Product Manager Salary 2022

Currently, a trendy job, the product manager role, is offered lucrative salaries worldwide. If you have the right certifications, tech giants like Amazon and Facebook will instantly hire you. 

Introduction Product Manager Salary

Product management, as a course, has been in the limelight for some time now because of its prestige and earning potential for candidates pursuing this course. The role of a product manager is divided into various parts- be it product sales or product pricing. But, a common question that arises in the minds of the aspiring candidates related to the product management course is what are the prospects and the expected salary they can expect after completing the course. We will talk about everything related to a product manager’s salary and relevant skills required to be a product manager, but let’s first learn about what actually, does product management mean.

Meaning of Product management

Product management refers to the process of overseeing and managing the production and development of the product from its infancy till the time it is produced. It not only ends here; product management also involves marketing and sales promotion of the relevant product before its launch. To summarise this in simple words, product management refers to managing the product life cycle and involves everything that one finds important in a product.  Candidates pursuing Product management are initially drawn to this course just because of the large number of prospects and the lucrative salary it provides to those who have the relevant skills in this field of education. An innumerable number of vacancies are opening up, and big multinational companies hire freshers and experienced professionals to be a part of their product management team by rewarding them handsomely in the form of remuneration and by providing them various perquisites, bonuses, and other employee benefits. 

But lucrative salaries depend upon the relevant skills. Product manager salary depends on the product manager’s skills, relevant years of experience he holds in this field of work, and in which firm or company he has worked in the past few years. If a product manager has an experience of more than ten years in a big multinational company, He would be rewarded with a much higher salary than compared to a product manager who has ten years of experience in a large or a mid-sized firm. Now, let’s take a look at the eligibility criteria to become a product manager.

The eligibility criteria of a product manager

Let’s take a look at the criteria you need to fulfil to call yourself a ‘ Product manager.”

• The candidate should have completed his higher education (10+2), and he should have completed a relevant degree related to a bachelor’s or master’s( if possible) in the field of business admiration, or even in finance, economics, engineering, or preferably marketing to have a strong base of knowledge regarding the field. This is also the primary criteria that you need to have under your CV to become a product manager.

• The candidate should have a sufficient amount of experience, which ranges to anywhere between three to five years of experience in the field of development of a product, Product life cycle, designing of the product, or the marketing and advertisement of the product. A professional who has worked in big firms will be rewarded with a much more lucrative salary than someone who has been working in an average mid-sized firm.

• The candidate should be well versed with Microsoft software such as excel, google sheets and other relevant software according to the needs and requirements. 

• The candidate should have the required set of skills in time management. He should be capable of managing deadlines and working to the best of his capabilities. A product manager’s skills require him to manage work pressure and ensure targets are met within the stipulated time.

Now, let’s take a look at the average industry estimated salary you can expect as a product manager.

The average salary of a product manager

Industry estimates suggest that a product manager gets a sufficient amount of remuneration to be termed a high-paying white-collar job. Product managers from the industry working in different cities in India have stated their salaries, and from those estimates, it was found that the average salary of a Product Manager in India is about seventeen lakhs per year. You have to keep in mind that this is the average salary of product managers. Some product managers working in remote areas or towns have reported getting salaries just as much as six to seven lakhs, which amounts to about ten to fifteen per cent of the product managers working across India getting this amount of salary.

On the other hand, some senior product managers who have a vast experience in the field of product management, for about ten to fifteen years in big multinationals in the metropolitan cities, have reported being getting as much as twenty-five to thirty lakhs, along with bonuses and perquisites. A total of fifty to sixty per cent of product managers have reported getting a salary in this range. If you google product manager salary, You will find various opinions about professionals employed for a long time in this industry to give you a brief overview of the salary estimates; they would suggest an average salary of fourteen to fifteen lakhs in the big companies where small mid-sized firms or firms situated in towns report to be getting salaries in the range of six to eight lakhs.

Now, let’s look at the different kinds of product managers’ salaries in India.

Average salaries of different kinds of product managers in India

Product managers’ work is divided into different departments and functions in the hierarchy of large organisations. Let’s take a look at the average salaries of different kinds of product managers and salaries of product managers in the world’s biggest multinational firms in India.

• Product marketing manager salary:  The average salary of a Product marketing manager in India, according to various estimates reported from product marketing managers across India, stand at about fifteen lakhs. Although some product marketing managers have reported getting around eight to nine lakhs in mid-sized firms, some experienced product marketing managers with experience of ten to fifteen years have reported getting a salary as much as thirty lakhs plus bonuses and a share in the profits of the firm.

• Associate Product Manager salary: The average salary of an associate product manager in India, who is generally lower in position than a product manager in terms of hierarchy in an organisation, is generally about eleven to twelve lakhs. The difference is quite evident in the average salaries of a Product Manager and an associate product manager. Some associate managers in remote or small towns and working in small-sized firms have reported getting remuneration of as little as six to seven lakhs. It is considered a small amount because of the kind of work an associate product manager does, such as involving himself in product sales and product pricing; an amount of six to seven lakhs might seem less. However, some experienced associate Product managers have reported getting a salary of around fourteen or fifteen lakhs with bonuses.

• Amazon Product manager salary in India: When it comes to big companies, Amazon is one of the biggest of them all. Only Highly qualified product managers with expert-level skills and proficiency in working for longer hours with higher efficiency get an opportunity to work for Amazon as a Product Manager. The average salary of a Product Manager working for amazon in India is somewhere about thirty-five lakhs, which is considered to be the highest average salary for a product manager in India. Although some of the product managers do report getting a salary of about twenty to twenty-two lakhs, it is still a huge figure compared to the industry average. 
• Some experienced product managers, such as senior product managers of amazon salary is nothing less than a staggering amount of fifty to fifty-five lakhs plus bonuses which is considered the industry’s highest in India. Their experience varies from fifteen to twenty years, and they have vast knowledge about the market and the industry, which is why such professionals are rewarded with huge remuneration.

• Facebook product manager salary: The average salary of a Product manager employed on Facebook is huge. According to the industry estimates, the product manager of Facebook in India earns thirty lakhs plus perquisites and bonuses, which is somewhat on par with what Amazon pays their product managers. Although highly experienced and expert professionals in this industry working with Facebook earn quite a hefty amount of fifty lakhs plus a share in the profits of the company. They are highly specialised in designing and marketing the product or services, which is why product managers of Facebook attract a lucrative salary to their paygrade. 

• Technical Product Manager salary: The average salary of a technical product manager in India generally stands for about eighteen to nineteen lakhs plus bonuses, which is slightly higher than the industry average for a product manager. Although some Technical Product managers who are freshers or have an experience of fewer than five years draw a salary of twelve to fourteen lakhs around metropolitan cities in India, Highly experienced technical product managers who have an experience of ten to fifteen years in their field of work, draw a salary of about thirty to thirty-five lakhs, which is reported to be the salary range of fifty per cent of technical product managers with that level of experience in their field of work.

• Director of Product management salary: The average salary of a director of Product management in India, according to various estimates, stands at twenty-five to thirty lakhs, including a bonus and several other benefits. Although some directors of product management have reported being receiving salaries less than the average amount stated here but some directors in product management, who have a ton of experience in the sector and are experts in their fields, have reported being receiving as much as eighty to ninety lakhs, because they have an experience of over twenty years in the market.

Now let’s take a look at the factors affecting a product manager’s income in India.

Factors affecting the salary of a Product Manager in India 

• Size of company: 

The larger the size of the firm or its scale of operations, the higher will be your salary because large organisations require extremely skilled personnel.

• Experience of the employee: 

The more the experience of the Product Manager, The higher will be his paygrade in terms of salary and other benefits. A product manager with an experience of more than twenty years will attract a higher salary than a product manager who has an experience of more than ten years.

• Location of the firm: 

Location is an important aspect in deciding the salary. A firm located in a metropolitan city will attract a higher salary to its product managers than a firm which is situated in a town or a remote area because the standard of living and daily expenses incurred are much more in a city than compared in a town area.

• Skills:

It is the most important of them all. If a Product Manager has the required skill set, he can attract an unimaginable salary that could be even worth crores, with relevant experience. But a product manager who doesn’t have the relevant skills might be paid very less, according to industry estimates.

Conclusion

Product managers are involved in a lot of tasks such as product sales, product pricing, and overseeing the product life cycle. The Product manager job description requires them to be skilled in a lot of tasks, making them versatile in their role in the organisation.

We are sure that with this blog, we could make you understand “What is product management” and the eligibility criteria required to become one. We have also discussed the most lucrative part of being a Product manager- The enormous amount of salaries that a product manager can expect with the relevant skills. Any candidate wishing to make a prosperous career in this field can enrol in the Product management course to become a Product manager and live a life of comfort and luxury, thanks to the gigantic salaries a product manager offers.