As businesses become more product-centric, the demand for product managers is rising. In this scenario, pursuing the career of a product manager is prudent. But before you start training yourself for the job, you should learn about product manager salary. Dive into this article to learn everything you need about the product manager salary in India.
Who is a Product Manager?
A product manager looks after the entire product management process. But what is product management? The method of product management is managing the entire lifecycle. A product manager does everything from idea conception to developing marketing strategies. Due to high demand, a product manager salary in India is pretty high.
Want to learn more about product management? Check out our blog: A Comprehensive Guide to Product Management.
What Does a Product Manager Do?
The different responsibilities of a product manager in India are as follows:
- Outlining the product vision, roadmap, and strategy
- Mentioning the research required to collect market information to understand and represent customer needs
- Offering perspective and insights on product portfolio planning
- Collaborating with the marketing, sales, engineering, and support teams to fulfill business goals and offer customer satisfaction
- Scanning market competition by checking out the products offered by competitors
- Outlining objectives for product marketing communication
- Calling customers to assess sales results and product market data
- Fixing product pricing after performing market research and reviewing production and sales costs
- Hiring and training professionals for the product management team
Product Manager Salary Range
The product manager salary in India ranges from Rs 5.2 lakhs to Rs 35 lakhs. The salary range is for professionals with less than two years of experience to over 13 years of experience. Professionals can find their way up the product manager salary range with growing experience. Let’s take a look at what is a typical Product Manager salary in India?
What is the Average Product Manager Salary in India?
The average product manager salary in India is Rs 20,00,000 per annum. Once a professional becomes a lead product manager, their average salary can reach Rs 32,00,000 per annum.
Product Manager Salaries by Company
The product manager salary in top companies in India is as follows:
| Company Name | Total Compensation |
|---|---|
| Goldman Sachs | Rs 67,00,000 |
| Rs 65,00,000 | |
| Flipkart | Rs 30,00,000 |
| Amazon | Rs 29,54,838 |
| Ola | Rs 28,25,243 |
| Dell Technologies | Rs 22,48,693 |
Factors Affecting Product Manager Salary in India
The primary factors that affect product manager salary in India are as follows:
- Company: The company you work in will largely influence the product manager salary. If you work for a big and reputable organization, your salary will be in the higher range. It is one of the primary reason product manager salaries in India is quite high.
- Years Of Experience: There is varying salary numbers in product manager salary in India, depending on how many years of experience you have. Your product manager salary will increase with experience. Experienced professionals can offer fast, quick solutions for bugs and understand different roadblocks easily.
The average entry-level product manager salary in India is ₹1,102,000.
The average mid-level product manager salary in India is ₹1,679,068
The average experienced product manager salary in India is ₹2,008,430
- Location: Product manager salary in India can vary in different cities basis on the factors like cost of living, IT development, house rents, etc. Your location will also have a minor impact on your product manager salary. For instance, product management salary in India is higher when you work in metro cities.
- Skills: Skills will also have an impact on the product marketing manager salary. The more skills you possess, the higher your salary will be.
Skills Required by a Product Manager
The key skills required to become a product manager in India are as follows:
- Strategic Thinking: Once a product manager sets the goals and key initiatives of a product, they need to work on a higher-level vision. They will have to start asking the right questions and understand the market and the competition better.
- Communication Skills: A product manager in India needs to work with various internal and external stakeholders. Therefore, they need to possess good communication skills to convey crucial messages to the stakeholders.
- Negotiation Skills: A product manager needs to collaborate with multiple departments, including marketing, sales, and HR. They will have to get work done by departments and employees. Therefore, they will need to possess effective communication skills.
- Analytical Skills: Product managers need to possess strong analytical skills to solve issues with holistic approaches. They often need to visualize several outcomes to drive operations in various departments.
- Empathy: Product managers will need to understand the requirements of customers and the opinions of stakeholders. That’s why having empathy is crucial for product managers.
No wonder product manager salary in India is so high as they have quite a full skills. Check out the blog to learn all about the important product management skills: The 8 Top Product Manager Skills You’ll Need.
Product Manager Salary in India vs. Finance Manager Salary Overseas
Professionals have recognized a huge difference in the salary numbers across the countries when it comes to production managerorassociate product manager salary in India. The product manager’s salary in different parts of the world is as follows:
US West Coast
The median product manager salary in:
- Los Angeles: $142,000
- San Francisco: $151,000
- Seattle: $160,000
US Midwest
The median product manager salary in:
- Chicago: $146,000
- Minneapolis: $136,000
- Denver: $122,000
US East Coast
The median product manager salary in:
- Boston: $138,000
- New York: $142,000
US South
The median product manager salary in:
- Dallas: $134,000
- Charlotte: $129,000
- Atlanta: $130,000
Europe
The median product manager salary in different European cities is as follows:
- Zurich: CHF 116,000
- Paris: €51,000
- Berlin: €67,000
- London: £70,000
- Rome: €45,000
Australia
The median product manager salary in different parts of Australia is as follows:
- Perth: AU $140,000
- Melbourne: AU $131,000
- Sydney: AU $132,000
- Brisbane: AU $132,000
Prerequisites for Product Management
There is a lot of scope in India to develop a career as a product manager, and theassociate product manager salary in Indiais quite lucrative. Some prerequisites for becoming a product manager are as follows:
- A bachelor’s or master’s degree in Computer Science, Business Administration, Science, Engineering, Economics, or other fields
- Field experience in product development, product designing, strategy building, or a related field
- Ability to make and translate data reports in Google Sheets, Microsoft Excel, and related software
- Ability to handle tight deadlines and work under pressure
- Creative abilities to offer insights on product roadmaps and more
Future Scope of Product Manager in India
The rise of product companies will increase the demand for product managers in India. Companies will hire certified product managers to supervise the product development process and drive innovation. With the increasing opportunities for product managers in India, the salary of these professionals will also keep rising.
How to Increase Your Salary as a Product Manager
In this blog, we have tried to discuss product manager salaries in India in all aspects along with details about varying salary trends based on experience, city, companies and more. If you want to increase your salary as a product manager, you will need to improve your skills. You will get better at the job with experience. But you can also invest in a product management course to expand your knowledge.
You will be working on industry-relevant projects to sharpen your skills. Therefore, you will get theoretical as well as practical knowledge from a product management program. Moreover, you will also earn a certification at the end of the program, which will validate your skills and make you more noticeable among employers.
