Product manager salary summary: How much do PMs earn?
Last updated: September 2024
Editor's note: The salaries in this article are for general product manager jobs (but certain types of product managers can earn more). The salary information detailed here was reported by Glassdoor as of mid-2024 and might change over time.
Effective product managers are highly sought after and earn salaries that reflect the value they bring to organizations. According to sites such as Glassdoor and Payscale, typical product manager salaries can vary between $95,000 to over $160,000, with a median salary of about $123,000. These numbers reflect base salaries and do not include things such as cash bonuses, commissions, and profit sharing — additional income that Glassdoor estimates could amount to nearly $73,000 per year. Product management is considered one of the most coveted career paths due to its meaningful work, attractive compensation, and growth potential.
There are a number of reasons why the salary range for product managers is so broad. Hiring managers typically weigh factors such as experience, geographic location, education, skills, and industry expertise when making an offer. Total compensation can also depend on you, should you choose to negotiate an offer. Mindfully negotiating your salary shows recruiters that you understand what is on par with current salary trends and know your worth. To help you prepare for this discussion, try the following template in Aha! software.
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Product manager salary by seniority
Experience is the main driver of salary no matter the industry. Although senior product roles (VP of product, for instance) require many years of experience, early-career product managers typically have lots of opportunities to grow their responsibilities and salary — especially in fast-paced industries. Here is the median total compensation for each role. It includes base salary plus additional pay, such as bonuses, commissions, and profit sharing.
Associate product manager salary: $144,000
The easiest way for a new graduate or someone making a major career change to break into product management is to join an organization as an associate product manager. Most companies will require a college degree and anywhere from zero to two years of previous work experience. Because this is an entry-level role, larger companies have even started recruiting out of colleges and universities to fill their associate product manager positions. This is where you can gain the real-world experience necessary for more advanced product manager roles.
Product manager salary: $196,000
Three to five years as an associate product manager or related role (such as one in engineering or sales, or being a product marketing manager) generally gives you enough experience to be considered for a product manager role. And this shift will likely result in a salary increase as well. New graduates with master's degrees in business administration or advanced degrees in technology might be able to bypass the associate product manager role entirely and start their careers as product managers. Those without relevant work experience will likely earn less than the average, but this is still higher than most jobs available to new grads.
Senior product manager salary: $262,000
Product managers are usually eligible to become senior product managers after about five to eight years of experience in a product management role. Senior product manager job responsibilities might include managing multiple products or an entire product portfolio.
Director of product management salary: $304,000
Most companies require a director-level product manager role to have more than seven years of experience in both product management and personnel management. And many times, companies look for someone with industry-specific expertise. For example, a business-to-consumer SaaS company will look for a director who has experience delivering a SaaS product to consumers. The director of product management leads a team of product managers. At smaller companies, they might also be part of the leadership team.
VP of product management salary: $358,000
The VP of product management is almost always a member of the leadership team and owns the product vision for the company. In addition, they are responsible for mentoring and growing the product team. Most hiring companies require previous experience leading a team of product managers and look for industry-specific expertise. The salary for this senior product role can vary widely. Startups and smaller companies might not be able to offer sizable salaries, but they can offer equity. Of course, enterprise companies usually provide generous salaries and packages that include performance bonuses and profit sharing.
Chief product officer (CPO) salary: $411,000
The CPO is an executive-level role that is increasingly present at large enterprises. This role often reports directly to the chief executive officer and is responsible for the entire product management organization within a company. This includes setting overall product strategy and making sure the direction serves the company's vision and goals. According to recent research, approximately one-third of Fortune 100 companies now have their own CPO.
Related:
No matter your level of seniority, you can count on product management to be a rewarding, well-paid position — and demand for qualified candidates only continues to grow.
Product manager salary by location
Location impacts salary in two ways:
Cost of living: Simply put, a product manager in Silicon Valley is going to make more than a product manager in Houston, Texas. It costs a lot more to live in Silicon Valley, and the salaries of the people who reside there will reflect that.
Demand: In cities where the need for experienced product managers outpaces the supply, salaries naturally go up.
In the U.S., the median base salary for product managers is around $123,000. However, salaries are highest in major metros on the East and West Coasts. But when cost of living is factored in, most of the metro areas that offer the highest effective pay (meaning the salaries are higher and the cost of living is lower) are in the middle part of the country. And as with other competitive career tracks, companies will often pay to relocate outstanding product management candidates.
With this in mind, it is worth considering general median salaries and cost of living when reviewing product manager salary offerings.
U.S. West Coast
Median total salaries for product managers:
Los Angeles: $219,000
San Francisco: $257,000
Seattle: $246,000
Compare these salaries with the average cost of living in each location:
Los Angeles: 50% above the national average
San Francisco: 71% above the national average
Seattle: 45% above the national average
U.S. Midwest/Rocky Mountains
Median total salaries for product managers:
Chicago: $197,000
Denver: $200,000
Minneapolis: $183,000
The average cost of living in Midwest and Rocky Mountain states tends to be closer to the national cost of living average.
Chicago: 14% above the national average
Denver: 10% above the national average
Minneapolis: 6% below the national average
U.S. East Coast
Median total salaries for product managers:
Boston: $197,000
New York: $230,000
Much like the West Coast, the average cost of living in East Coast states tends to be well above the national average for cost of living.
Boston: 47% above the national average
New York: 128% above the national average
U.S. South
Median total salaries for product managers:
Atlanta: $182,000
Charlotte: $177,000
Dallas: $181,000
The average cost of living in the South is typically closer to or below the national cost of living average.
Atlanta: 2% below the national average
Charlotte: 3% below the national average
Dallas: 2% above the national average
Europe
Countries with the highest general salaries in Europe fall in the Northern and Western regions, whereas Eastern and Southern European countries report lower average numbers. The average total salary for product managers in some major European cities varies widely.
Barcelona: €53,000
Madrid: €49,000
Berlin: €76,000
Munich: €75,000
Luxembourg: €74,000
Dublin: €84,000
London: £68,000
Paris: €60,000
Rome: €47,000
Zurich: ₣122,000
European countries with the highest cost of living are Switzerland, Iceland, and Norway.
Australia
The average base salary range for a product manager in Australia is between AU$115,000 and AU$150,000 per year, with additional cash compensation ranging from AU$10,000 to AU$20,000. The average salary for product managers in major Australian cities remains fairly close to the national average.
Brisbane: AU$130,000
Melbourne: AU$130,000
Perth: AU$137,000
Sydney: AU$149,000
The average cost of living in Australia tends to be higher than in the rest of the world. It is just over 2% higher than the cost of living in the U.S. Worldwide, Sydney ranks as the 24th and Perth as the 32nd most expensive city.
New Zealand
The average total salary for product managers in New Zealand is NZ$135,000. Like in Australia, the average product manager salary in New Zealand's major cities is similar to the national average.
Auckland: NZ$130,000
Wellington: NZ$131,000
Worldwide, Auckland ranks as the 43rd and Wellington as the 29th most expensive city.
A final note on location: Like many fields, product management now has more opportunities for remote and hybrid work. Many product managers are able to work on or lead a product team from wherever they choose to live. For example, our team at Aha! is fully distributed and folks come from all over.
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Product manager salary by industry
Product managers — especially those with a lot of knowledge, experience, or skills in certain fields — are in demand. Currently, the five industries ready to pay the most for qualified candidates in the U.S. are:
Energy, mining, and utilities: $164,000
Agriculture: $175,000
Pharmaceutical and biotechnology: $158,000
Financial services: $207,000
Information technology: $206,000
Few industries can match the pay found in the tech industry. The average base pay range for a product manager in IT is $117,000 to $172,000, and salaries can get much higher within leading technology companies, according to Glassdoor.
Low | Average | High | |
$177,000 | $217,000 | $273,000 | |
$250,000 | $308,000 | $389,000 | |
$263,000 | $318,000 | $395,000 | |
$178,000 | $232,000 | $308,000 | |
$220,000 | $279,000 | $361,000 |
How education impacts product manager salaries
Most product managers have a college degree, and many have an advanced degree (such as a Master of Business Administration). College majors do not have a large impact on salary, but they can affect the chance of new graduates landing a job more easily. If you are interested in becoming a product manager, consider concentrating in business or technology and pursuing relevant internships or co-op placements. This could give you an edge over other candidates.
College degrees for product managers
Getting a degree in finance, computer science, or business can serve as a helpful foundation for developing the necessary technical and analytical skills. (You will also need strong people skills to manage a product.) Some schools are even creating specialized tracks or courses geared toward a career in product management. A few such programs are available to students at Harvard University, Cornell University, and Carnegie Mellon University.
Certifications for product managers
Beyond securing a relevant degree and some work experience, product managers can build out competitive skills by obtaining professional certifications and periodically enrolling in continuing education courses. These are just a few of the programs available to deepen product managers' understanding and mastery of their craft:
Aha! Academy: Led by experts in building world-class products, Aha! Academy courses offer advanced product management training and certification classes.
Aha! Product Management Professional Certificate: We developed this learning path in partnership with LinkedIn Learning to help folks build foundational product management knowledge and skills.
The Association of International Product Marketing and Management: This professional association for product managers offers courses and study aids online and in person worldwide.
General Assembly: Dedicated to offering educational and professional connections, General Assembly offers both a 10-week part-time course and an intensive weeklong course in product management.
Pragmatic Institute: Gain insights from different certification levels designed for product managers and product marketing professionals.
Product School: Learn from other seasoned product managers during a series of eight-week part-time courses offered in San Francisco, Silicon Valley, New York, and Los Angeles.
Project Management Institute: Although product management is different from project management, certification in specialized areas such as program management can be appealing to some employers.
Scrum Alliance: Scrum and agile training can edge out candidates in organizations that follow these methodologies.
Beyond technical training, there are a few more personal attributes you can focus on nurturing — such as transparency, candor, accountability, and a passion for process.
Related:
Yes, product management is currently one of the highest-paying jobs at technology companies. But the best part of the job is not the money. The true reward of being a product manager comes from transforming the most valuable ideas into reality and delivering lovable products to customers.
If you are interested in becoming a product manager and want to hear about what they do, listen to product manager Chrissi McNamara talk about her experience. Chrissi is on the Aha! PM/UX team, where she helps build and release new customer experiences to empower product teams around the world.
Editor's note: Although some of the branding in the video below might be out of date, the information is still relevant. Chrissi's surname has also changed since this recording.
