When your employer is starting to see success from your products and an increase in clients, it’s time to ask for a salary increase. If you’re achieving your goals and reaching your targets, you can definitely ask for a higher product manager salary.
Discussing the salary can be challenging; some companies don’t really have an established product management culture in place. Some are hesitant to raise the salary as they perceive the role of a product manager differently from other companies. Some employers are just reluctant to raise wages for anyone.
You can increase your chances of receiving a raise if you know what is the average salary of a product manager, as well as what a good product manager earns. In this article created by our team at TMS, we’ll offer a guide to product manager salaries and how to negotiate a better one.
The Typical Product Manager Salary
Product management has recently become one of the most desired fields of work. The work is meaningful, the pay is usually good, and there are many options for career progression. Glassdoor lists product management as one of the top 10 jobs in America.
The product manager salary is variable due to a person’s career level, and their job performance. Generally, the salaries will vary between $61,000 and $200,000 or above.
The Factors That Determine the Salary
In the San Francisco area, the average pay is $140,000 per year. For those with 0-1 years of experience, the salary drops to $120,000 and for smaller companies, it’s around$100,000.
Job location is another important factor. A product manager in Dallas will earn, on average, $105,000. For the same job, product managers in Pittsburgh will earn $89,000 on average. Directors earn slightly more; $151,000 in Dallas on average and $129,000 on average in Pittsburgh.
So you can see that the salaries of product managers can vary greatly depending on the context, such as the role the manager has within a company; some product managers are more technical, while others are more business-oriented.
Determine your role within your company and try to negotiate a better salary.
How to Get a Better Product Manager Salary
Spending just a few minutes of your time on researching negotiation can earn you thousands of dollars more yearly. Most people don’t even try to negotiate the salary, and if they do, they leave money on the table.
Here are some valuable tips to improve your salary negotiation.
Research
Doing proper research before you enter salary negotiations is invaluable. Knowledge is your advantage, and it’s vital to be aware of the market overall and being aware of the consequences of a failed negotiation. Information about salaries for product managers is vast and some of the best pages to investigate are:
- Glassdoor.com
- Payscale.com
- Salary.com
- Paysa.com
The more information you have, the more likely is for your success. You’ll learn how to set your demands and what would be a fair offer.
Also take into consideration other factors that can change the scale of your salary, including your experience, location, sector, expertise level, and the size of your employer’s company. The focus may also be on your personal images on social media. Be careful in your official images, where the employer will first impression you. If you have personal images that you like and want them to be an official use, BeFunky is a great solution for it. Youneed to evaluate all of these factors to present a fair offer.
Prepare Yourself
The key to good preparation is to focus on what you have to offer, rather than how you will benefit. While the latter is important, the employer is less likely to increase your salary unless he can clearly see benefits for the company.
Make sure you demonstrate the fruits of your work and clearly show how your work has been beneficial in the company’s success. Record and track everything you do at work, and how your implementations and your work changed the course of a product.
New employees might find it hard to demonstrate the relationship between their work and tangible results, so it’s always valuable to consider getting an opinion from one of the more experienced members of the team.
Also, take time to sit down with your boss and ask them how you can contribute even more to the company’s success. Tell them you want to exceed expectations, and maybe hint about future compensations.
Make Your Case
You can use your current salary to negotiate a better one. Perhaps you have moved or are moving into an area where the costs of living are higher. Calculate them, and present them to your boss. Your case needs to be data-backed and flawless. Demonstrate your value to the company, and show them exactly why you deserve a raise.
If you’re moving to a new job, use your current salary to negotiate a better one, especially if the company in question is offering you a lower salary than your existing one.
Be Respectful and Empathetic About It
Give respect to your employer and have some empathy; avoid being aggressive or dominating. Show gratitude for your job and your current salary. There is a significantly higher chance of success if you bring respect and empathy to the negotiating table.
Pick the Right Moment
Timing is really important in salary negotiations. If it’s been a while since your last salary raise, it’s possibly time to try again. Be careful not to rush your decision, if you do receive an offer.
Instead, take some time to consider it. Take into account what this means for you, and how the raise is going to affect your work. Review the details on your own, and take the time to read the contract.
Present a Salary Range Instead of a Single Figure
Avoid a fixed number for your salary. Instead, present an acceptable salary range so that you can compromise, which gives you a sound and reasonable basis for negotiations.
Prepare for a Rejection
Be prepared for rejection, even if you think your offer is reasonable. Try not to be discouraged, rather, show respect and understanding, even if you get rejected. This will give you a better chance for future negotiations, and the boss won’t forget it.
Display Your Soft Skills
A product manager should have good soft skills and the negotiation table is a great place to prove them. You can explain how your soft skills benefited your work and the company, which will give you a higher chance of success.
Additional Perks You Can Ask For
Salary is not the only factor to consider. At the same time, you can add other perks into the negotiation, including:
- One of the best perks you can ask for is to work from home, in addition to the salary raise.
- Training and career development. Many employers will offer you this from the beginning, but you can ask for this when negotiating. It will show that you are a driven person, and you’ll have a bigger chance of a salary raise later on when you develop those skills.
- Stock options. Many companies give their employees stock options, especially those who are considered top performers.
- Mentoring or coaching. Ask for a mentor or a coach to guide or boost your career. This will aid your professional as well as personal development.
- More vacations. You can also negotiate longer vacations in your salary negotiations.
- Health and fitness benefits. One of the benefits of having a good job is access to fitness stipends and other health benefits.
Ending thoughts on the product manager’s salary
Negotiating your product manager’s salary is a process that takes time and preparation. Make sure you are a valuable employee before you begin negotiations. Negotiation depends on many variables; for example, your skills, experience, the timing, and where you ask for the salary raise.
Everyone wants to do well for themselves, and having a good salary can improve job satisfaction. Be aware that not every boss will be prepared to give you a salary raise, even if you make a good case for yourself,however, if you don’t try you cannot succeed.
If you enjoyed reading this article on product manager salary, you should check out this one about product manager interview questions.
We also wrote about a few related subjects like best product management books, product owner vs product manager, product launch checklist, product manager skills, chief product officer and product manager vs project manager.
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Isidora Markovic
Agile Project Manager
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FAQs
Do product managers get paid well? ›
Product management is a well-paid job and has a high level of job satisfaction. The product manager's salary is primarily based on years of experience, job location and skills. The average annual salary for product managers can range from $61,000 to $200,000 per year.
How do you negotiate a product manager salary? ›- Know what you want.
- What other options do you have?
- Determine your walk away point.
- Build leverage before you need it.
- Do some research.
- Understand the company.
- The success plan.
- Negotiate.
Salary Ranges for Product Managers
The salaries of Product Managers in the US range from $28,000 to $525,000 , with a median salary of $111,000 . The middle 57% of Product Managers makes between $111,000 and $242,000, with the top 86% making $525,000.
- Understand the Product Manager's role. ...
- Create a product roadmap. ...
- Build a product management team. ...
- Develop a product vision. ...
- Implement Agile methodologies. ...
- Communicate with other departments.
The salary depends on various factors such as experience, skills, location, and company. Product managers are in high demand because they can see the big picture and think strategically about product development.
Is product manager a stressful job? ›Product management can be quite stressful due to the level of autonomy and responsibility given. Learning to balance the expectations of the role with the ambiguity that surrounds it is key to a successful and healthy career as a product manager.
What is a typical Product Manager salary? ›How much does a Product Manager I make in the United States? The average Product Manager I salary in the United States is $75,906 as of January 26, 2023, but the range typically falls between $68,911 and $82,099.
How much does L5 at Meta make? ›FAQs. Q: What is the average Level 5 Facebook(Meta) software engineer salary? Answer: You can earn anywhere from $300,000-400,000 as a Facebook(Meta) software engineers with four years of high-level experience.
Is it OK to negotiate a promotion salary? ›However, everyone has the right to negotiate a salary, and a promotion is the best time to do so. Your manager is likely aware that other organizations could offer you a higher salary for the same position. That's huge leverage for you – with your promotion, you know you're good enough to be hired elsewhere.
What is the average Product Manager salary at FAANG? ›The average senior product manager salary is is around $146,000/year. Senior Product Managers at FAANG companies can be paid $250,000+/year and will almost always be offered stock options packages between $40,000 - $200,000/year. However, the specifics of the stock offerings depend on the company.
Who is paid higher project VS Product Manager? ›
Generally, product managers make more than project managers in the US. The average product manager's salary in the US is $111,755 a year, while a project manager in the US makes an average salary of $87,637, according to August 2021 data from Glassdoor.
What is the salary of a VP of product management? ›Vice President Product Management salary in India ranges between ₹ 25.4 Lakhs to ₹ 101.0 Lakhs with an average annual salary of ₹ 51.0 Lakhs.
What is your strongest skill set as a product manager? ›- Critical thinking.
- The ability to analyze and interpret data.
- Research skills.
- Problem-solving.
- The ability to prioritize.
- Strategic thinking.
- Communication skills.
- A knack for storytelling.
“One of the core attributes of a great product manager, at his or her core, is being a strong leader, being able to set a vision, being able to persuade people, and being able to motivate a team toward a shared outcome.”
What is the average age of a Product Manager? ›The average age of an employed product manager is 39 years old.
Where do product managers make the most money? ›Also on the list of top-paying companies for product managers are Block, Google, Workday, Walmart, and Amazon, with salaries ranging from $151,000 to $156,000.
Are product managers happy? ›Product managers are happy at work (for the most part)
And this happiness isn't limited to their current work of the moment or specific role. Looking into the future, 92% of product managers are happy and want to stick with the field in their next job as well.
Lack of opportunity—There aren't too many product managers content to do their existing job forever; they're looking for chances to advance, take on more responsibility, and expand their skill set.
What is the dark side of being product manager? ›Dark side #1: The responsibilities and boundaries of the Product Manager role are often unclear. Dark side #2: Your days are often filled with meetings, leaving you little to no focus time. Dark side #3: Everything always takes longer than you think; especially software development.
Why do people leave product management? ›#1 Bad Company Management and Leadership
“People don't leave companies, people leave managers,” one product manager cleverly concluded in our poll, and most product managers seem to agree. Bad company management and leadership got 431 votes which clearly makes it the number one reason why PMs leave their jobs.
What is the salary of Product Manager after 10 years experience? ›
A mid-career Senior Product Manager with 4-9 years of experience earns an average salary of ₹27.8 Lakhs per year, while an experienced Senior Product Manager with 10-20 years of experience earns an average salary of ₹32.7 Lakhs per year.
Is Product Manager a high level role? ›Product managers are mid-level roles. While you don't necessarily have to have a direct product management background, you should have professional experience and demonstrable skills in communication, leadership, and strategy. Product managers are responsible for the strategy, roadmap, and features of a product.
Do product managers make more than doctors? ›The average salary for a Product Manager is $102,226 per year in United States, which is 32% lower than the average Doctor on Demand salary of $151,326 per year for this job.
Is L5 senior at Google? ›Finally, we can summarise the following things about a Senior Software Engineer (L5) at Google: 6-9 years of experience in the industry. Internally at Google, this is the level at which the majority of engineers are.
What is Mark Zuckerberg salary at Facebook? ›| CEO Name | CEO Pay | Median Employee Pay |
|---|---|---|
| Mark Zuckerberg | CEO Pay $26,823,061 | Median Employee Pay $292,785 |
Google L5 Software Engineer Salary. $274K-$405K+
Is 20% raise for a promotion reasonable? ›A good pay raise ranges from 4.5% to 5%, and anything more than that is considered exceptional. Depending on the reasons you cite for a pay raise and the length of time that has passed since your last raise, you could request a raise in the 10% to 20% range.
Is 30% too much to ask for a raise? ›"30 to 40 percent is a big increase," Herjavec said, adding that most businesses give raises of approximately "8 to 10 percent." "You shouldn't ask for something that big," he added.
Is a 10 salary increase good for promotion? ›Promotional increases within the same company typically amount to around 3%, whereas a person that switches jobs can expect a pay raise of about 10% to 20%. What's more, you may receive a promotion without any accompanying salary increase.
How much does an L7 Product Manager make at Amazon? ›Amazon L7 Project Manager Salary | $297K-$438K+ | Levels. fyi.
How much do Amazon Level 6 managers make? ›
The estimated total pay for a L6 Manager at Amazon Lab126 is $254,339 per year.
How much does a Product Manager at Google? ›$252,579. The estimated total pay for a Product Manager at Google is $252,579 per year. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users.
Do product manager earn more than engineers? ›Depending on who you ask, product managers earn more than software engineers and vice versa. Keep in mind that experience, tenure, and industry all impact whether one role makes more money than another and vice versa.
Do product managers get paid more than program managers? ›The median salary for program managers in the United States is $138,128. Meanwhile, entry-level product managers have a median salary of $70,723 and could work their way to a median salary of $114,552 with 4-7 years of experience.
Is Product Manager a hard job? ›Product management (PM) is a challenging career. It's high stakes. It's demanding. It can make you want to tear your hair out.
How much money does a VP at Google make? ›$689,532. The estimated total pay for a Vice President at Google is $689,532 per year. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users.
Is it worth it to become a Product Manager? ›The young professionals having the thought “Is product manager a good career?” should be satisfied that yes it is a very good career. It has numerous employers, across locations and countries. Along with that, it gives a really high compensation that grows even more as one grows in their career.
Is a career in product management worth it? ›Yes, with $125,317 yearly median salary, product managers are among the top 10 best jobs of 2022 according to Glassdoor.
Is Product Manager a hard job to get? ›Is it hard to become a product manager? Because product management blends so many skills and responsibilities, it can be a difficult role to achieve. Product managers often work in other jobs before demonstrating the ability to develop a new product and lead a team.
Can an introvert be a product manager? ›Can introverts be successful as product managers? No matter what you may have heard, we believe the answer to this question is a resounding “yes!” If you're an introvert, or simply have several introverted tendencies (who needs labels anyway?), this one's for you.
What is the average age of a product manager? ›
The average age of an employed product manager is 39 years old.
Where do product managers get paid the most? ›- San Francisco, CA. $142,647 per year. 1.1k salaries reported.
- San Jose, CA. $134,809 per year. 199 salaries reported.
- Seattle, WA. $127,537 per year. 480 salaries reported.
- $123,374 per year. 504 salaries reported.
- Austin, TX. $114,549 per year. ...
- Show more nearby cities.
Although you currently don't need an MBA to land a job as a product manager, an advanced degree can help get your foot in the door when applying to high-profile companies. An MBA in product management can also help you climb the corporate ladder faster than you would with only a bachelor's degree.
What is the next position after Product Manager? ›Senior product manager. Director of product. VP of product. Chief product officer (CPO)
What is the next role after Product Manager? ›Senior product managers are well-positioned to move on to a director-level role if they accomplish two things. First, become a critical source of advice for other product managers. Secondly, become an advocate for the product team to senior leadership.
What do product managers struggle with? ›Our research shows that the hardest parts of the job for many product managers are organizational comms, managing deadlines, team alignment, and balancing different responsibilities.
How much does a product manager 2 at Microsoft make? ›The estimated total pay for a Product Manager II at Microsoft is $213,143 per year. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. The estimated base pay is $151,108 per year.
How many hours do product managers work? ›Product managers work full time, usually more than 40 hours per week. They often work longer hours that extend into evenings and weekends, particularly when there are deadlines approaching. They spend time on computers, conducting research, and reading and writing reports.