Product management is one of the fastest-growing fields in tech right now. With more businesses looking to stay digitally agile, the demand for product managers is increasing. Product managers oversee every function that creates a product, from engineering, design, and user experience to sales, product strategy, and marketing.
If you are interested in a career in product management, you might be wondering, how much do product managers make? Product management is one of the most sought-after and highest-paying careers right now. Product managers have a broad salary range depending on their technical skills, soft skills, and analytical skills. Keep reading to find out how much product managers make per hour.
Product Manager Salary: An Overview of How Much Product Managers Make
- Average Salary: $99,829
- 10th Percentile Salary: $69,000
- 90th Percentile Salary: $135,00
According to the Bureau of Labor Statistics (BLS), the national average salary for management occupations is $109,760 as of May 2020. BLS data provides an overview of all management roles. However, it doesn’t say anything specific about product management. According to PayScale, the average base salary of product managers is $99,829 a year.
The product manager role is complex and is required at tech and non-tech companies. The average salary also varies based on where these professionals work. According to PayScale, the average product manager salary in the tech industry is $99,829 a year. In comparison, product managers working in the non-tech sector earn $88,029.
How Much Do Product Managers Make Per Hour?
Product managers in the United States earn $46 per hour, according to ZipRecruiter. This means they earn $1,821 a week and $7,892 a month. The yearly salary of product managers depends on various factors, including training, experience, location, and skills. Product managers can boost their hourly salaries by refining their technical and soft skills.
The more you gain experience and in-demand skills, the more likely you will get competitive salaries. For instance, most product managers don’t know how to code. They can get a high-paying job in software development by attending a bootcamp or a product management online course. Online product management courses also improve your chances of promotion to a leadership role.
Do Product Managers Make Good Money?
Yes, product management is a lucrative career path. Product managers earn $99,829 a year, which is a significantly higher salary than most jobs in the US. The only downside is that the product manager position has one of the widest gender pay gaps in the tech industry. That said, female product managers can hone their skills and work for companies with transparent cultures.
How Much Do Product Managers Make? A Salary Breakdown by Location, Experience, and Skills
Product management is an emerging field and is different from most traditional career options. That’s why education doesn’t play a crucial role in deciding the salary of a product manager. More often than not, the wages of product managers depend on the skills and experience they have. Keep reading for a full salary breakdown by work location, experience, and skills.
Product Manager Salaries by Location
Location plays a crucial role in determining the salary of a product manager. Cities that have a higher cost of living will have higher wages. For instance, a product manager is likely to earn a higher salary in Silicon Valley than in Houston. Moreover, they earn more in cities with a massive demand for their services.
According to ZipRecruiter, San Francisco offers the highest median salary to product managers, followed by Massachusetts and Hawaii. A product marketing manager or a director of product management will usually earn more in these locations according to company size. Below is a full breakdown of product manager salaries by location.
|Location||25th Percentile Salary||Median Salary||75th Percentile Salary|
Product Manager Salaries by Level of Experience
Just like every profession, the salary of a product manager increases with experience. You don’t need to have a decade-long experience. You can work on projects and improve your portfolio to seek a competitive salary. According to PayScale, a junior product manager can earn $81,000 a year, and senior product managers make $125,062.
|Experience Level||10th Percentile Salary||Median Salary||90th Percentile Salary|
Product Manager Salaries by Skill
Beyond location and work experience, product managers should also look out for skills while researching salaries. They have to work with various teams and must possess soft skills, technical skills, and analytical skills to help make smart business decisions. Keep reading for a full breakdown of product manager salaries by skill.
|Skill||10th Percentile Salary||Median Salary||90th Percentile Salary|
|Agile Software Development||$71,000||$100,000||$134,000|
How Much Do Freelance Product Managers Make?
As per ZipRecruiter, the salary of a freelance product manager is around $79,466 per year. The annual salaries can be as high as $148,000, and the lowest salary can be $21,000 a year. The broad range suggests that product managers can increase their pay by improving skills, choosing a great location to work, and gaining experience.
Moreover, you don’t need a college degree to work as a freelance product manager. You can start by attending a product management bootcamp. If you have a strong portfolio, employers will value your experience over your education. Technical product managers, software product managers, and other successful product managers often graduate from bootcamps.
Product Manager Job Outlook
Product managers are in demand in product teams across software, business intelligence, and marketing sectors. According to the Bureau of Labor Statistics (BLS), management occupations are projected to grow by nine percent between 2020 and 2030. The average salary for product managers will also likely grow in this time.
However, the job outlook also varies depending on the industry. The BLS projects a five percent growth in job outlook for industrial production managers, which is slower than most occupations. While BLS does not have a specific job outlook for product managers in tech, other sites do. LinkedIn ranked product managers as one of the top 10 most in-demand jobs of 2021.
Is Product Management a Good Career?
Yes, product management is a good career. Product management is rapidly evolving and has emerged as one of the highest-paying fields in the software industry. As a product manager, you will have to work with development teams, marketing teams, business teams to ensure that your product has delivered rich satisfaction.
If you are someone who loves problem-solving and is excited about business operations, talent management, data analytics, and product development, then a career in product management is for you. Salaries for product managers are high, and you can join larger teams and a community of product people.
How Much Do Product Managers Make? FAQ
No, it is not necessary for product managers to code. However, those who know how to code earn a better salary than others. You can always join an online course or attend a coding bootcamp and start learning to code.
There are two ways that you can become a product manager. You can either get a degree in product management from a college or you can attend a bootcamp. After that, you will have to put your theories to the test and build a product portfolio to get a job.
Yes, senior product managers at some companies like Google, Uber, Microsoft even make $200,000 a year. You can find product manager salary information on Glassdoor and PayScale.
Yes, some product managers have become great CEOs in the past, leading the largest tech companies in the US. Major companies often use product managers and product owners as leaders in the company because of their organizational skills.
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