How Much Do Product Managers Earn?
Wondering what is the pay scale of a decent product manager in 2020 is? We have the advice that you want. Planning any career path can be intimidating because there are so many choices for jobs, tasks, and markets within product management that it can be difficult to find out where to start. Wherever you are on the roadmap of your career, this handy guide has advice for those just starting out, those in mid-level roles seeking to expand their place, and those looking to develop and expand on their skills. The compensation details for the product manager in this guide will allow you to make an educated decision on the next phase in your career.
The average product manager salary of different stages
- Entry-level product manager salary: Junior product managers aspire to the senior product manager's duties. When they treat more and a broader range of goods, they frequently start out with fewer duties and gain experience. They are active in logistics and day-to-day operations, also assisting more experienced product managers.
- Associate product manager salary: As part of their position, associate product managers conduct product management and may have other positions, such as distribution, admin, or account management. Alternatively, associate product managers may work to provide support under a senior product manager, though their job requires more experience than a junior product manager.
- Senior product manager salary: Senior product managers often report to the product management director and often perform tasks assigned by the director to them. They are more interested in the day-to-day handling of goods, as well as in the processes of development and processing and the specifications for definition and refinement.
- Product director salary: Product Directors prefer to concentrate on optimizing efficiencies and the market appeal of goods. They operate closely with marketing teams in the tech industry, who produce the product. Directors lead the development team and keep production on track.
Product manager salary all over the world
It may depend on average base salary and product manager salary levels, which may not be the solution that you were actually hoping for, but it may not provide you any actionable knowledge simply to have a figure without meaning or disclaimers.
On the Basis of Experience
Experience determines your pay, as with any job. You may be working in electronics, IT, or manufacturing as a product manager, and your perspective varies during your career, whether you pick one business or direction and pursue it or move around between industries or product styles.
In total, entry-level jobs requiring less than a year of experience will earn you $112,565, $129,130 will earn you eight years, and $154,545 will earn you 13 years. Twenty or more years will get you about $184,000.
On the Basis of Educational Qualification
Product managers need to be well-educated since they require product marketing and company preparation and schooling. This could include an MBA or some other form of degree in business, as well as advanced training or additional courses in the life cycle of product marketing, product planning, etc.
Around 40% of product executives hold a master's degree, while 43% have a bachelor's degree. Those with a bachelor's degree make $116,500 on average, while those with a master's or other master's degree make $127,800 on average (calculated from the master's average salary and some master's salary).
On the Basis of Location
Where you are in the world even impacts your prospective pay. Some product manager positions and job titles, in general, maybe more in demand than others, based on the industries and sectors that drive the economy of a region.
Here's how when it comes to product management salary, the following countries stack up. The overall annual incentive paid out by employers includes this figure.
- Canada: $106,591
- Germany: $125,582
- Australia: $105,814
- Netherlands: $107,880
- Switzerland: $148,786
- UK: $117,340
- US: $145,616
Salary differs in various regions of each nation as well. Sites that are more in demand for product managers appear to deliver more cash than other locations. In San Francisco and Silicon Valley, where the pace of producing and releasing new products is already rising, product managers are widely sought after. It is possible that sales managers will gain more there than anywhere else in the US. There is also a strong demand for product managers in other major metropolitan regions, such as Los Angeles, New York, Seattle, and Denver. It is important to remember that in more populous areas, the cost of living is often higher, which leads to a higher wage.
The salary of the average product manager in the USA is $119,000. This doesn't say the whole story, however. There is a large difference in real earnings as we split down the average by job description. Averages depend on the aforementioned variables as well as others, such as the scale of the company, sales, and more.
Entry level product manager salary
- USA: $65,624
- Canada: $61,060 CAD
- UK: £32,128
Associate product manager salary
- USA: $80,574
- Canada: $51,500 CAD
- UK: £28,812
Senior product manager salary
- USA: $140,777
- Canada: $103,626 CAD
- UK: £66,609
Product Director salary
- USA: $108,932
- Canada: $76,573 CAD
- UK: £53,119
The disparity between incomes in Canada and in the US is one surprise. This may be attributed to increased demand. There is a much greater difference between Canadian and American incomes in some positions, with the American salary being quite a bit higher. In the UK line, one big note is that the pay of the associate product manager is lower than that of the junior product manager.
Product prototype tool you need to know
Wondershare Mockitt is an online platform for prototyping and sharing that lets you build immersive software wireframes and prototypes. You can log in directly through the browser. In addition, you don't have to think about whether or not you have saved your progress as it saves all updates instantly. Just in case you end up missing your data for whatever reason, with a multi-level disaster recovery backup, Wondershare Mockitt has your back. Its features include:
- Prototyping: Without any code, you can transform immersive projects into animated prototypes. You will use Dynamic Linking and Components to incorporate drag-and-drop connections and simulate the finished product with interactive gestures and transitions to display the relationship between pages.
- Collaboration: With Wondershare Mockitt, you don't have to pass files to colleagues manually or send links to others in real-time to access, update, and comment on the projects. Finally, it aims to improve productivity with an open workflow in which partners can see the project status and feedback and synchronize progress and documentation in real-time.
- Handover to Developer: To help get the team to the same page, Mockitt offers Handoff features that are a kind of marking tool. Commonly referred to as Handover to Developer, it helps planners, executives, and engineers to easily look up a particular feature and function effectively.