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‘If loving each other is the job, then a happy life is the salary.’
Well, let’s face it, More often than not, high salaries improve productivity.
It incentivizes us to buckle down on tasks and increase the employee’s potential overall.
We will talk about the salaries of product managers today.
Also, they are paid handsomely for their contribution.
Are you a budding Product Manager and wondering how much you can potentially make in the field?
You have come to just the right place.
The opportunities for product managers have shown staggering growth in recent times.
It’s not just the jobs we are talking about.
The salaries are also on the increase by leaps and bounds.
Product managers are amongst the highest-paid professionals in the United States. That’s right.
This blog will make you bounce with joy.
We will answer one of your most recurring questions: ‘How much does a Product Manager make in the USA.’
Why are Product Managers Important?
Let’s first understand ‘why do companies need product managers?’
Marissa Mayer rightly said, ‘Product management is the fusion between technology and business.’
They are the most significant contributors to the product journey.
Product managers are responsible for a product’s strategy, roadmap, and execution.
They work with cross-functional teams to bring a product to market and drive growth.
As such, we can go on and on about the centrality of their role.
The role of the product manager is becoming increasingly important as companies invest more in product development.
With this, It’s hard to steer clear of the compensation for their work.
As a result, the product managers’ salaries are constantly rising.
Some General Statistics
Organizations look for ways to optimize their product offerings as the economy rebounds from the pandemic.
They are looking to improve their organizational structure.
To ensure this, they need product managers.
Some recent trends show how fast the demand for product managers is growing.
The sectors that have seen the highest percentage increases in demand for product managers are:
This is likely due to the increased complexity of products in these sectors.
Also, the need for businesses to have someone who can oversee all aspects of product development.
So why is this?
There are a few possible explanations.
- First, as the world becomes more complex, businesses require more people with the skills to manage products. Ensure that they meet customer needs.
- Additionally, the role of the product manager has become more critical as companies now rely on product managers. They oversee the development and launch of new products, which shape strategy and drive growth.
The percentage growth in demand for product managers will grow by 7% from 2021 to 2022.
The continued growth of the tech industry drives this demand.
Additionally, the need for experienced professionals to manage product development and launch also contributes.
The digital economy has grown over the years, and it is increasing the demand for product managers.
They can navigate the ever-changing landscape of the internet and mobile applications.
Let’s take you through the mind-blowing statistics.
- The U.S. Bureau of Labor Statistics
The job market for product managers will grow by 7% from 2019 to 2029.
Moreover, the average salary of a Product Manager is roughly around $120,540 per year across the states.
- A recent study by PeoplePerHour.com
They found that the average salary for a product manager will increase by 4% in 2022.
- According to data from PayScale
This source denotes that the median salary for a product manager in the United States is $105,000.
As of January 2022, this figure will likely rise to $118 000 by 2023.
This data is good news for those looking to enter the field as freshers.
It indicates that demand for product managers is on the rise.
So, what does this mean for the average person working as a product manager today?
Let’s take a look.
The average salary for a product manager will continue to rise in the coming years, reaching an average of $173,000 by 2022.
It is due to the increasing demand for product managers as more and more companies move to digital-first strategies.
Let’s examine the critical factors affecting the product manager’s salary.
Factors That Affect the Product Manager’s Salary
- The size of the company. In general, larger companies tend to pay higher salaries than smaller companies.
- Type of industry. Product managers in the tech industry tend to earn more than in other sectors.
- The location. The cost of living in a particular city can also affect the salary. Product managers in San Francisco and New York typically earn more than product managers in other cities.
- The experience. A product manager with more experience typically earns a higher salary than one with less experience. Additionally, product managers in Silicon Valley and other major tech hubs usually make more than those in other parts of the country.
As organizations adopt the digital model, the demand for product managers will continue to rise.
This rise makes it an excellent career choice for those looking to enter the field.
So if you want to become a product manager or are already one, your salary will likely increase in the next few years.
What Education Do You Need To Be a Product Manager?
‘First, you learn, and only then do you take away the L.’
Sure the field is highly lucrative, but How do you take the first step?
Let’s look at that,
To be a product manager:
- You will need at least a bachelor’s degree, though many companies prefer candidates with an MBA or master’s degree.
- Additionally, you will need several years of experience in related fields. Such as marketing, business, or engineering.
- Strong analytical, problem-solving, and communication skills are also essential for success in this role.
- Sometimes even experience in product development, marketing, and project management help.
Why Are Product Managers’ Salaries So Good?
Product managers are some of the tech industry’s most in-demand and highest-paid professionals.
But, you must be wondering, ‘Why product managers?’
Why is there such a sharp rise in their demands and salaries?
Let’s dig into some primary reasons:
Five main factors contribute to the high salaries of product managers.
- Firstly, a product manager’s role is critical to a tech product’s success. They are responsible for defining the strategy, collaborating with various teams, and conducting constant research.
- Secondly, the skillset of a product manager is very valuable. They need to understand technology, marketing, and product development deeply. They also need to communicate effectively and work well with different teams.
- Thirdly, the demand for product managers is high. With the growth of the tech industry, there are more and more companies that need product managers to help them develop and launch new products.
- Fourthly, product management is a relatively new field, so there is still a lot of demand for qualified product managers. The higher the experience, the higher compensation paid.
- Finally, product management is an expanding field, so there are many opportunities for career advancement.
Product managers are responsible for a product’s success or failure.
They are the ones who conceive of a product and shepherd it through development.
Then bring it to market.
It’s a demanding job that requires a deep understanding of technology and business.
What Are the Product Managers’ Salaries in the United States?
Now let’s dig into a few recent figures.
Senior Product Manager Salary
Senior Product Managers in the United States typically have at least five years of experience in product management roles.
- They are responsible for overseeing the development and launch of new products.
- Managing the day-to-day operations of existing products.
- Senior Product Managers report to the Vice President of Product Management or the Chief Product Officer.
The average salary for a Senior Product Manager in the United States is $142,842 annually.
Their salary is significantly higher than the average for all other job titles in the United States, which is $51,461 per year.
However, as we mentioned earlier, salaries can vary greatly depending on experience, location, and other factors.
For example, a senior product manager with 5-10 years of experience can expect an average salary of $120,000.
If a senior product manager with 10-20 years of experience, they can expect an average salary of $175,000.
The location also plays a role in senior product manager salaries, with those in New York and California typically earning the most.
Junior Product Manager Salary
Junior Product Managers:
- Must have a solid understanding of the product development process.
- Be able to handle multiple tasks simultaneously.
- They must work collaboratively with other departments within the company, such as marketing, sales, and engineering.
- They must be able to communicate effectively with both customers and stakeholders.
The average junior product manager salary in the United States is $85,000 annually.
However, salaries can range from $60,000 to $110,000 per year.
The range is dependent on:
- Company size
Technical Product Manager Salary
Technical product managers are responsible for:
- Planning, developing and launching new products.
- They work with engineering, marketing, and sales teams.
- They ensure that products meet customer needs and are successful in the marketplace.
Technical product managers typically have a bachelor’s degree in engineering, business, or a related field.
Many also have experience working in product management, engineering, or marketing.
The median annual salary for technical product managers is $130,000.
Associate Product Manager Salary
An associate product manager is responsible for:
- The success of a product or service.
Associate Product Managers typically have a bachelor’s degree in business, marketing, or a related field.
They may also have experience working in product management or a related field.
Associate product manager salary varies depending on the company, product size, and geographical location.
The median salary for an Associate product manager is $85,000.
However, salaries can range from $75,000 to $95,000 per year.
Average Product Manager Salary
Based on all the data, the intermediate product manager’s salary in 2022 is about $106,000 yearly.
Remember that this is just an average; some product managers will make more than this while others will earn less.
However, this is a good salary if you want to become a Product Manager.
Product Manager Salary In Different Cities Of the USA
You have read so far, so you have a rough idea about the country’s median Product Manager salary.
It’s time to get down to brass tracks.
Let’s take you through the average product manager salaries in different cities.
This average salary will vary depending on the product manager’s city.
Larger cities generally offer higher salaries.
For example, a product manager in New York City can expect to earn a salary of $120,000 per year.
On the other hand, a product manager in Los Angeles can expect to make a salary of $111,000 per year.
Average Product Manager Salaries Per State:
- San Francisco, California – $125,874/year
- Philadelphia, Pennsylvania – $118,673/year
- New York, New York – $117,707/year
- Chicago, Illinois – $116,033/year
- Atlanta, Georgia – $114,028/year
- Seattle, Washington – $113,716/year
- Austin, Texas – $111,248/year
- Houston, Texas – $107,739/year
- Dallas, Texas – $104,105/year
Product Manager Salary Ranges by Job Titles
A product manager’s salary can vary greatly depending on their job title and experience level.
Here is a quick breakdown of some standard product manager job titles and the corresponding salary ranges:
- Entry-level product manager: $50,000-$70,000
- Mid-level product manager: $75,000-$100,000
- Senior-level product manager: $110,000-$150,000
Of course, these are just general ranges. Your actual salary will depend on various factors.
But this should give you a good idea of what you can expect to earn as a product manager.
The job market for Product managers is constantly rising. With the strong trends, the salaries are also increasing.
So, if you are already a product manager, you have plenty of lucrative options.
If you are someone who intends to be the product manager, go ahead.
Venture into the market, do your research, and teach yourself the required skills.
You will be triumphant.
Product managers should continue developing their skills and knowledge to stay competitive in the job market.