One of the most important areas of any product-producing business is the development of products to be used by the end consumers. Want to know what product management is and the Highest Paying Product Management Jobs in the United States? Read this article to the very end to get full information.
Highest Paying Product Management Jobs in the United States
Product management is a very vital role in every single company. Now, let’s understand who these product managers are and what their functions are;
Who is a Product Manager
A product manager is a person that identifies the various needs of the customer and the larger objectives that the product of a business will fulfill. They articulate what success should look like for a product and they rally teams to turn their visions into reality.
Product managers forecast, analyze and develop strategies to design and implement the release of new technology products for their company.
Top Product Management Jobs in the United States
Here are some high-paying jobs in product management and their average annual salaries;
Group Product Manager
The major duty of a Group product manager is to create a product strategy. These people usually work for software companies and report to company executives. They oversee teams from development to launch and stay up to date with the products of competitors.
Their duties also include conducting customer surveys, inspecting budgets, and developing business models.
The average annual salaries of these professionals range from $119,000-$200,000.
VP Product Management
The major role of a Vp of Product management is to lead the product team at a company. Here, the professional monitors a product from conceptualization through planning and development.
These experts. Develop new products, design and execute plans, test products and launch them on their market. They also manage design teams and the operations of your project.
Their responsibilities also include ensuring the functionality of all products and making pricing decisions.
The average annual salary of VP product managers ranges from $141,000-$186,500.
Senior Product Manager
The role of a senior product manager is the development of new products and then update existing products. They also assist with the design of new products, helping to upgrade existing products, and assessing financial strategies to extract value from current products before beginning the design process for new products.
They may also help perform market research and coordinate with other product development departments on the goals and strategies for sales production.
The average annual salary of Senior Product managers ranges from $110,000-$150,000
Software Product Manager
The duty of software product managers includes overseeing engineering development, design, and marketing of software. A software manager is a member of the development team. They interact with end users or other stakeholders to identify their needs and how best to meet them.
Their duties also include the documentation process of products, supervising customer support service, and directing team members. They also coordinate with technical workers and clients to ensure the updating of new products to meet the needs and standards of the industry.
The average annual salaries of Software Product managers range from $88,000-$124,500.
Product Line Manager
The role of a product line manager is to oversee the efforts to increase the market share and profitability of products in a company. Product line managers research and study the market to determine fair price points and compare competitors’ products.
Other duties of these professionals include collaborating with the design, marketing, and sales departments of a company to develop strategies to increase profit margins, monitor emerging product trends, and forecast customer demand.
The average annual salary of a product line manager ranges from $78,000-$124,000.
Global Product Manager
Global product managers manage the marketing and sales of products in global markets. They also identify new global markets, develop market strategies and implement sales strategies to meet the business goals of a company. To move into this role, you must have a bachelor’s degree in international business, marketing, or related fields and several years of sales and industry experience.
The average annual salary for Global product managers ranges from $88,000-$115,500.
Product Manager Medical Device
The major duties of a medical device project manager may include managing the technical aspects of a product design and development and defining the target market that the product serves. Their responsibilities also include planning the process that the company uses to develop a medical device. Going through this process may include getting relevant documentation and approval from medical regulatory bodies. Some of these professionals focus on marketing products by developing a market strategy, defining a target market, and creating a pricing strategy.
The average annual salary of a Product Manager for a medical device ranges from $92,500-$110,000.
How to Become a Product Manager
To become a product manager, follow the short steps below;
- You must understand the fundamentals of product management. You must learn the entire life cycle of a product from ideation to launching and beyond.
- Get a product management certification.
- You must get familiar with the product management process.
- Study the type of industry which you want to get involved with.
- Build your product management skills by launching your products
- Now showcase your work in a portfolio.
Frequently Asked Questions
What Is Required to Become a Product Manager?
To become a product manager, you must have a degree in technical fields such as engineering and computer sciences. You may also have an MBA and a complementary certification in product management.
Is It Hard to Become a Product Manager?
The reason why it is very hard to get a product Manager job is that it takes a diverse set of skills to perform the job effectively.
How Many Years Does It Take to Become a Product Manager?
It takes an average of three to five years to five years of business experience for Product managers to get into an MBA program. All these years can be used to build the required skills.
Is an MBA enough to be a product manager?
Although it is not compulsory to have an MBA to land a job as a product manager, you can get an advanced degree when applying to a high-profile company. Getting an MBA in product management can also help you climb the corporate ladder faster than you can do with a bachelor’s degree.