A product is any item or service a company or an organization sells to its customers or consumers, which are those who need that product. Products range from hardware, software, and consumable products. Persons in charge of planning and maintaining a product throughout its life cycle are called product managers. Product managers are highly qualified and professional personnel who are employed and sometimes highly paid by large companies to preserve the market and innovate their products.
The United States alone is made up of 125,576 product managers working with different companies to maintain these companies' products.
What is the salary of a product manager in the United States?
Product managers in the United States earn very high salaries since their work requires in-depth knowledge and training. Though product manager salaries are not the same, there is an average salary a product manager can be expected to earn. In the United States, the average base salary of a product manager is $105,932 with an $8,000 cash bonus per year. Cash bonuses are benefits to product managers ranging from free computer assistance, stock options, paid time off, and even food options.
The difference in product manager salaries are impacted by position, experience, seniority, location, company of employment and certifications.
Salaries based on position, experience and seniority
Position
Product managers with different positions or roles in a company will be compensated differently based on their relative importance to the company. Indeed classified the following average salaries of product managers on a yearly range;
$123,036 for technical product manager
$108,774 for a product owner
$123,362 for a mobile product manager
$118,698 for product marketing manager
Technical product managers and mobile product managers are those with the highest salaries that start at nothing below $123,000.
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Experience
Websites like payscale also show the different salaries earned by product managers in the United States based on experience. Salaries increase with an increase in the level of experience. A product manager in the software industry will earn as much as:
$79,000 for one year of experience
$91,000 for 1-4 years of experience
$104,000 for 5-9 years of experience
$112,000 for 10-19 years of experience
$120,000 for 20 years of experience and above.
An entry-level product manager with less than one year of experience can expect to earn an average total compensation, bonuses and overtime pay of $78,931. In the state of Colorado, female product managers in the same position with the same years of experience earn less salary than their male counterparts. For instance, a female product manager can earn $82,5000 while her male colleague earns $114,500 for one year of experience.
Seniority
Glassdoor indicates seniority plays a role in overall compensation as well;
$149,000 for Director of product management
$109,000 for Senior product manager
$96,000 for Associate product manager
Highest paying companies for product managers
Yearly salaries of product managers in the United States vary company from company. Some companies pay very high while some pay low but the salary ranges are within the average salary of a product manager. Here are some of the highest paying companies for product managers:
Juniper network - $198,158
Facebook- $151,471
Cisco - $147,112
Walmart - $134,504
Bank of America - $132, 350
Wipro - $78,728
IBM - $100,897
LTI - $95,411
Google - $152,990
Microsoft - $121,904
Amazon - $120,528
Cognizant Technology Solution - $98,142
Amongst the above-stated companies, it can be seen that no company offers a yearly salary above $200,000. Juniper Network Company offers the highest paid salary of $198,158
Salaries based on cities in the United States
Different cities offer different salaries to product managers, which may be based on the economic nature of that area, companies' nature or government legislation, as well as demand for product managers in those areas. Here is a rundown of salaries paid to product managers in different cities across the USA.
San Francisco, CA - $143,338
Redmond, AW - $130,407
New York, NY - $123,742
San Jose, CA - $119,204
Seattle, WA - $155,459
Does earning a product management certification make a difference?
The research is still out on how much earning a product management certification impacts overall compensation. Although we can get some idea by looking at how much earning a project management certification impacts salaries.
The salary of a certified project management professional (PMP) is $23,000 higher than that of a non-certified professional in the United States. That is, the average salary of a project manager is $92,000 maximum, and for a certified project management professional is $155,000 maximum. In the United States, project management professionals with ten plus years and certification tend to earn $130,000, which is 15,000 higher than the normal salary of a non-certified project manager. PMP certification has a 25% advantage of an increased salary.
Conclusion
We hope through this article we were able to answer your questions around product manager salaries in the United States. With an average base salary of $105,932 with an $8,000 cash bonus per year, product management is a promising career. It is also clear to us now that the type, seniority, experience, location, company, and certifications also play a major role in how well a product manager is compensated.
