I want to be a product manager, is the product manager salary in India good. Is it a good career and does it have a long term career benefit.
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I want to be a product manager, is the product manager salary in India good. Is it a good career and does it have a long term career benefit.
The product manager salary depends upon region to region. When it comes to Product management .It is an organizational function dealing with designing, planning, verification, forecasting, pricing, and product launch. This complete cycle is product management. This skill is all about having a shared understanding with your team and stakeholders about your product, for whom you are building it, and, most importantly, the importance of developing your product. Online learning can teach you what to do, but books can teach you the ‘why’ and reasoning behind the practices.
To earn a good amount in product manager salary, you must like and enjoy being with customers and, yes, sales and marketing people. You must also have a tolerance for ambiguity, and being analytical helps. The very best product managers are much stronger in synthesis than analysis — being able to put all the pieces together into a coherent whole that meets what the customer actually needs at the right cost vs. what they said they wanted and based on the skills one possesses determines product manager salary.
When it comes to product manager salary out here in India.One can be a PM straight after graduating from a top B-school (zero eng exp) but salary will not be high (15-20 LPA approx). One can be a PM after graduating from top B-school (2–4 years eng exp) and get paid well (25–30 LPA)if the company he/she joins is in the same domain as his/her exp. Advantage of graduating from a top B-school is that you will eventually (8 years eng+pm exp) get paid very well (40 LPA). The project manager salary at the fresher level also depends upon the institution which you have graduated from for e.g. IIM graduates are likely to get a leverage as the product manager salary would be high compared to non reputed institutions.
In my experience, Best paid PMs in the IT industry are the ones with an overlap of technology, marketing, evangelism and influencing skills. MBA from a top tier college is an icing on the cake. In the end, It might sound cheesy but do not only go for a high salary when you are starting. Similar to eng, you will make lots of money eventually in a PM role if you acquire the right skills.
These are some of the important points which determine a product manager salary in India.
Before going on the Product Manager salary, we will first discuss What is a product manager?
A product manager is a person who identifies the customer’s need and the larger business objectives that a product or feature will fulfill. What success looks like for a product, and reunite a team to turn that vision into a reality.
The average Product Managers salary in India is around ₹6.0 Lakhs per year (₹50.0k per month). 2 years of minimum experience is required to be a Product Manager. The highest Product Manager salary is ₹35.0 Lakhs per year (₹2.9L per month).
With 20,000+ jobs on LinkedIn alone, the product management domain is in high demand in India and abroad. The average product manager salary is around 245% higher than the national average salary in India.
Being a product manager comes with high expectations. As a manager, you are not only responsible for the product development and delivery process but also for the entire product management team.
Although the average product manager salary in India is around 16 lakhs, it can go up to 30 lakhs per year with experience and added skills. At Starting level, the Project Manager salary is relatively high for this role. In starting, you can expect to earn around 7-8 lakhs per year.
Many startups are now hiring freshers as Product Managers. Going with the startup trend India is following, we can expect considerable hiring in product management. A product manager manages and develops a company’s products and services. To become a project manager, you have to work on:
Learn product management fundamentals.
Get familiar with the product management process.
Study your line of business and industry.
Develop your projects to build product skills.
Create a portfolio of projects to showcase your work.
The education level required to apply for many product manager positions is a bachelor’s degree in business or a related field. Product manager degrees should include communications, marketing, economics, public relations, statistics, advertising, and management curricula.
Product management jobs pay around 245% higher than any other jobs in India. India is the ultimate guide to a career in product management, including the skills needed, the work involved, etc. Nowadays Product management is one of the most in-demand careers in India.
A product manager’s job role involves the basic understanding of consumers’ needs, need to explain consumer about life-cycle of a product, and team should produce user friendly products A Product Manager lasts attentive on optimization of products to attain their regular goals and to fulfill user need with the optimization to return of the investment. A Product Manager performs the role of lead as well as doorkeeper. Product Manager salary differ in industry to industry. According to Glassdoor Product Manager salary in India is Rs. 1450000 per annum.Now question will arise in your mind after watching product manager salary why it is product manager salary is so high? And here is the answer- Product manager salary is high because it is one of most desired jobs in India. Product manager play a vital position in lifecycle of a product. From start to the final work, post-implementation bugs, and updates, product managers control it all. Recruiters in every enterprise are looking for the best candidates and are inclined to pay high salaries to person who have relevant skills, abilities and experience. We have some fascinating records of a Product Manager salary primarily based on the Software or IT industry. Payscale data says,Product Manager salary in software is Rs. 1741148 annually. The average Fresher Product Manager salary is Rs. 912329 per annum. An entry-level Product Manager earns an average salary of Rs. 1313419 per annum. A Mid-career average Product Manager salary is Rs. 1776152 per annum. An average Senior Product Manager salary is Rs. 21660039 per annum. Ambition box also stated almost the same record, The average Product Manager salary in India per month is Rs. 1.3 lakhs. Product Manager salary also depend on the company, that comes in leading or not. Here is the data of average Product Manager salary in India based on various software companies. SAP Labs India: Rs. 20,00,000 Oracle: Rs. 1875000 Dell Inc.: 14,00,000 GlobalLogic: Rs. 825,000 Amadeus India Pvt Ltd: Rs. 2324731 Conclusion: A Product Manager is a supervisory authority that have a set of responsibilities. Product Manager salary depends industry. Product manager salary is also depends on skills, qualifications and last experience. The Product Manager salary may also vary depending on job market, geographic location, size and structure of the employing organization.