How Much Do Product Managers Make? (With Career Info)
By Indeed Editorial Team
Updated 12 October 2022
Published 1 November 2021
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
Product managers are responsible for the development of products and successful product delivery. Product management is a broad and diverse field with several lucrative career options. If you are considering a career as a product manager, knowing more about their responsibilities, salaries and benefits can help you make the right choice. In this article, we will discuss how much product managers make, learn about their skills and responsibilities and explore the steps to become a product manager.
How much do product managers make?
The average salary of a product manager is ₹9,37,532 per year. This salary depends on a number of factors such as job location, skills, types of industry and years of experience. If you have relevant experience experienced and are working in a reputed company, you can expect a higher salary and position. The role of a product manager is essential to the success of a product as they monitor the entire development process. This is why many companies pay a handsome salary to them. Product managers can also increase their salaries by gaining relevant skills and certifications.
What does a product manager do?
Here is a list of some common duties and responsibilities of a product manager:
monitoring the development process of new and existing products
researching the market and collecting insights for future product lines
studying the needs and requirements of customers
evaluating the specifications of all products
preparing strategies for the development and success of products
setting the long-term vision for various products
preparing product sales forecasts
coordinating with different departments such as marketing, customer support and sales
determining market competition and developing strategies to surpass competitors
assessing the market data of products
preparing reports on product sales
guiding lower-level staff for better success of products
Skills of a product manager
Here are some important skills that you may require to become a product manager:
Having an understanding of how business processes, revenue, cash flow and budgets work in the development of a product helps product managers to perform their duties effectively. Their job involves preparing budgets for product development by using factual statistics and data. You can pursue formal education in business management to gain fundamental knowledge of business functioning and processes. Many students also look for internships or entry-level jobs simultaneously to develop business skills.
With strategic thinking, product managers can create plans to achieve business and product goals. They require this skill to execute the development and delivery of a product successfully. From conceptualising a product to launching it in the market, product managers use their strategic thinking to make important decisions and plan for any future risks. Working on business projects and cases can help you develop your strategy skills. You can connect with other professionals in your organisation to understand their observations of the industry and current trends.
Product managers have good leadership skills to lead their team members and motivate them to achieve product goals. The role of a product manager requires giving additional guidance and feedback to the team. As a manager, you may require discipline and focus to effectively manage your team. Product managers know the potential of their team members and delegate tasks based on their expertise.
Product managers meet and get along with a number of people including clients, team members and other business stakeholders. It is important for them to have strong communication skills so that they can effectively explain product development strategies. As a product manager, you may also lead product meetings and presentations to convey plans and goals. Candidates can enhance their communication skills by practising active listening and public speaking. Developing social skills can also help you become an effective communicator.
Product managers require basic technical knowledge in stages of product development. They often coordinate with engineers for preparing design, function and other product features. Having a basic understanding of the collection, analysis and extraction of data improve efficiency in data handling. Depending on your chosen specialisation and career, you can improve your technical skills by learning different programming languages or other product development skills through certifications.
Product managers work closely with data analysts and other professionals to conduct market research. With research skills, they determine the requirements of customers and develop products accordingly. Research also helps them learn more about competitors in the market. This makes research and analytical skills very crucial for their role. You can learn basic data analysis and management techniques through specialised courses and certifications.
Due to changing market trends, the priorities of product management and businesses may keep changing. Product managers require flexibility to identify and make necessary changes in products to appeal to their customers. Product managers decide the features, release date and other specifics of the product, and have to be flexible in their planning to account for internal or external delays. As a product manager, you can become more flexible by preparing a plan that accounts for possible outcomes and having backup plans in place.
A product development team consists of many members that perform a variety of functions. Product managers require management skills to effectively manage tasks, deadlines and client demands. Product managers can enhance their management skills with the right education, training and certification courses.
How to become a product manager
Here are the steps you can follow to become a product manager:
1. Earn a bachelor's degree
Candidates with a bachelor's degree from any recognised university is the minimum qualification required to be eligible for the role of a product manager. You can pursue a bachelor's degree in business management or business administration. Choosing economics, management, marketing, public relations or any of these disciplines for your bachelor's degree gives you a basic understanding of the role and industry.
2. Gain certifications
Earning specialised certifications can help you gain a job with a higher pay scale. Employers usually look for candidates who are good learners and your certificates demonstrate your skills and your ability to continue learning. You can pursue any certification related to product development and its marketing. Some popular certifications for product managers focus on fundamentals of product management, brand and product management, digital product and management specialisation and advanced product management.
Product management certification courses cover important processes such as market planning, product launch planning, case studies and product specifications. Having a certification in product management can provide your commitment to the role.
3. Develop crucial technical and soft skills
Having essential product manager skills helps in developing products more effectively can help you succeed in your career. These include technical skills related to product development and soft skills like leadership and communication skills. You can volunteer for projects, participate in events and conferences and take part in extra-curricular activities in your college to develop these.
4. Earn a master's degree
A master's degree in business management can help you get better opportunities and a higher salary. Many employers prefer candidates with a master's degree as they have advanced skills and expertise to handle bigger projects. For someone with a bachelor's in a non-business field, earning a master's degree in business management or administration can be even more helpful.
5. Gain relevant experience
Freelancing or interning in the development, sales, marketing or other teams may help you gain experience as a product manager. You can consult your professors and college seniors to find suitable opportunities for freshers. However, ensure that your business and management knowledge is up-to-date and that you have an understanding of the current and future market trends.
6. Create your resume
Once you gain some experience in the industry, you can create a resume and add relevant skills and qualifications. Make sure to write a clear and concise objective to catch the attention of the hiring manager. Highlight your skills, achievements and work experience in the resume.
Related: How To Make A Resume (With Examples)
7. Apply for product manager roles
Look for suitable employment opportunities in your specialisation domain or choice of industry. You can search for relevant openings on company websites, online job platforms and ask those in your network to refer you. While applying for jobs, study the job description carefully and tailor your application accordingly.
Salary figures reflect data listed on Indeed Salaries at time of writing. Salaries may vary depending on the hiring organisation and a candidate's experience, academic background and location
Explore more articles
- How Much Does HR Make? (With Different Job Roles and Salary)
- How Much Does An ISRO Scientist Earn? (Plus Qualifications)
- How Much Does A Physician Assistant Make? (With Salaries)
- How Much Does a CEO Make? (Plus Requirements and Tips)
- How Much Does A Consultant Make? (With Duties and Skills)
- How Much Do Wedding Photographers Make? A Salary Guide
- How Much Does An Astronaut Make? (Plus Qualifications)
- How Much Does A Financial Manager Make? (With Work Duties)
- Average Doctor Salaries: A Complete Guide by Specialty
- How Much Does A Process Associate Make? (Plus Duties)
- How Much Does A Goods Guard Make? (Responsibilities And Scope)
- How Much Does An ECGC PO Make? Salaries and Benefits