What is the Average Salary of a Product Manager?
As a customer, we come across a number of products every day. Some of them are improved versions of the existing products while others are entirely new. For example, Alexa by Amazon (voice assistants) is an entirely new product we didn’t know of before. While it is easy to judge a product by simply using it for a while, a whole lot of processes are involved before it is launched in the market. The efforts of an entire organization are put to develop a product from scratch and bring it to a final stage that is market-ready. Known as product management, it is basically a process that starts with an idea of a specific product a customer would need and ends with the assessment of the product’s success.
Unlike project management which is focused on a single part of the product lifecycle, product management unites product development, business, as well as sales and marketing departments. As you can infer, a product manager is an important role in this field. As Hubspot explains, a product manager is someone who helps manage a product’s research, design, testing, and go-to-market strategy. Such a professional interacts with user design, engineering, marketing, as well as sales teams to take a product from its initial phase to launch successfully. As a product manager is responsible for the overall success of a product, he has to be knowledgeable in three major areas – business, technologies, and user experience.
Evidently, a product manager is a senior-level role that requires years of experience working in a specific industry. Do you wonder how much is the product manager salary? Read on to find out!
Insights on Product Manager Salary
Being such an important position of an organization, it goes without saying that product managers must be commanding high salaries across the world. Here we look at the salaries of product managers across major countries based on their experience levels. (All the salary figures are taken from Payscale.com)
The average base pay of a product manager in India is Rs. 1,741K per annum. Here are the salary figures based on years of experience:
- Entry-level (1 to 4 years experience) – Rs. 1313K
- Mid-career (5 to 9 years experience) – Rs. 1776K
- Senior-level (over 10 years experience) – Rs. 2116K
Some of the top skills that affect the salary of product managers in India are machine learning, strategic planning, competitive analysis, data analysis, and agile software development.
The median base pay of a product manager in the US is $100K per year. Here are the salary figures based on years of experience:
- Entry-level (1 to 4 years experience) – $95K
- Mid-career (5 to 9 years experience) – $107K
- Senior-level (over 10 years experience) – $114K
Some of the top skills that affect the salary of product managers in the US are IT Security and Infrastructure, IT consulting, big data analytics, enterprise solutions, and machine learning.
Product managers in the UK earn an average annual salary of £53,797. Here are the salary figures based on years of experience:
- Entry-level (1 to 4 years experience) – £50,297
- Mid-career (5 to 9 years experience) – £59,843
- Senior-level (over 10 years experience) – £62,178
Here are the top skills that are highly paid for product manager designation – machine learning, product management, business analysis, business strategy, and agile software development.
Product managers working in Singapore command an average base pay of S$120K per annum. Here are the salary figures based on years of experience:
- Entry-level (1 to 4 years experience) – S$99K
- Mid-career (5 to 9 years experience) – S$118K
- Senior-level (over 10 years experience) – S$128K
Product marketing, product development, agile software development, data analysis, and strategic planning are the top skills influencing the salary prospects of a product manager.
Australian product managers earn an average compensation of AU$130,981 per annum. Here are the salary figures based on years of experience:
- Entry-level (1 to 4 years experience) – AU$111K
- Mid-career (5 to 9 years experience) – AU$131K
- Senior-level (over 10 years experience) – AU$145K
Business Strategy, agile software development, product development, marketing management, and product marketing are the key skills that affect the salaries of product managers in Australia.
Looking at the above figures, you can conclude that product managers have bright salary prospects across countries. Apart from salary prospects, their demand is also high in this time of digital transformation. In fact, surveys have pointed out that talented product managers can contribute to increasing an organization’s profit by around 34.2%. As such, companies would surely want to hire seasoned product managers and bring state-of-the-art solutions to the market.
Now is the right time to enter the field of product management. You can take an online training course to build a strong foundation in this subject. Learning from the industry experts that also at the comfort of your home will help you gain a clear understanding of all its concepts. Some of the reliable edtech platforms are Simplilearn, Coursera, Udacity, LinkedIn Learning, and edX. Head over to any of these websites and find a course to learn product management from scratch.