Given the rise in tech jobs, with a projected 531,200 expected to be added by 2029, there will be plenty of need for Product Managers for years to come. Product Managers are both the brains behind an operation and the glue that holds everything together. They're responsible for ensuring a product is conceived, designed, and executed in a way that meets their organizations' objectives.
Your salary as a Product Manager will vary based on where you are and the company you work for. Below, we'll explore the salary expectations for Product Managers, how they vary by location, the role's responsibilities, and more.
How much do Product Managers make?
On average, a Product Manager in the United States makes around $87,600 a year. Still, your salary largely depends on what type of Product Manager you are. For example, an IT Product Manager can expect an average of $102,469, while a Senior Product Manager averages $117,805.
As we said earlier, your salary as a Product Manager will also vary based on the company you work for. For example, a Product Manager at Infosys earns $102,562 a year, and if you work at Cognizant Technology Solutions, you may make a similar figure of $100,000.
- The scope of your responsibilities
- The market value of the products you work on
- Other benefits and compensation factors like bonuses and stock options
How much do Product Managers make in the Northeast?
The salary for Product Managers is higher than average in the Northeast, which makes sense given the thriving business centers and tech companies that call that area of the country home. For example, in New York City, the average Product Manager makes $93,816 a year.
How much do Product Managers make on the West Coast?
Salaries are also well above average on the West Coast. In California, for example, the average salary for Product Managers is $105,500 — almost $18,000 more than the national average.
How much do Product Managers make in the Midwest?
The pay drops a little in the Midwest, most likely due to lower living expenses and fewer tech giants than you'd find on the left and right sides of the nation. For instance, a Product Manager in Ohio makes an average of $80,000 a year, and in Wisconsin, you can expect to earn about $79,000.
The salary for Product Managers in Michigan jumps back up to near the national average at $84,500, likely due to Michigan tech companies like THiNC.technology and car manufacturers, such as Ford Motor Company and General Motors. These companies have a steady need for software development.
What does a Product Manager do?
A Product Manager is in charge of ensuring a solution and its execution meet the high-level objectives provided by management. One of the first things they do is meet with executives and other stakeholders to understand what they're looking to achieve.
As a Product Manager, you may also meet with IT admins and developers before beginning a project to ensure you have the technology and processes in place to develop a solution efficiently and on time.
Once the groundwork has been laid, a Product Manager earns their pay by ensuring each phase of the development process runs smoothly. This involves working with different workflow management processes, people, and technologies.
Working within an agile framework
Characterized by their flexibility, agile frameworks have become one of the most popular workflow management processes. You're probably already familiar with the "waterfall" approach, which is typically more linear and structured as each step of the development process needs to be completed before moving onto the next. Within agile frameworks, Product Managers regularly gather feedback from their teams and adjust plans along the way.
Agile frameworks can also involve more collaboration between departments. For example, a Product Manager may meet with various stakeholders, from Designers to Security and Network Admins, to ensure their solutions are aligned with their goals.
As you can see, Product Managers can expect a decent income regardless of location. Their competitive salaries stem from their crucial role in the development process, keeping their teams aligned and ensuring everything runs smoothly.
Still, as a Product Manager, you'll need to know how the tools of the trade are used to create solutions. Because product management can encompass several disciplines, it's best to have a diverse body of knowledge. A good place to start is in some of the following courses, all of which can help you gain the skills and background knowledge you'll need to manage teams that depend on the tools you'll learn about:
While learning how to use the tools above, you'll also gain a better understanding of how developers work and think, allowing you to find new ways to motivate and collaborate with your teams. We'll also give you the chance to build and bolster your professional portfolio, positioning you to bring in a great salary, regardless of where or for which company you work. You can get started for free by signing up today.