A product manager is a professional who is responsible for identifying clients’ needs along with their business objectives and turning that vision into a reality. Their job role includes making a product strategy, managing its development roadmap, stating the functional and technical requirements, and launching the end product.
Furthermore, it includes developing a marketing strategy and initiating timely updates. With increasing digitization across every industrial sector, there is a high demand for product managers who can develop products as per the company’s needs. This has resulted in a high average product manager salary, creating lucrative career prospects for candidates belonging from an economics, business, or computer science background. Let’s learn more about product manager salaries with the help of this article.
Product Manager Salary in 2024
The standard product manager salary is around $1,47,061/annum. However, it tends to change depending on various factors. They are as follows:
1. Product Manager Salary: Based on Experience
With experience, individuals tend to gain knowledge and skills, which can come in really handy when dealing with critical situations. Here is the standard product manager salary based on the years of experience:
- Beginner: Junior product manager salary for candidates with working experience between 1 to 3 years is around $107,395 per annum.
- Intermediate: Intermediate candidates with 3 to 5 years of experience receive an average of $115,073 per annum.
- Advanced: Senior product manager salary packages for individuals having 7+ years of experience usually range around $138,865 yearly.
So, the higher your experience, more will be your product manager's salary. But, having a SAFe POPM certification is a must to enusre that you can handle the added responsibilities that come with becoming a senior.
2. Product Manager Salary: Based on Location
Now, the average product manager salary will also vary depending on the location. Here are the yearly packages you can expect across the top global IT destinations:
A. India
Product manager salaries for the top Indian cities are as follows:
City | Average Salary |
Bengaluru | ₹ 21.6 lakh/annum |
Mumbai | ₹ 13.2 lakh/annum |
New Delhi | ₹ 14.0 lakh/annum |
Gurgaon | ₹ 19.5 lakh/annum |
Hyderabad | ₹ 18.0 lakh/annum |
Pune | ₹ 15.0 lakh/annum |
Noida | ₹ 16.7 lakh/annum |
Chennai | ₹ 14.0 lakh/annum |
Ahmedabad | ₹ 10.0 lakh/annum |
Kolkata | ₹ 11.5 lakh/annum |
Head of product salary across the highest-paying Indian companies are:
Company | Average Salary |
Paytm | ₹24.6 lakh/annum |
ICICI Bank | ₹17.0 lakh/annum |
Axis Bank | ₹13.7 lakh/annum |
HDFC Bank | ₹12.3 lakh/annum |
ICICI Lombard General Insurance Company | ₹13.9 lakh/annum |
Kotak Mahindra Bank | ₹12.7 lakh/annum |
IDFC First Bank | ₹18.2 lakh/annum |
Publicis Sapient | ₹24.6 lakh/annum |
Reliance Jio | ₹19.6 lakh/annum |
Bajaj Finserv | ₹13.5 lakh/annum |
B. US
Here is the standard product manager salary in the top US cities:
City | Average Salary |
Chicago | $112,566/year |
Austin | $126,478/year |
San Francisco | $155,959/year |
San Jose | $143,908/year |
Washington | $123,849/year |
Atlanta | $112,408/year |
Seattle | $135,419/year |
New York | $121,041/year |
Dallas | $110,624/year |
Mentioned below is the approximate technical product manager salary for the top US-based employers:
Company | Average Salary |
Google | $2,76,659/annum |
Cisco Systems | $2,23,733/annum |
IBM | $1,29,114/annum |
Cognizant Technology Solutions | $1,04,548/annum |
Wipro | $1,15,118/annum |
Infosys | $1,17,790/annum |
Epic | $1,21,712/annum |
Meta | $2,62,570/annum |
Amazon | $2,30,239/annum |
Microsoft | $2,14,753/annum |
C. UK
Average associate product manager salary for the top cities across the UK are as follows:
City | Average Salary |
Leatherhead | £67,398/year |
London | £64,097/year |
Cambridge | £62,091/year |
Birmingham | £53,954/year |
Bristol | £53,663/year |
Manchester | £51,265/year |
Leeds | £50,913/year |
Leicester | £49,132/year |
Nottingham | £48,645/year |
Below are the yearly product manager salary packages of the top companies across the UK:
Company | Average Salary |
Meta | £1,20,000/annum |
Google | £1,00,000/annum |
Bloomberg L.P. | £1,40,932/annum |
J.P. Morgan | £85,742/annum |
Expedia Group | £76,338/annum |
Checkout.com | £73,000/annum |
American Express | £70,924/annum |
Just Eat Takeaway.com | £69,472/annum |
Babylon | £72,619/annum |
Thomson Reuters | £68,699/annum |
D. Australia
Approximate principal product manager salary across the top Australian cities are as follows:
City | Average Salary |
Canberra | $337,728/year |
Sydney | $139,019/year |
Brisbane | $119,487/year |
Macquarie Park | $144,089/year |
Melbourne | $132,085/year |
Sydney | $118,065/year |
Newcastle | $140,335/year |
Northern Beaches | $119,884/year |
Perth | $105,734/year |
The average product manager salary available across the highest paying Australian companies are:
Company | Average Salary |
Canva | A$1,45,000/annum |
Atlassian | A$1,39,634/annum |
Commonwealth Bank of Australia | A$1,27,500/annum |
WooliesX | A$1,55,000/annum |
Optus | A$1,43,045/annum |
WiseTech Global | A$1,63,000/annum |
Telstra | A$1,31,472/annum |
Zip Co | A$1,27,000/annum |
Equifax | A$1,35,850/annum |
Google | A$1,55,000/annum |
E. Canada
Average associate product manager salary in the top Canadian cities are as follows:
City | Average Salary |
Vancouver | $100,892/year |
Toronto | $98,742/year |
Winnipeg | $97,699/year |
Markham | $89,956/year |
Ottawa | $92,969/year |
Montreal | $96,901/year |
Calgary | $85,907/year |
Etobicoke | $82,293/year |
Mississauga | $76,029/year |
Here are the approximate product manager salaries offered by the top Canadian firms:
Company | Average Salary |
Bell | CA$85,138/annum |
TD | CA$1,12,069/annum |
TELUS | CA$92,155/annum |
BMO Financial Group | CA$1,00,000/annum |
Rogers Communications | CA$1,04,704/annum |
Scotiabank | CA$96,000/annum |
RBC | CA$99,148/annum |
IBM | CA$1,13,498/annum |
Loblaw Digital | CA$1,20,828/annum |
Shopify | CA$1,16,394/annum |
F. Singapore
The standard product manager salary across the top-paying cities in Singapore are:
City | Average Salary |
Raffles | $8,508/month |
Outram | $7,492/month |
Shenton Way | $6,102/month |
Tanjong Pagar | $7,736/month |
Tao Payoh | $7,489/month |
Clementi | $5,805/month |
Queenstown | $7,655/month |
Singapore | $7,011/month |
Ang Mo Kio | $5,580/month |
Here are the yearly product manager salaries offered by the highest-paying companies in Singapore:
Company | Average Salary |
Standard Chartered Bank | $110,000/annum |
Citi | $94,800/annum |
Mastercard | $122,500/annum |
Google | $12,750/month |
Dell Technologies | $14,167/month |
foodpanda | $8,167/month |
HSBC | $6,958/month |
OKX | $9,667/month |
Garena | $5,417/month |
StarHub | $6,008/month |
Factors Affecting Product Manager Salary
Listed below are some of the major factors affecting the average product manager salary:
1. Location
Location can play a vital role in determining product manager salaries. Find the yearly packages for the top IT hubs across the globe:
Country | Average Salary |
India | ₹23 lakh/year |
USA | $1,47,061/year |
UK | £70,525/year |
Australia | A$1,30,000/year |
Canada | CA$1,05,723/year |
Singapore | $11K - $25K/month |
2. Industry
Here is the standard product manager salary across various industrial sectors:
Industry | Average Salary |
Software | $110,785/year |
IT Services and Consulting | $167K/year |
Internet | $211K/year |
Financial Services | $198K/year |
Hardware and Networking | $168K/year |
Retail | $82,334/year |
Pharma | $138,434/year |
Manufacturing | $166K/year |
Banking | $87,209/year |
3. Experience
Find the average product manager salary based on years of experience:
Experience | Average Salary |
1 to 3 years | $107,395/annum |
3 to 5 years | $115,073/annum |
7+ years | $138,865/annum |
4. Demand and Supply
The forces of demand and supply also play a major role in determining product manager salaries. It is usually higher in core IT regions in comparison to other areas. For instance, in San Francisco, the average product manager salary is around $157,082 per annum. However, in Dallas, the annual package for this role is approximately $109,232.
To increase your chances of getting a high sr product manager salary, experts advise going for Agile Management training. It will provide you the necessary skills which employers usually look for, thus enhancing your salary prospects.
5. Certifications
Apart from enhancing your skills, certifications act as proof of your professional credibility. Consider opting for the following certifications to increase your chances of getting a higher product manager salary:
Certificates | Average Salary |
Software Product Management | $110,785 per annum |
Certified Product Manager Online Course | $138,000 per annum |
Master of Product Management | $127,800 per annum |
Product Management Training | $110,422 per annum |
6. Skills
Skills are of two types – soft and hard. The former is related to the way you work, while the latter is based on technical knowledge. To become a successful product manager, you need a combination of both soft and hard skills.
a. Soft Skills
The soft skills that you need to become a product manager are as follows:
- Leadership
- Communication
- Time management
- Task prioritization
- Problem solving
- Critical thinking
- Creativity
b. Hard Skills
Here are the hard skills that recruiters look for in product manager candidates:
- Market research
- Technical specifications and requirements
- Web development
- Product management
- Strategic thinking
How to Improve Product Manager Salary?
You can improve your product manager salary by focusing on the following aspects:
- Skills: Improving your skillsets is an effective way of increasing your yearly product manager salary. It will enable you to take on additional responsibilities, along with opportunities to apply for senior positions.
- Certifications: Apart from helping enhance your skills, certifications help validate your proficiency in those domains. It also adds significant weightage to your resume, enabling you to apply for senior roles which come with higher salaries.
- Degrees: A Bachelor’s degree in computer science, economics or any business-related field will suffice. Going for an MBA is also a great idea. It will help you apply for higher positions, enabling you to avail higher salaries.
- Experience: As you gain experience in a job role, you acquire the knowledge, insight and expertise to deal with a wide array of situations. This increases your value as an employee, enhancing your chances of earning a higher yearly package.
Why are Product Managers Paid So Much?
Product managers are responsible for designing and monitoring the entire product development process. It involves taking into account the needs of clients, analyzing market data, coordinating between departments, making sales forecasts and much more.
Executing so many duties requires experience, proficiency and knowledge. Thus, the average product manager salary is usually on the higher side than other related job roles.
Conclusion
Given the high average product manager salary, this job role provides excellent career prospects to aspiring individuals. However, competition is usually very high for such positions. So, in order to make yourself stand out among other candidates, enrolling in a Product Management certification program on KnowledgeHut can be an effective move.
It will improve your concept of product ideas, which can later help you solve user problems and deliver results as per business goals.
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