Product management is proliferating in India, and salaries are becoming more competitive. If you aspire to become a product manager (PM) in India, then you must be aware of the average product manager salary in India. This blog post will discuss the average product manager salary in India for both freshers and experienced professionals. We will also provide tips on boosting your earning potential as a product manager in India!
What Is The Average Salary Of A Product Manager For An Experienced Professional?
In India, the average product manager salary for an experienced professional is ₹11,71,538 per year. The median salary is ₹10,66,667 per year. On the other hand, the average product manager salary for a fresher is ₹6,49,333 per year, which can differ based on the product and company.
The salary of a PMs subject to change based on various factors such as product, company, city, and experience. For instance, a product manager in Mumbai will have a higher salary than someone working in Bengaluru with the same product and experience. Similarly, if a PM has just started his/her career, the salary will be lower compared to an experienced product manager.
Factors Affecting The Salary of a Product Manager?
Type Of Product: Product managers can earn different salaries depending on the product, the company and the product market. For example, a PM for a luxury good will likely earn more than a product manager for a more commonly used product. If the product is new to or in a highly competitive market, the product manager’s salary will likely be higher. For instance, the software product manager will have a higher salary than product managers of other product types.
Company: The size of the company, the industry and whether it is a publicly-traded company all affect the product manager’s salaries. A product manager at a small company in the retail industry will typically earn less than a product manager at a large, publicly traded company in the tech industry. For instance, an Infosys product manager will earn an average of ₹12,15,000 per year, while a product manager at Amazon will earn an average of ₹21,90,000 per year.
Experience: As with most professions, product managers earn more as they gain experience.
- A product manager with 1-4 years of experience can earn an average salary of ₹6,44,165 per year.
- A product manager having 5-9 years of experience will have an average salary of ₹9,64,958 per year.
- Product managers with 10-19 years of experience will see an average salary of ₹13,72,426 per year.
- Product managers with 20 or more years will enjoy an average salary of ₹20,62,569 per year.
So, you can see a significant increase in the product manager’s salary as the years of experience go up.
Also Read: What Is The Product Process Matrix?
Location: The city where you work will greatly impact your salary as a product manager. In India, product managers in Mumbai and Delhi earn an average of ₹10,00,000 per year, while those in Bangalore earn ₹12,00,000 per year. Tier I cities generally offer higher salaries than tier II or III cities. So, if you want to make more money as a product manager, consider working in a major city.
Education: Your experience as a product manager will also affect your salary. A product manager with a bachelor’s degree can expect to earn an average of ₹10,00,000 per year. However, a product manager with an MBA or other master’s degree can expect to earn an average of ₹15,00,000 per year. Hence, experience matters the most regarding product manager salaries in India.
Skills: As a PM, you must have strong analytical and problem-solving skills. You will need to work well under pressure and have excellent communication and people skills. Without adequate skills required to work on a project, product managers will likely not be able to complete their duties successfully. Several product manager courses available online and offline can help you improve your skills.
Roles & Responsibilities: PMs are appointed for different roles and responsibilities, so their salaries will also differ. For instance, an associate product manager will have other responsibilities than a product marketing manager, and there will be a salary difference between the two. So, it is essential to know the roles and responsibilities of product managers before discussing their salary.
What Are The Skills Required To Become A Product Manager?
PMs are responsible for developing and managing product lines from inception to completion. It includes researching, planning, designing, developing, launching, and managing products throughout their entire lifecycle.
PMs work closely with other departments within the company, such as engineering, sales, marketing, and customer service, to ensure that the product meets the target market’s needs and is delivered on time and within budget. It is imperative to have the right set of skills to complete all these roles and fulfil responsibilities.
The skills that are required for a product manager position are:
Communication: PMs need to communicate effectively with all product development team members, as well as customers and clients. They need to articulate clearly the product vision and objectives and ensure everyone is on the same page. There has to be strong cross-functional communication for the product to be successful.
Strategic Thinking & Planning: The PM is responsible for their product’s strategy, roadmap and feature definition. They collaborate with cross-functional teams to bring products to market. Each product requires a product strategy. They should be adept in creating and maintaining the product strategy. The product strategy should be reviewed and updated regularly as the product market and competitive landscape change.
Negotiation Skills: Product managers are often required to negotiate internally and externally with stakeholders. They need to identify each party’s key issues and interests and find a way to meet everyone’s needs. Strong negotiation skills are essential for product managers who want to be successful. Whether negotiating a budget with upper management or convincing a client to use your product, product managers need to be able to get what they want.
Stringent Market Research: A product manager is responsible for understanding the needs of their target market and ensuring that their product meets those needs. It requires extensive market research to ensure the product can stand out in a competitive market. Every product requires strong market research to back its product planning. For instance, when Apple launched the iPhone, they conducted extensive market research to ensure that their product would be successful. It catered to the needs of their target market, i.e., those who wanted a smartphone that was easy to use, had a variety of features and added a dash of luxury.
Why There Is A Difference In A Fresher And Experienced Product Manager Salary?
The salary of a PM in India, on average, is around 6-7 Lakhs per annum. However, there is a significant difference in the salary of a fresher and an experienced product manager. The salary of a fresher product manager is usually around 3-4 Lakhs per annum, while an experienced product manager can earn up to 12-13 Lakhs per annum.
The main reason for the difference in salary is experience. An experienced product manager is usually more skilled and better understands the product development process. They are also better able to manage teams and projects. As a result, they are usually more in demand and can command a higher salary.
If you are a fresher product manager, you can expect a significant salary increase as you gain experience. In India, the average salary for a product manager increases by around 10% every year.
Different factors can affect a product manager’s salary. These include the company’s size, the product development cycle, the location of the company, and the product manager’s skills and experience.
Another reason for the difference in salary is that fresher product managers are usually less skilled than experienced product managers. They may have different levels of experience or knowledge about the product development process. As a result, they may be paid less than their experienced counterparts.
Additionally, fresher product managers may have a different level of responsibility than experienced product managers. They may need to be more responsible for managing teams or projects. Instead, they may be responsible for working on a specific product or aspect of the product development process. As a result, their salary may be lower than that of an experienced product manager.
However, fresher product managers can still earn a good salary if they are skilled and have the right experience. In India, the average salary for a fresher product manager is around 3-4 Lakhs per annum. With the right skills and experience, fresher product managers can earn up to 6-7 Lakhs per annum.
Is It Right To Be A Product Manager In India? What The Future Awaits?
Product management is one of the most popular and in-demand career paths today. And it’s not surprising, given the current state of the product management industry. With the ever-changing landscape of technology, product managers are necessary now more than ever to help shape and drive product strategy, develop new product ideas, and bring products to market.
According to a recent study, the product management profession is expected to grow by 22% in the next ten years. This growth is driven by the increasing importance of product management within organizations and the need for product managers to deeply understand technology and business.
With the rapid growth of the product management industry, there is also an increase in demand for product managers in India. The product management profession is still relatively new in India, but it is quickly gaining popularity as more organizations realize product management’s importance.
The average salary for a PM in India is ₹15,00,000 per year. This salary can vary depending on experience, location, and company size.
The average salary for a PM with 0-5 years of experience is ₹10,00,000 per year.
The average salary for a PM with 5-10 years of experience is ₹20,00,000 per year. And the average salary for a product manager with 10+ years of experience is ₹30,00,000 per year.
Product managers in India can expect to see a bright future as the product management profession continues to grow at a rapid pace. With the right skills and experience, product managers can expect to earn a high salary and enjoy a successful career.
If you’re interested in becoming a product manager, now is the time to start your journey, as there is a humongous demand for professionals who can manage products in India. PMs usually have a technical or business background and are responsible for the overall success of a product. For a challenging and rewarding career, product management is the perfect profession for you.
The Bottom Line
Did you know that the average product manager’s salary in India is Rs 1,349,493? That’s right, product managers in India earn a median salary of Rs 1,349,493. But that’s not all. Product managers in India also enjoy several benefits and perks, including medical and dental insurance, paid time off, and more. So if you’re thinking of becoming a product manager, or are already one, then you can rest assured that you’re in for a good deal.
However, it’s essential to keep in mind that product manager salaries can vary depending on several factors, including experience, education, location, and more. So if you’re looking to maximize your earnings potential, then it’s essential to keep these factors in mind.
So, what are you waiting for? Start your search for the perfect product manager job today!
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