Product Manager Salary [2022 Data]
This article details general Product Manager salary data based on salary information reported by Salary.com in January 2022.
Status of the Job 2022: Product Manager
Just when we thought things were starting to return to normal, Omicron hit, and today, businesses continue to grapple with Covid-19 related challenges. Hybrid work environments are now commonplace, requiring distributed teams to find ways to collaborate effectively using tools like Zoom, Teams, Jira, Slack and others across various time zones, while bringing innovative products to market. Meanwhile, other trends impacting Product Teams are gaining momentum, such as Product-Led Growth, data-driven Agile development, data privacy and security, and more.
Standing tall at the center of all this change is the Product Manager, whose role it is to champion product development for an organization and ensure the product teams are executing on roadmaps and strategies to bring innovative, revenue generating products to market. The Product Manager must make sure that product development is aligned with customer interest and demands, and with the overarching trends impacting the marketplace. That’s why salaries continue to increase for this vocation.
In this post, we’ll share the latest Product Manager salary information from Salary.com and how Product Managers can set themselves up for success in 2022 and beyond.
What Is a Product Manager?
Simply put, Product Managers are responsible for overseeing product development from conception to completion. They lead product strategies and teams in developing products that meet the needs of an organization’s current and prospective customers, and are ultimately responsible for the products’ success or failure. Product managers are different from project managers. The role of Product Manager is unique in that it touches all aspects of a business – from Engineering to Marketing, Sales, Customer Service and Procurement – while also representing the voice of the customer, driving the product roadmap, and rallying teams around a common product vision.
Product Managers must possess a broad range of skills, including critical thinking, leadership, time management, problem-solving and communication. They must be skilled researchers and proficient in a wide array of software applications, such as Excel, project management apps, collaboration tools and more. In short, Project Manager is a big job that merits equitable compensation.
Product Manager Salary for 2022
According to 2021 data from Zippia, there are over 41,370 Product Managers currently employed in the U.S. And they’re in high demand: A quick search for open jobs on LinkedIn delivers over 237,000 results. With so many options, Product Managers have negotiating power, but how much salary demand will depend on years of experience, skill sets, certifications, location and other factors. And, location matters. According to data from Indeed, Product Managers make the most in California and New York.
Product Manager IV Salary Total Compensation $192,357
As of December 27, 2021, the median base salary for a Product Manager IV in the U.S. was $143,131. Depending on a Product Manager’s education, certifications, skill sets and years on the job, the pay can range from $114,465 to as high as $174,264.
Benefits such as healthcare, paid time off, bonuses and other perks can constitute a substantial part of a Product Manager’s overall pay, pushing total compensation up to as much as $192,357.
Even entry-level Product Managers do quite well. On the low end, a Product Manager I earns an average of $71,750, and up to $80,712. With bonuses and other compensation, salaries for entry-level Product Managers can reach $83,276.
Director of Product Management Salary Total Compensation $245,556
The Director of Product Management oversees development of a portfolio of products, including all of the processes and tools required. They manage the overarching product vision and coordinate roadmaps for multiple products, while leading the Product Managers across teams.
The Director of Product Management directs research, design and development activities – from requirements gathering to development, all the way to product launch – and ensures product roadmaps are aligned with business goals and initiatives. Other responsibilities include managing product delivery schedules, enforcing policies and procedures, and coordinating with cross-functional teams to ensure new products are released on time and on budget.
This position requires a minimum of five years of managerial experience and a demonstrated ability to manage Product Managers and entry-level product marketing staff.
The base salary for Director of Product Management ranges from $140,636 to $211,449, with a median of $176,294. Total compensation (base plus benefits) ranges from $154,620 to $245,556, with a median of $199,956.
VP of Product Salary Total Compensation: $315,003
The most senior-level position in Product Management is the VP of Product Management. The VP of Product Management is part of an organization’s executive team, usually reporting to the Chief Product Officer (CPO) or the CEO, and is responsible for leading the Product Management function. This individual must have a thorough understanding of market and technology trends, customer demands, and the competitive landscape.
The VP of Product Management oversees all aspects of product lifecycle management, from ideation through development, product launch, product growth and end of life, and is responsible for the company’s products’ market performance. To be VP of Product Management requires a bachelor’s degree and extensive experience in Product Management.
The base salary for a VP of Product in the U.S. ranges from $195,194 to $306,724, with a median salary of $251,703. Total compensation (base plus benefits) ranges from $228,078 to $414,728.
Product Manager Salaries by Location
Depending on the location, salaries for Product Managers vary substantially. In technology hotbeds such as the Silicon Valley in California and other regions where the cost of living is higher than the national average, Product Managers have greater earning potential. The table below shows the top 10 highest paying cities for Product Managers, according to ZipRecruiter data.
How to Increase your Product Management Salary in 2022
Whether you’re just starting your Product Management career and looking for an entry-level position, or you’re a seasoned Product Manager hoping to earn a higher salary, here are some tips to make yourself more marketable – and valuable – to prospective employers:
- Know your strengths, and areas for improvement: Good Product Manager roles require a broad skill set, so it’s critical to assess your strengths and find out what skills you may need to work on. Taking a skills assessment will provide a baseline. If you’re targeting a specific company or industry, read the Product Management job descriptions carefully, to determine what areas of focus are critical. Shoring up your skill set prior to applying for the role will give you an edge on other candidates.
- Be prepared. Don’t wait until the day of your interview to organize your thoughts. How you present yourself and your skill set will not only determine whether you get the job–it could change the terms of your offer. Check out product management forums and see if you can talk with other people who have interviewed for the same positions or even the same company. And, reference this blog post, which provides some insight into typical interview questions for the Product Manager role.
- Consider training. Taking a skills assessment, will likely uncover some areas where a little more training could help. But you don’t have to go back to school for it – there are high-quality online training courses that will help you level up your skills and explore new areas of interest. Self-study options make it easy to learn, even when your schedule is already jam-packed.
- Get certified: Make your resume stand out by becoming a Certified Product Manager. Being certified demonstrates to hiring managers that you really know your stuff – and that you’ve taken time to go the extra mile in building skill sets for successful Product Management. It demonstrates your commitment and gives you a competitive edge. What’s more, once you land the role, you’ll be better equipped for whatever comes your way.
Earn More in the Job You Love
Professional development is strongly linked to feeling happy and fulfilled at work – so don’t wait until your next review to start building your skill set. No matter where you are in your Product Management career, 280 Group offers a variety of training courses to help you make continuous learning a part of your journey. Contact us today to find out how we can help you grow and evolve in your role, and earn the salary you deserve.
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About the Author
Roger Snyder is a Principal Consultant/Trainer, and VP of Marketing at 280 Group.
Roger has worked in the field of Product Management for over 20 years, with experience in startups, growth companies, and various technology sectors. He specializes in improving product strategy development, implementing full product lifecycle processes, and roadmap development and evolution.
280 Group is the world’s leading Product Management training and consulting firm. We empower Product Professionals with the knowledge and tools to create products that matter.