Are you a product manager? Or are you planning on transitioning to this role?
Then this article is for you.
We’ll discuss the salary of product managers in India and find out what it is. You’ll also find out what this job is about and what skills help one in getting a good salary.
This way you’ll be able to find great jobs in this sector easily and advance your career accordingly.
What is the Average Product Manager Salary in India?
According to PayScale, the average salary of product managers in India is 16,31,438 INR per annum. Although the average pay is around 16 lakhs, it can go up to 30 lakhs per year with experience and added skills.
Even the starting pay is quite high for this role.
You can expect to earn somewhere around 7-8 lakhs per year when starting out. And when you add profit sharing to the mix, you get an additional 50,000 to 1 lakh added in your pay.
You should remember that a product manager’s salary depends on a lot of factors. The most prominent factors among them are location, experience, and expertise.
In the following points, we have broken down the various factors which affect your salary.
Product Manager Salary in Different Organizations
The demand for these professionals is high in the market and many companies pay handsome amounts for this role.
The role of a product manager is crucial to the success of an organization because they oversee the development as well as the performance of the software product the organization relies on.
Big organizations pay generously to their managers while small companies also offer competition to them.
For example, Citibank pays its product managers an average of Rs. 17 lakh per year while HDFC Bank was found to pay around 9 lakh for this role.
On the other hand, IBM India pays around Rs 20 lakh to their product managers. SAP pays a similar amount to their product managers. Other tech companies also pay around 20 lakh for this role.
Other Factors Affecting Product Manager Salary in India
Apart from the employer, your location and experience will also have a huge impact on the salary you get as a product manager.
It has been found that product managers in Bangalore earn considerably more than the average. They earn around 20 lakhs per annum.
Other cities that offer better pay for this job are Hyderabad and Pune. New Delhi was found to be the worst major city in this regard as the average pay is around 26% less than the national average.
Other cities that offer less pay are Gurugram (Gurgaon) and Mumbai.
Experience plays a major role too.
Product managers with the experience of 1-4 years were found to be earning around 10 lakhs per annum whereas those with the experience 5-9 years were earning its double (20 lakhs per annum).
Those with 20+ years of experience were found to be earning around 30 lack per annum. So the more time you spend in the industry the better would be the yield.
Skills of a Product Manager
As we mentioned earlier, one of the most important factors which determine the salary of a product manager is the skill.
You must’ve noticed in the job description how diversified and challenging this role is. Due to its dynamic requirements, this role requires one to have mastery of several different skills.
The most skills among product managers include Product Management, Financial Planning and Strategy, Product Development and People Management.
Make sure that you have these skills to get better pay as they help you get above-average salaries.
Other skills that are necessary for a product manager to have are Requirements Analysis and Agile Software Development.
Product Manager Job Description
Product managers are vital for the growth of a company. It’s a versatile role that requires the person to wear many hats.
Well, a product manager has to develop products, do market research, figure the product’s specifications, pricing and its requirements.
He or she also has to figure out the time it’ll take to create the product, how it will be marketed and what are the potential products they can develop.
Product development is a rigorous task and it requires the product manager to perform a variety of tasks.
Here are the primary tasks a Product Manager does:
Choosing the Product
In most cases, a company has several potential products to work on. It’s the responsibility of the product manager to choose which one would be the right fit according to the market’s condition and requirement.
The manager will have to assess the market, develop analyses of the product’s ROI (return-on-investment) and handle the inventory turnover.
Assessing the Competition
No matter how good your product is, if your competition is doing something better, it won’t succeed.
That’s why assessing the competitors’ products and marketing strategies is also a responsibility for a product manager.
He or she has to analyze the marketing campaigns and the product of the competitors to understand their USPs and figure out how his or her company can offer a better solution.
Manages the Team
A product manager also has to manage the team handling the product. He or she is responsible for the recruitment, orientation, and training of the employees.
As a product manager, you’ll also have to make sure that your team has the latest skills and is familiar with the requirements of the market.
So a product manager also conducts workshops and training sessions for the staff.
There is a lot of demand for product managers in the industry. Companies need to deploy more and more software products to survive in this market and they can’t do so without talented product managers.
The salary statistics also show that product managers will continue to be in demand for the coming years. If you are curious to learn how to build a product roadmap through user research, prototyping and product analysis and more, check out Duke Corporate Education & upGrad’s Product Management certification program.