It’s no surprise that so many people want to become product managers. The career offers a chance to make a difference in the world, and the salary isn’t bad either!
According to sites like Glassdoor and Payscale, a product manager’s salary can be anywhere from $63,000 to over $200,000. With such a wide bracket, it can be easy to get carried away and set higher expectations for yourself.
By the end of this article, you will have learned exactly how a product manager's salary is decided and be able to set accurate salary expectations.
The actual salary you could receive is based on various factors like experience, location, education, and knowledge. You also need to consider that there are different levels of product manager, which plays a significant factor in how much you’ll be getting paid.
As you’re probably aware, the cost of doing business can vary dramatically depending on the country where you work. The same can be said for the hiring landscape.
Where you are based can play a large part in your salary. This can be due to factors such as cost of living and demand. Somewhere with a lower cost of living and many potential employees will typically pay less, and vice versa.
Let’s check out some average product manager salaries from countries worldwide.
Australia: $111,000 AUD
Brazil: BRL 145,200
South Africa: 591,372 Rand
It’s worth noting here that these averages reflect the country as a whole. Larger countries such as the USA and Australia will have different rates depending on where in that country you live. For example, an Australian product manager living in Perth will earn on average $127,000, while those working in Sydney would get slightly less, around $110,000.
We mentioned above that where you are on the career ladder plays a big part in your salary.
Here are the major levels you’ll usually see for product managers and what each role makes.
These roles are a gateway for those looking to switch over to the world of product management and a great place to start for someone fresh out of college.
Most companies will be looking for applicants with a degree, good knowledge of product management, and in some cases, some relevant experience.
This is your meat and potatoes product manager role. Those who stick with a junior product manager role for three years can drop the “junior” and see a pleasant salary increase.
The work doesn’t change too much, but a product manager will generally deal with larger projects than a junior product manager would.
The senior product manager role opens up after 5 to 8 years of experience. Again, the responsibilities are the same, but a senior PM can be responsible for multiple projects at one time.
Product managers with a lengthy background in product management (7 years or more) can put their skills to the test.
Using industry-specific expertise, they lead a team of product managers and may be part of the company's overall leadership.
VPs of product management are usually senior management/level employees. They're responsible for the product vision of a whole company and are in charge of mentoring and growing the product team.
The salary for VPs of product management can vary greatly depending on company size (but smaller companies usually offer equity along with salary.)
CPOs are usually found in large enterprise-level companies. They usually report directly to the CEO and are responsible for company-wide product management.
They set product strategy and make sure the company's goals and visions are clear and met.
Compensation packages for CPOs can be much higher than the average $204,000 once you factor in benefits, bonuses, and stock options.
The world of product management offers a great career path for those who want to put in the work. Just a couple of extra-curricular activities can help you stand out.
There’s always room for improvement in product management, which includes the product manager!
A great PM will constantly look for ways to improve their skills, no matter what level they’re at. Using resources like airfocus’s fantastic product learning portal, eBooks, and 5-minute guides can pack you full of great tricks and techniques to get the best out of your team.
However, it’s not enough to be a technical wizard or a product management expert.
You can have all the knowledge in the world, but you need to be able to manage people as well as projects. Only when you master the art of people can you really shine as a product manager.
Product management certifications offer a way to improve your skills and prove that you can walk the walk. You don’t need a product management certification, but having one can help you stand out from the crowd, increase your credibility and give you greater confidence in your abilities.
There are many product management certification courses available, and while we can’t say any are better than the other, there are a range of pros and cons to each.
When choosing a course, you need to look at which best fits you and your PM style.
That’s why we wrote a handy guide to all the best PM certifications to help you choose the right one for you.
Make sure to bookmark our blog for regular updates and insights to help you improve as a product manager!