportunities to drive growth and revenue, as well as overseeing the design process for each new product
The average salary of a director of product management is $149,811 per year.
VP of Product Management
As the Vice President (VP) of Product Management, your job will be all about managing other people’s workflows and tasks.
You’ll be in charge of hiring the team who will build, market, and sell your product, train them, set goals and expectations, and more.
The average salary of a VP of product management is $172,192 per year.
Chief product officer (CPO)
CPOs have a broader scope of responsibilities: they oversee all aspects of product development from concept through launch and beyond. For example, they might manage multiple product lines or oversee multiple product managers on their teams.
They also have to think about how each new product will fit into the company’s overall strategy.
The average salary of a chief product officer is $259,680 per year.
Product Manager Salary By Location
The average salary of a product manager can also change depending on the location of the company.
The reason for this is that different locations have different costs of living, and therefore, different salaries.
Let’s take a look at some of these differences across the world:
Product manager salary in the U.S East Coast
Product manager salary in the U.S Midwest
Product manager salary in the U.S West Coast
The West region has lower earnings for product managers than any other area in the country; however:
Product manager salary in Australia West Coast
Product manager salary in Australia East Coast
Product Manager Salary By Industry
Product managers typically work in one of three areas: marketing, technology, and business.
- Marketing product managers are responsible for coming up with new ideas for products and services and then figuring out how to get those products into the hands of customers.
- Technology product managers work with the development teams behind a company’s software, hardware, or other technology products. They help develop a strategy for each product line, oversee its development process, and manage any teams that are working on that particular product line.
- Business product managers work with companies’ business units —such as sales teams or customer service teams— to make sure they’re developing products that meet the needs of their customers.
Each area has its own salary range and job opportunities, so it’s important to know what each industry looks like before you start your job search.
Let’s take a look:
Technical Product Manager salary
Technical product managers are a highly sought-after type of employee in the tech industry. In fact, 40% of product managers work in software.
They are responsible for overseeing the development process of a product, and they have to be able to understand both the most technical aspects of their products.
The average salary for a technical product manager is $116,699 per year.
Product Marketing Manager salary
Product Marketing Managers work in a variety of industries, including food and beverage, personal care, pharmaceuticals, technology, and many more. They are responsible for the development of customer-focused product marketing strategies that support sales and profit goals.
The average salary for a product marketing manager is $132,000 per year.
Growth Product Manager salary
Growth product managers are responsible for helping businesses grow by making new products, improving existing products, or identifying new markets. Their work can be challenging and rewarding, but it’s also highly competitive.
The average salary of a growth product manager is $120,000 per year.
Product Manager Salary By Company
Another factor that can affect product manager salaries is the company size.
In general, larger companies pay more to their product manager employees than smaller ones do. This is in part because there are more opportunities for advancement and more room for growth within a large company, which can lead to higher salaries.
So if you’re working for a small startup or business, your salary will probably be lower than if you were working for a large corporation like Google or Facebook.
The same is true of companies with less growth potential.
Companies that are growing quickly and have a lot of untapped potential, like Amazon and Microsoft, can afford to pay their employees more. In fact, they often do because it’s a good way to get the best talent on board and keep them there.
Amazon Product Manager salary
Amazon is one of the top companies to work for in the United States. It’s known for its fast-paced, innovative environment and its excellent benefits —including a great salary.
The average salary of an Amazon product manager is $213,882 per year.
Facebook Product Manager salary
Facebook is one of the biggest names in the tech industry, and it’s no surprise that the company has a large network of product managers.
It’s also no surprise that Facebook pays its product managers a pretty handsome salary for their work.
The average salary of a Facebook product manager is $170,000 per year.
Google Product Manager salary
Google is one of the most recognizable names in the world. It’s an internet powerhouse, and it’s not just a search engine —it’s also a web browser, an email service, a mobile operating system, and a whole lot more.
That means it’s one of the largest companies in the world, and its employees are paid accordingly.
The average salary of a Google product manager is $250,675 per year.
Microsoft Product Manager salary
Microsoft is one of the largest tech companies in the world, and it’s no wonder that its product managers are some of the highest-paid.
This job title can be found in a variety of roles across many departments, so you should expect to see quite a bit of variation in their product manager salary ranges.
The average Microsoft product manager salary is $209,629 per year.
Product management is a career that can be incredibly rewarding, especially if you find a position that aligns with your values and interests. It’s also a field that has a lot of room for growth and development.
While there are many factors that go into determining what an average product manager’s salary might look like, PMs are in high demand right now, which means there’s a high salary potential.
So if you’re looking to become a product manager, now is a great time to pursue this career path!