Last Updated on: September 23, 2022
Every organisation gets dissected into a number of departments which function differently and uniquely from one another. Who builds an organisation from scratch? The engineers, the designers, the business analysts and managers. While engineers indulge in all the technical aspects, the designers build an interface between the technology and users by comprehending and bringing them into existence. The business developers create the interface between business and users where the intention of the market is made awarded and available to users.
A product is fuel to any business; in other words, you can say, the whole purpose of a business is circumference around the product. The nourishing and flourishing of a product is what an organisation has to deal with. Out of all the realms, the product manager is the one who covers all the three paradigms. Product management is the only role which encompasses three, technology, designing and business.
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What is a Product Manager?
A product manager is responsible for the conception, creation, and launch of new products. They are responsible for defining the vision of a product and developing a roadmap for the implementation of that vision. Product managers need to work with a variety of stakeholders to ensure that everyone is aligned and working to achieve the common goal. The job of product managers involves:
- Gathering and prioritising ideas
- Defining technical requirements
- Conducting research
- Presenting plans to leadership
- Identifying opportunities for improvement
And all this requires a varied skill set.
Why would it interest anybody in being a product manager instead of a programmer or designer? In a dynamic startup or business scenario, though the product managers deal with the overall sphere of the business, it is not necessary for them to get into the spine of coding and technicalities. It is more likely about a product owner in knowing about the purpose perfectly but relying on the techies to bring that purpose to life. The mortgage a sheer of dependency about the “what and hows” of the product and its intentions.
Above all, a scrum product manager is a coveted person who gets to sit two steps above other than the CEO who is responsible for connecting all the mediums of the business.
Indeed it is power, prestige and responsibilities. What else?! yes a well-packed salary to fill the interest and pockets. If you are among the one who is well versed with leadership and management skills, it should be a yes yes for you to get into this job. If you are midway through this profession already, a directive compass for you to get into it will be a good certified course on scrum product management.
What Can Affect Product Manager Salaries?
A product manager’s salary depends on several factors. This may be the industry or geography in which they are working as well as their education and experience.
- Experience – The number of years of work experience and the industry in which a product manager is working play an important role in deciding a product manager’s salary. Even with a few years of experience in the right jobs, a product manager can earn significantly more than entry-level positions in the field.
- Education – The level of education and the type of training held by a product manager are important determinants of the salary.
- Location – A product manager’s salary varies across countries. It even varies from one region to another within a single country. Areas where new products are developed and launched rapidly offer much higher salaries than regions where product launches are limited.
- Certification – The type and the number of certifications that a person has also decides the salary. These certifications are proof of an individual’s capability to work as a product manager.
How much does a well conversed product manager get paid on an average? Let’s dig in and see! The salary models vary differently under different product management hierarchies.
1. CERTIFIED SCRUM PRODUCT OWNER (CSPO)
The roles and responsibilities of CSPO include working with designers, key stakeholders and delivery team and confronting the team, making them aware of successful delivery through Agile practices.
- Leading the Agile team Teaching the team about scrum and Kanban principles and practices.
- Streamline daily standups and plan updates on sprint.
- Ensure the teams performance and encourage them to follow Agile frameworks for adequate decision making
- Driving solutions to business hurdles and removing sprint roadblocks.
- Having clear goals and ability to steer the team with effective communication and understanding.
- Facilitate team transparency in making an account of every strategy that the team gets involved in.
- A graduate who belongs to computer science, system engineering or any related field with a decent CGPA.
- A manager who has 4-9 years of experience in the relevant field.
- A certified scrum master who has already worked for an Agile team.
- A person having good knowledge of Agile principles and framework.
- Good leadership and organisational skills
- A person who is already working as a Product Owner but wants to enhance his Product expertise in a more constructive way and who wants to extend career opportunities further into technical & strategic product management.
- Great communication and facilitation skills.
The average salary of a certified scrum product owner is approximately 2m, according to Payscale. After a well-groomed experience, a CSPO with mid-career can expect a hike of 35% and an advanced level acknowledged CSPO could expect a hike of almost 55% into his salary basket. The top companies you can eye for who maintain top salary brackets for this role are
- Dell, Inc
- Global logic
2. Technical Product and Program manager:
A technical product manager is reasonably responsible for featuring in support of end technology platforms. They monitor quality and focus on productivity on a multitude of programs.
- Leading cross-departmental functionalities that foster accountability, quality and commitment within the team till delivery of end to end projects.
- Providing strong business analysis around the Agile framework.
- Working in flexible direction across an adaptable environment and delivering effective solutions
- Proactive involvement in business decisions, communicating and recommending optimised suggestions and operation to the team
- Resolve Project glitches and conflicts. Ability to manage multiple projects in hand and drive the team towards delivery, meeting all the deadlines.
- A person having minimum 7 years of experience in software engineering/Engineering delivery and deployment.
- 5 years of experience in product/project or program management.
- A good acquaintance with scrum and Agile frameworks.
- A person who has worked parallelly within multiple environments implementing Agile principles.
- Familiarity with reviewing technical designs, evaluating business requirements and achieving long term goals.
The average salary of a technical Product and Project manager is 1,978,864 INR/year. A newbie Product manager earns approximately 850,967 INR/year. A Product Manager with adequate experience of nearly 4-9 years experience earns nearly 1,689,476 INR/Year. Stepping two steps ahead and grabbing experience of more than 10 years of experience pay Product Managers nearly 2,135,678 INR/Year. In advanced years, after accumulating an experience of more than 15 years, a Product and Project Manager can expect a salary of 3,199,672 INR/Year. Oh my god! That’s huge. The trending locations that have become the hotspot for this grooving role are Bangalore, Chennai, Gurgaon, Hyderabad, Mumbai, Noida and Pune.
Product Manager Salary vs Project Manager Salary
Often confused as the same, the jobs of product managers and project managers differ on several counts. While a Product Manager oversees and directs the development of products, a Project Manager handles the implementation of a project from start to completion.
Since there are several crossovers between the two positions, people may find it difficult to make a choice. The choice between being a product manager and a project manager depends on your interests, preferences, and skills. Project managers generally need to have analytical skills and are more business-oriented, whereas product managers are more customer-oriented and require problem-solving abilities.
A product manager’s salary in India is generally higher than that of project managers. The national average salary of a Scrum Product Owner is around ₹13 lakhs per annum, according to Glassdoor. The average salary of both project and product managers increases with the years of experience.
Salaries Along the Product Management Career Path
Irrespective of the industry in which a product manager is working, the number of years of experience plays an important role in deciding the salary. Here are some product management posts and their associated remuneration:
- Associate Product Manager – This post in the field of product management is generally held by freshers having a college degree and little to no work experience. These entry-level positions are generally filled through campus hiring. The average salary for this post is ₹12 lakhs per annum.
- Product Manager – Individuals with an experience of three to five years as an associate product manager or a related role can apply for the product manager’s position. Applicants with advanced degrees like MBA often apply for this post. The average salary for this post is ₹17 lakhs per annum.
- Senior Product Manager – Having worked as a product manager for four to five years means you become eligible for the post of Senior Product Manager. This post not only comes with a higher salary that averages around ₹27 lakhs per annum, but also comes with additional responsibilities of managing multiple products.
- Director of Product Management – This post is for highly experienced product managers who have industry-specific expertise. The Director of Product Management leads a team of product managers and is responsible for the introduction and management of all product offerings of a company. The average salary for this post is ₹55 lakhs per annum but may vary according to location and other factors.
- VP of Product Management – The top post in the product management segment is generally held by a member of the leadership team. Responsible for the product vision of the company, the VP is responsible for mentoring and growing the product team. While the average salary for this position is ₹60 lakhs per annum, it can vary significantly according to the size of the company.
In addition to these posts, several large companies also have a Chief Product Officer, who is responsible for the entire product management operations. The responsibilities include setting up the overall product strategy and making sure that its direction is in line with the company’s vision and goals.
Product Management Certifications
Product managers need to find ways to enhance their skills and knowledge to keep pace with today’s ever-evolving product environment. Joining continuing education courses and building competitive skills through professional certifications are important for growth in this field. Scrum and agile training programs can help candidates grow fast in organisations that use these technologies. If you are interested in improving your career prospects in this field, check out GeekLurn’s Agile Product Manager & Product Owner program.
As I say, Agile gets you more miles, there is nothing better than managing crucial thrones in the business hierarchy with lucrative earning and coveted responsibilities. Definitely, the role is growing in importance and market, so as your desire to be a Product Manager.
Get going, and you are already there!