Up and down in the economy does impact the salary structure of employees in the country. However, among different professions, one such position which is experiencing a major demand is the position of a product manager. Entering the corporate world and starting from being a product manager, one can reach high corporate positions, including CEO. Hence, professionals passing out from creme institutions of the country aim to get this position during placements. However, it is essential for a candidate to be eligible for this position. But how?
So, by specifically getting admission to the top institutions in the country and thereafter pursuing product management courses in India, one can apply for the vacancy of product manager. One should complete their Masters in Business Administration, i.e., MBA, and then appear for campus placement.
To dive deep into this topic, we have shared what a product manager actually is, what is product management salary, what are the responsibilities of a product manager and how you can become one. Read more to know about it in detail.
Who is the Product Manager, and what are their responsibilities?
The work of a product manager revolves around business development, technological operations, and user experience. The product manager is engaged in research to identify the customer needs and build the product following them.
In addition to this, understanding the customer demands, establishing a product’s life cycle, and organising a product management team to create user-friendly solutions are part of a product manager’s responsibilities. He or she needs to ensure that business objectives and consumer needs go hand in hand by building high-quality products.
A skilled product manager looks after the entire product development process and ensures that it is carried out smoothly and without errors.
What requirements does one have to get eligible for the product manager role?
To be into product management and get a job role of product manager, you need the following requirements and credentials:
- Bachelor’s and MBA or master’s degree in business administration, computer science, management, engineering, economics, marketing, or a related discipline is required.
- 2-5 years of hands-on experience in product development, testing, or design.
- MS-Excel, Google Office suite, and associated software knowledge.
What are the positions available in product management?
A product manager might pursue various professional paths in the product management corporate line. The range of opportunities ranges from being an associate in the field to directing a team of product managers.
Here is a list of prospective positions in product management along with relevant salaries one can choose from.
- Associate product manager
You can enter the product management line by applying for the role of Associate product manager. Associate product managers gather research data, do market research, collaborate with stakeholders, and envision and design new features and products. They collaborate closely with product managers to ensure that projects are completed successfully.
The associate product manager handles the following responsibilities:
- Monitor project progress and create measures to avoid any hazards.
- Examine the product for flaws and identify acceptable fixes.
- Support the creation and development of new goods and the enhancement of existing ones.
- Support product development and work with management, administration, and technical staff to accomplish projects on schedule and under budget.
- Understand product operations and collaborate with other teams to guarantee a smooth product launch and customer support.
- Find marketing concepts corresponding to current trends, market conditions, and other similar aspects.
Associate product managers can get an annual salary of 12.5 Lakhs – 20 Lakhs on average.
- Product Manager
After Associate Product Manager, Product Manager is the next step you can try. The product manager plans the entire road map and regulates the operations while working on the strategy. A product manager’s functions and responsibilities differ depending on the organisation and, in some instances, the product.
On average, a product manager can earn up to 30 Lakhs per year.
- Senior Product Manager
Senior product managers have demonstrated experience in product management, product development, and lifecycle management.
To get eligible for this role, you need to have the following educational qualifications:
- Bachelor of Science in Computer Science or relevant fields.
- Background in software development and product management.
- Training or some work experience in product management.
Senior Product Managers can earn from 8 to 50 Lakhs annually.
There are furthermore roles you can try in the product management line.
Product management salaries differ as per the location and role. For instance:
- The compensation of a product manager in Mumbai ranges from 5.5 lakhs per annum to 25.0 lacs, with an average income of 11.8 lakhs per annum.
- The compensation of a product manager in New Delhi ranges from 4.8 Lakhs per annum to 28.4 Lacs, with an average income of 12.3 Lakhs per annum.
- A product manager’s average compensation for entry-level experience (1-3 years) is 12.0 Lakh.
- A product manager with mid-level experience (4-8 years) earns an average of 15.0 Lakh.
