How Much Does a Product Manager Make a Year?

How much does a product manager make a year? How can a person become a product manager? If you are interested in this position, then this article is for you.

How Much Does a Product Manager Make a Year?

A product manager works very hard within the company he is working for. He has a lot on his plate. So, that is why he enjoys a compensation of $100,000 to $300,000 per year. If a company has two or more product managers within the company, then they make an average of $150,000 to $300,000 per year.

Then, the average salary of a product manager is $125,000. The median salary is $115,000. There is a difference between the salary of a product manager and a project manager. A project manager makes an average of $78,000 per year.

To become a product manager you must have three things:

• bachelor’s degree in business administration or engineering 
• little experience in the industry for about five years 
• MBA degree

This is how you can become a product manager. But if you already have five years of experience and an MBA degree then you will make $125,000 to $300,000 per year as an entry-level manager. An experienced manager can make up to $350,000 to over $500,000 per year.

How to Become a Product Manager?

You need to do your research on how to become a product manager first before you want to become one. Do you need to ask yourself why you want to become one? If it is because of the money then other positions pay much more than this position does.

Further. you will also need to learn about what responsibilities are required for this position. And how much time do you need to put into this position? So that it will pay off in the future if you decide to pursue it as your career choice. This will help you decide if it is for you or not.

Then, you need to have the right skills. What are these? Firstly, you need to know how to manage people, which means having excellent communication skills. You need to be able to listen and speak to your employees effectively.

Secondly, you need to have some knowledge of coding. This is because you need to understand how the product works and how the code interacts with it.

Thirdly, you need to be a creative thinker. You need to be able to think outside of the box so that you can come up with new ideas for your product. This will help your company stay ahead of its competition.

Lastly, you need to know what your customers want and need. Without knowing that, you won’t know what direction to take with your product. So, it will be difficult for you to decide what product lines and features should be included in it. 

Conclusion

So, if you want to be a product manager, then you should go through these steps and make sure you are ready for this position. It is not a position to be taken lightly. You have to have the right skills and knowledge to do it.