Product Manager Salary Data in 2020
This article details product manager salary data for general product manager jobs (unspecified type). All salary information was reported by Glassdoor and Salary.com in January 2020.
This year, Product Managers hit the #4 slot on Glassdoor’s list of 50 Best Jobs in America.
The Role Fits the Bill
We know that product management is a critical strategic driver in a company—and it’s finally being recognized as such. It can make a huge impact in terms of whether products (and sometimes entire companies), succeed or fail in both the short and long term. A product manager is the only role in a company that grasps all aspects of the business, including customers, the market, competition, trends, strategy, business models, and more. Does that sound appealing to you? If so, you’re not alone. According to Glassdoor, Product Managers hit the #4 slot on their list of 50 Best Jobs in America for 2020.
The importance of product managers continues to rise
High-performing organizations value the contribution and direction that effective Product Managers bring to the company—and the bottom line.
So, what does this mean for you? If great product management makes great companies, then more companies need to fill these roles, fast. According to Hired.com, the cities with the highest demand for product managers are San Francisco Bay Area, New York, and London.
Product Manager Salary
Running the numbers
Though product manager salaries vary depending on experience, industry, and location, salaries stay strong on average.
Product Manager Salary (0-9 YOE) $83,849 – $109,236
The Product Manager is the voice of the customer. This role leads the development and growth strategies—including driving vision and innovation, producing roadmaps, prioritizing initiatives and helping articulate features and benefits to the market.
Director of Product Management Salary (0-15+ YOE) $115,684 – $173,872
The Director of Product Management is the champion for product processes and tools. Typically responsible for providing product vision and roadmaps, this role leads end-to-end product development, from Product requirement documents to product launches.
VP of Product Management Salary (1-14 YOE) $139,502 – $190,280
The VP of Product Management typically leads product strategy and design for the organization. Major responsibilities include driving innovation through product design and customer interactions. This role is expected to lead, teach, and nurture product management teams.
(Product) Woman Power
More women are breaking out (successfully) into the field and making real moves in the product realm. Large organizations like Women in Product have grown to thousands of members and continue to empower women with opportunities to collaborate and provide resources for advancement.
A story from a woman in Oakland, CA who currently holds a Director of Product Management in Fintech role, reveals that her compensation increased to $170,000 base by the time she reached 36 years old. Her best salary-related advice, “Don’t be afraid to demand promotions earlier on in your career and be prepared to walk. Don’t stay in an unfulfilling job just because you have a steady paycheck. If you don’t take risks to get what you deserve, you’re depriving yourself of a brighter future.”
How Can You Increase Your Product Management Salary?
Move up the ranks. We know… easier said than done. One of the quickest ways to accelerate your career is up-leveling on knowledge and experience. Make yourself more marketable in the core product management skills and demonstrate your understanding of those skills.
Data from the Product Management Skills – Benchmark Report shows that over 50% of those who lead product management teams have received formal training, with at least 15% higher levels of training compared to individual-contributor Product Managers. Choose a training that offers a certification to demonstrate your knowledge and understanding. According to Salary.com, the median salary for a VP of Product ranks high at $239,503 (higher than Glassdoor). So, is the training worth it in terms of potential salary increase? You be the judge.
Benchmark data also shows that VPs and Directors of Product are strongest in five specific skill sets: Strategy, Business Skills, Competitive Analysis, Pricing, and End of Life. Meaning, these skill sets are crucial to developing into the highest levels of product management leadership. Start deepening your knowledge in these areas to help advance your career now. Fill out a skills assessment to generate a personal report and compare your skills against the benchmark. Gauge where your weakest skill sets are and strengthen these accordingly.
Although product management is one of the high-paying jobs now, dollars alone don’t make for a fulfilling career. Product management is meaningful work and allows you to drive new and innovative products into the market that better serve the customer, and better yet, give that customer a voice in what you’re selling to them. Make the money—make products that matter.
Product Management Training
Optimal Product Management and Product Marketing training covers the entire Product Lifecycle and all the core skills required to manage products effectively. The training teaches the flexible and comprehensive Optimal Product Process™. Each phase of the process and the tasks for both Product Management and Product Marketing are covered in-depth. The course will teach you how to manage any product at any stage in the Product Lifecycle and includes a corresponding set of templates, the Product Management Lifecycle Toolkit™. Topics include the seven phases of the Product Lifecycle, the role of Product Management and Product Marketing, strategy, requirements, roadmaps, launches, and more. Through a combination of lectures, discussions and intensive hands-on exercises, you will learn how to apply these skills to your current and future roles.