Product Manager Salary: A Comprehensive Guide (2021)

Introduction

Wondering what a good product manager salary is in 2020?

Here is the advice you’re waiting for. Planning any career path can be intimidating because there are so many opportunities inside product management for jobs, roles, and markets that it can be difficult to see where to proceed.

This handy guide has tips for anywhere you are on your career’s road map, including those just starting, those in mid-level roles seeking to enhance their job, and those wanting to develop and expand on their skills. The product manager’s compensation detail in this guide will help you make an educated decision on the next phase in your career.

1. Who is a Product Manager?
2. Responsibilities of the product manager
3. The qualities that a product manager wants to thrive
4. Types of product managers
5. Product Manager Salary: How Much does a product manager make?
6. Factors which affect product manager salary in India

1. Who is a Product Manager?

The product manager is the one who identifies the customer’s expectations and the overall market goals that the product or feature can achieve articulates what the product’s potential feels like and puts the team together to make the goal a reality.

There is a lot of variation in the day-to-day routine of a product manager, but one common theme is the emphasis on developing and launching products. Project management roles may overlap with the duties of project managers in terms of meeting deadlines and remaining under budget, as well as the distribution of resources and leading the product team to ensure that products are seen across product releases.

2. Responsibilities of the product manager

1. Some several businesses and sectors need product managers, including software, engineering, banking, technology, and more. It is also normal to start in one industry and switch to others over your career as preferences and industries shift.
2. They specify the research needed to collect consumer needs to identify and serve the interests of clients.
3. In large organizations, product managers are merged into teams of experts. Researchers, consultants, and advertisers help collect feedback as engineers and designers oversee day-to-day implementation, create ideas, evaluate concepts, and identify glitches. These product managers provide more support, but they still invest more time aligning these partners with a clear goal.
4. Provide insights and viewpoints on product portfolio preparation.
5. Prepare short-term and long-term commodity revenue predictions, analyses, and analyzes.

3. The qualities that a product manager wants to thrive

1. As the Product Manager, you are the repository maintainer with all product information. That means that you too should be the diffuser of all knowledge.

2. Spending time with users may be the most fulfilling aspect of the position of product management. It is also one of the most successful ways to gain product success. Customer satisfaction is one of the main drivers of success, after all.

3. If you’re going to be a great product manager, you’d better have serious people’s skills. Company and technological skills are critical, but you won’t be able to bring your product vision to fruition without equally good leadership and interpersonal skills.

4. Types of product managers

• The Tech Product Manager: The Tech Product Manager is one of the easy-to-understand working names. Many businesses also have both a business-oriented product manager and a technical product manager; one boss who can address ‘why and ‘what’ and one who can answer ‘how The focus is the same as with any product manager-to maintain consumer focus, to push a vision, and to ensure that the product meets the demands of the customers. This could mean that they have less time to devote to other aspects of the product.

• The Data/Analytics Product Manager: A Data Product Manager would be more adept at managing and evaluating data. They may work more closely with data scientists, or in a small start-up where manpower is thin on the field, they may take on the role of a data scientist. Data Product Management is a perfect career opportunity for someone who loves to deal with numbers.

• The Product Marketing Manager: A Product Marketing Manager is not interested in how the product is designed and is likely to spend less time collaborating with developers on glitches and road maps. The day-to-day Product Marketing Manager will typically entail the development of case studies of online advertising press conferences on product research and the coordination of the overall marketing staff. They are now known to be the consumer’s voice within the product team and can perform customer analysis and arrange focus groups. The ideal move for marketing professionals to break into the product can be a Product Marketing Manager job.

• The Growth Product Manager: They may concentrate on every point in the life cycle of the product. By possessing a metric rather than an entire commodity, the Growth PM performs a sequence of short-term tests, operating on a micro rather than a macro basis. They focus less on the life of on product, and more on improving a certain business metric. While all PMs keep their goals in line with those of the business as a whole, this will be a Growth PM’s primary focus.

5. Product Manager Salary: How Much does a product manager make?

The national average product manager salary varies by country.

• Canada: $106,591
• Germany: $125,582
• Australia: $105,814
• Netherlan7ds: $107,880
• Switzerland: $148,786
• UK: $117,340
• US: $145,616
• India: ₹ 16,69,290

Salary also varies in different regions of each country. Places, where product managers are more in-demand, tend to offer more money than other areas.

Now if we talk about the average salary of product managers according to their position in the company, here is some more numbers that could give you a clearer image of the situation.

• Director of product management salary
   
  • USA: $169,859
  • Canada: $130,596 CAD
  • UK: £96,651
  • India: ₹ 76,47,664
• Senior product manager salary
  • USA: $140,777
  • Canada: $103,626 CAD
  • UK: £66,609
  • India: ₹ 24,33,004
• Product owner salary
  • USA: $108,932
  • Canada: $76,573 CAD
  • UK: £53,119
  • India: ₹ 14,85,677
• Junior product manager salary
  • USA: $65,624
  • Canada: $61,060 CAD
  • UK: £32,128
  • India: ₹ 5,21,432
• Associate product manager salary
  • USA: $80,574
  • Canada: $51,500 CAD
  • UK: £28,812
  • India: ₹ 9,29,225
• IT product manager salary
  • USA: $130,785
  • Canada: $135,566 CAD
  • UK: £59,629
  • India: ₹ 15,60,000
• Product marketing manager salary
  • USA: $119,623
  • Canada: $77,080 CAD
  • UK: £50,192
  • India: ₹ 11,02,288
• New product development manager salary
  • USA: $100,843
  • Canada: $100,260 CAD
  • UK: £42,226
  • India: ₹10,39,270
• Chief Product Officer Salary
  • USA: $199,562
  • Canada: $115,050 CAD
  • UK: £69,560
  • India: ₹23,43,284

Overall, more senior positions have a higher salary.

Now here is the list of some well-known companies in India that offer the job of product manager with their salaries:

1.   Infosys – ₹ 17,14,662

2.   Wipro – ₹ 16,71,766

3.   IBM- ₹ 16,15,121

4.   Cognizant Technology Solutions – ₹ 17,78,064

5.   Tata Consultancy Services – ₹ 14,90,881

6.   Tech Mahindra – ₹ 14,89,985

7. HCL Technologies – ₹ 14,89,805

6. Factors which affect product manager salary in India

1. The more experience you have the greater the ability to grasp the roadblocks and provide fast bug fixes. A mixture of expertise and organization will be presented with wages and jobs that will continue to build a name.
2. The essential knowledge you have the greater the ability to learn. 
3. The position of product management is vital to the survival of a company because it manages the production and performance of the product on which the organization depends.

Conclusion:

There is a great deal of demand for product managers in the industry. Companies continue to deploy more and more products to succeed in this industry, and they cannot do that without talented product managers.

Product Manager Salary Details is also a valuable guide for evaluating your salary and role and deciding whether you are being paid for what you are worth.

Interested to learn all about Product Management from the best minds in the industry? Check out our Product Management Certification. This 6-month-long program takes place online through live instructor-led sessions. It is the only program in India that offers the ‘Bring Your Own Product (BYOP)’ feature so that learners can build their product idea into a full-blown product, and go through an entire Product Development lifecycle. Not only this, but this is the only program in India with a curriculum that conforms to the 5i Framework. Post completion, learners receive a joint certification from the Indian Institute of Management, Indore, and Jigsaw Academy.