Product Manager is the most talk of the town post in the industrial sector as well as in many commercial sectors too in today’s time, which gives a high load of weight on wallets who are pursuing it with all interest and enthusiasm. The reason why most of the people are getting dragged towards the Product Manager post is that it gives a hell of a lot of benefits like meals, transportation, accommodation, memberships regarding fitness, clubhouse, and much more. And the Product Manager salary they get with time is just astonishingly unbelievable.
Let’s discuss some top key factors that guide me to build a career in Product Manager and get the best product manager salary.
Top 5 Key Factors that guides to build career in Product Manager
The seniority of the product manager is directly affected by its salary, with an increase in the seniority, the product manager salary increases too.
Associate Product Manager
This post can be achieved by completing the graduation i.e. bachelor’s degree in business or related field. Most of the people start their career by doing internships and get carried away by getting placement for the post. The experience required in this field varies from 0-2 years depending on the firm’s condition to get the product manager salary.
Technical Product Manager
This department deals with the technical expert at the intermediate level. The post can be achieved by having a degree in the field of tech, IT, software, and computer science. The experience required in this field varies from 1-3 years according to the terms of the company.
Senior Product Manager
The Senior Product Manager is a step ahead of the Associate Product Manager, in short, we can say it’s a promotion in the post. Senior Product Manager deals with supervising the team which are the lead players in making a new product or idea over it. This manager has the power to give their viewpoint in the product making and meetings. They also get their hands on the basic work from the HR Department. This post takes almost 3-6 years of experience as a Product Manager to get the best project manager salary.
Director of Product Management
The role of the director of Product management is to supervise the whole team which keeps an update on the product and its making process. The director helps with each problem faced by the senior or below level manager, so they work in a team to accomplish the goal that they have set up. This post requires at least 7-11 years of work experience in the field of management.
Chief Product Officer
This is the most vital and topmost level post in the Product Manager Department. Mainly the role at this position is highest reputed in the firm and the person holding this post is known as the Boss of the company. The post has to maintain the balance of the firms working in a very coordinated manner and maximizing the output of the new products. The post requires a much larger contribution in the firm of at least 15- 17 years.
Product Manager salary greatly depends on the location that is being entitled to the person. The living of the Product Manager lifestyle is inversely proportional to the salary going up and down. According to the research found that Switzerland and America are the two most leading countries that pays the product manager the most compared to the whole world.
An Average Product Manager salary is from $70,000 – $251,000. India is still lagging behind way far from the other countries when it comes to paying high wages to the Product Manager in any firm, somewhere or the other it depends upon the GDP of the country to pay such an extravagant expense from the country’s fund.
The perfect industry plays the most vital role in paying Product Manager salary. Many firms with high-grade technology and computers parish their staff, especially the Product Manager with a huge salary that can make a very lavish life in no time. but with high power, salary comes with great responsibilities towards the company.
The innovation of new products is very important for a company to stand out in the crowd in the Industrial sector and commercial too. Products can be anything from a toothpick to a high sensor radar which can work from miles to alert the army from their prey. Products can be invented or built-in any sector like Banking and finance, Automobile, Computer Science, Technology, Consulting, Food and Research, Textile and much more.
The company’s solidity shows the level of competitors it has in the market. The high-end company pays a high quantity of money to the Product Manager in the industrial sector. A good company never compromises with the salary of the Product manager because it is them who are working day and night making an innovative product in the market which are sustainable for years are years.
Certification of the Product Manager
Certification is very essential when it comes to choosing the best Product manager salary in the Industry. As per the certification quality increases, the post of the Product manager also increases. As I mentioned above in the key factors the certification is the only way which shows how experienced a product manager is which helps to rise from associate to chief product manager post.
Definitely, the product manager salary is one of the highest paying jobs in current times in the field of technology companies. But the real reward is giving a life to your ideas and presenting them to the world. So, to become one, use this guide for your doubts regarding your future career move as a product manager. You may have various questions like, shifting to a new position as product manager or moving a level-up in your organization, everything is summarized here about product manager salary.