Are you considering a career as a Product Manager, or perhaps already in this role? This article is tailored just for you. We will delve into the realm of Product Manager Salaries in India, shedding light on the intricacies of this profession and the pivotal skills that drive high earnings.
Discover the average Product Manager salary in India and explore what factors influence it.
Who is a Product Manager?
A Product Manager oversees the entire product management process, a task that entails managing the entire product lifecycle, from conception to marketing strategy development. The demand for Product Managers is on the rise, reflecting the attractive Product Manager salary in India.
What Does a Product Manager Do?
Product Managers in India shoulder diverse responsibilities, including:
- Defining the product vision, roadmap, and strategy
- Conducting market research to understand and address customer needs
- Offering insights on product portfolio planning
- Collaborating with various teams to achieve business goals and ensure customer satisfaction
- Monitoring market competition and analyzing competitors’ products
- Setting objectives for product marketing communication
- Evaluating sales results and product market data by engaging with customers
- Determining product pricing through comprehensive market research
- Recruiting and training professionals for the product management team
Product Manager Salary – Overview
The Product Manager salary in India ranges from Rs 5.2 lakhs to Rs 35 lakhs. This range accommodates professionals with less than two years of experience up to those with over 13 years of experience. Experience plays a pivotal role in ascending the Product Manager salary ladder. Let’s delve into the typical Product Manager salary in India.
What is the Average Product Manager Salary in India?
In India, the average product manager salary amounts to 2000000 INR per annum. As the level of experience tends to increase with an increase in the number of years, the average product manager salary might reach up to 3200000 INR per annum.
Product Manager Salaries by Company
Product Manager Salaries in top Indian companies are 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
Several factors influence Product Manager salaries in India:
- Company: The organization you work for significantly shapes your salary, with larger and more reputable companies offering higher remuneration.
- Years of Experience: Experience directly impacts your salary, with experienced professionals capable of providing quick solutions and navigating obstacles more effectively.
| Average product manager salary | Salary (INR) |
| entry-level | 1,102,000 |
| mid-level | 1,679,068 |
| experienced | 2,008,430 |
- Location: The city you work in influences your salary, considering factors such as cost of living, IT development, and housing expenses. Metropolitan areas tend to offer higher Product Manager Salaries.
- Skills: The more skills you possess, the higher your salary will be.
Product Manager Salary – Skills Required by a Product Manager
Key skills essential for success as a Product Manager in India encompass:
- Strategic Thinking: The ability to set goals, initiatives, and envision a higher-level product strategy.
- Communication Skills: Effective communication with internal and external stakeholders is crucial.
- Negotiation Skills: Collaborating with various departments and employees necessitates strong negotiation skills.
- Analytical Skills: Solving problems with a holistic approach and visualizing outcomes is paramount.
- Empathy: Understanding customer needs and stakeholder opinions requires empathy.
The rich skill set possessed by Product Managers in India justifies the high Product Manager salary in the country.
Product Manager Salary in India vs. Finance Manager Salary Overseas
A notable disparity exists in salary figures for Product Managers in different regions. Here’s a glimpse of Product Manager Salaries across the world:
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 | $138000 |
| New York | $142000 |
US South
The median product manager salary in:
| Dallas | $134000 |
| Charlotte | $129000 |
| Atlanta | $130000 |
Europe
The median product manager salary in different European cities is as follows:
| Zurich | €116000 |
| 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 $140000 |
| Melbourne | AU $131000 |
| Sydney | AU $132000 |
| Brisbane | AU $132000 |
Product Manager Salary – Prerequisites for Product Management
To pursue a profession as a Product Management professional in India and attain a competitive compensation package, it is essential to meet the following qualifications:
• A four-year or advanced degree in areas such as Computer Science, Business Management, Science, Engineering, Economics, or related disciplines.
• Hands-on involvement in product creation, planning, strategy, or equivalent domains.
• Competency in conducting data analysis through applications such as Google Sheets and Microsoft Excel.
• Aptitude for performing effectively in high-stress situations and adhering to strict timeframes.
• Demonstrated creative flair, enabling the provision of innovative perspectives on product development strategies and beyond.
Future Scope of Product Manager Salary in India
As the number of product-oriented companies grows, the demand for Product Managers in India will rise. Employers will seek certified Product Managers to oversee the product development process and drive innovation. With increasing opportunities in this field, the Product Manager salary is poised to continue its upward trajectory.
FAQs About Product Manager Salary in India 2024
Q1: What is a Product Manager, and what do they do?
Answer: A Product Manager oversees the entire product management process, from conception to marketing strategy development. Their responsibilities include defining product vision, roadmap, and strategy, conducting market research, collaborating with various teams, and setting objectives for product marketing communication.
Q2: What is the average Product Manager salary in India?
Answer: The average Product Manager salary in India is approximately Rs 20,00,000 per annum. However, it can vary based on factors such as experience, location, and company.
Q3: How much can a lead Product Manager earn in India?
Answer: A lead Product Manager in India can earn an average salary of around Rs 32,00,000 per annum. This figure can vary based on the company and the individual’s experience.
Q4: What factors influence Product Manager salaries in India?
Answer: Several factors affect Product Manager salaries in India, including the company’s reputation, years of experience, location, and the skills possessed by the individual.
Q5: Which companies in India offer high Product Manager salaries?
Answer: Some of the top companies offering high Product Manager salaries in India include Goldman Sachs, Google, Flipkart, Amazon, Ola, and Dell Technologies.
Conclusion
This article offers a comprehensive overview of Product Manager Salaries in India, exploring salary trends based on experience, location, and company size. To boost your Product Manager salary, invest in skill enhancement and consider enrolling in a product management course. Practical knowledge and industry-relevant projects will sharpen your skills, and a certification will validate your expertise, enhancing your appeal to potential employers.
