What does a product manager do?
A product manager typically works for companies across various industries that develop and sell different services and products to consumers. These professionals work closely with the company product engineers to ensure the development of quality products and services. As a product manager, you'll also consult marketing experts about strategies to market the company's offerings to the public. The job of a product manager is to relay information between upper management and product teams and compile reports that propose some new product ideas. Product managers are also responsible for overseeing the products' manufacturing process and determining the production rate depending on the consumer responses.
What is the average salary of a product manager?
As of May 2020, the average salary for all management occupations was $109,760, according to the U.S. Bureau of Labor Statistics. Location plays a vital role in determining product managers' salaries. Cities with higher costs of living offer higher wages. For example, product managers are likely to earn higher salaries in the Silicon Valley region than in Houston. Product managers earn more in states and cities with more demand for their products or services.
Like any other occupation, a product manager's salary also increases with work experience. While you don't require a decade-long experience to get higher earnings, you can work on various projects that improve your job portfolio to find a competitive salary. Apart from work experience and geographical location, your salary will depend on the company size, the product you are responsible for, and the industry.
Industries that hire product managers
Project management is one of the most diverse and exciting fields today. It plays an important role in nearly every setting and sector imaginable. As such, many job opportunities are available, particularly as companies seek efficient and innovative ways to implement major plans on a budget. Although there are several avenues to project management success, you need to understand the field's scope before embarking on professional training. While you can find project managers in almost every industry, job opportunities are more abundant in a few industries, such as:
- Information technology
- Engineering and construction
- Insurance and finance
Product manager job description
Product managers normally work with the people who make products, those who use the products, and those who manage the company to ensure the products meet everyone's needs. You'll find opportunities at any corporation that makes products of some kind, such as manufactured products, technical products, and financial products. As a product manager, you'll ensure that the people building a product have access to the new technologies and techniques. It's also your responsibility to ensure the development process is as efficient as possible. Your job will also involve listening to the product users and finding the new features they need before collecting and analyzing their usage data and feedback.
What is the career outlook for a product manager?
Product managers are usually in demand across business intelligence, software, and marketing sectors. According to the U.S. BLS, most of the management occupations are anticipated to increase by around 9% from 2020 to 2030. The median salary for product managers is also likely to grow during this period. However, the job outlook will vary depending on your industry. The U.S. BLS projects a 5% growth for industrial product managers’ positions, which is slower than many occupations. On average, around 13,900 industrial production manager opportunities are expected yearly, regardless of the limited employment growth. Most job openings will occur due to the need to fill the positions left by employees who retire or exit from active employment. Job opportunities will also become available as product managers switch to other preferred occupations.
What are the advantages of working with Spherion as a product manager?
If you're searching for a product manager position, Spherion can help you realize your dreams. Due to its status and position among the top staffing companies within the U.S., Spherion will easily connect you with different corporations in various industries. Here are some of the remarkable benefits you will enjoy when working with the Spherion platform:
- A contact person to assist you during your job search
- Access to various resources and training opportunities to enhance your skills
- Temporary and permanent working contracts
- Fast interviewing process
- Incredibly flexible work schedules
- Access to the best and various positions in your region
- Weekly payment plans
What education do you need as a product manager?
Many product manager positions need a degree in business or another related field like economics, marketing, or statistics. Depending on the sector, a degree in agriculture, technology, engineering, or other fields related to a particular industry will be more appropriate. Generally, you'll get on-the-job training by working in low-level positions. However, many employers prefer professional experience in the employer's industry and the service or product development area. Some employers also look for proficiency in other management areas where the product manager can demonstrate the necessary skills.
Skills & competencies
Apart from attaining a degree to get a career, certifications will make you more qualified than other applicants in that profession. Having key accreditations in product management will increase your chances for promotion or potential hire. Some of the popular options include the Certified Product Manager, New Product Management Certification, and Product Management Certification. You only need a bachelor's degree to pursue any of these certifications. While the qualifications of a product manager vary depending on the employer and your position, you need some soft skills to succeed in this role. Below are the common skills you require to excel in the position.
- Exceptional communication skills
- Excellent industry or technical know-how
- Good interpersonal skills
- Robust project management skills
- Attention to detail
- Innovative and creative-thinking skills
- Ability to work and collaborate with teams
A product manager manages the development and enhancement of products or services. The duties of these professionals include creating product pricing, determining feature requirements, and understanding customer experiences, among other things. The frequently asked questions below will help you learn more about this profession.