Product Manager Salary in 2024

Salary details

The average Product Manager salary lies between USD 137,600 and USD 238,650 globally. It represents the overall compensation/gross salary amount for the working year (before deductions like social security, taxes and other contributions), not including equity/stock options or similar benefits.

All data shown are full-time equivalent (FTE) salaries. Part-time salary information has been extrapolated to its FTE value.

Last updated: Nov. 17, 2024

Top 20 Job Tags for Product Manager roles

The three most common job tag items assiciated with Product Manager job listings are Engineering, Machine Learning and Research. Below you find a list of the 20 most occuring job tags in 2024 and the number of open jobs that where associated with them during that period:

Engineering | 1318 jobs Machine Learning | 1008 jobs Research | 740 jobs Computer Science | 636 jobs Agile | 583 jobs Generative AI | 447 jobs SQL | 438 jobs Python | 387 jobs LLMs | 334 jobs Privacy | 331 jobs Architecture | 323 jobs Security | 309 jobs Testing | 297 jobs Data analysis | 283 jobs Data Analytics | 259 jobs UX | 231 jobs KPIs | 221 jobs ML models | 216 jobs R | 212 jobs Finance | 212 jobs

Top 20 Job Perks/Benefits for Product Manager roles

The three most common job benefits and perks assiciated with Product Manager job listings are Career development, Health care and Equity / stock options. Below you find a list of the 20 most occuring job perks or benefits in 2024 and the number of open jobs that where offering them during that period:

Career development | 1266 jobs Health care | 796 jobs Equity / stock options | 698 jobs Competitive pay | 590 jobs Startup environment | 522 jobs Flex hours | 496 jobs Salary bonus | 429 jobs Flex vacation | 375 jobs Insurance | 364 jobs Medical leave | 352 jobs Team events | 335 jobs Parental leave | 317 jobs Wellness | 263 jobs 401(k) matching | 243 jobs Transparency | 115 jobs Flexible spending account | 100 jobs Home office stipend | 98 jobs Unlimited paid time off | 98 jobs Fitness / gym | 79 jobs Conferences | 70 jobs

Salary Composition

The salary for a Product Manager in AI/ML/Data Science typically comprises a base salary, performance bonuses, and additional remuneration such as stock options or equity, especially in tech companies. The base salary often constitutes the largest portion, ranging from 60% to 80% of the total compensation package. Performance bonuses can vary significantly, often between 10% to 20%, depending on the company's performance and individual contributions. Additional remuneration, such as stock options, can be a significant part of the package, particularly in startups or large tech firms, and may account for 10% to 30% of the total compensation.

Regional differences also play a role; for instance, salaries in tech hubs like Silicon Valley or New York City tend to be higher due to the cost of living and competitive job market. Industry variations are also notable, with tech companies generally offering higher compensation compared to other sectors. Company size can influence salary composition as well, with larger companies often providing more comprehensive benefits and stock options.

Steps to Increase Salary

To increase your salary from this position, consider the following strategies:

• Skill Enhancement: Continuously update your skills in AI/ML and data science, focusing on emerging technologies and methodologies.
• Leadership Roles: Seek opportunities to lead larger projects or teams, demonstrating your ability to manage complex initiatives.
• Networking: Build a strong professional network within the industry to learn about new opportunities and gain insights into salary trends.
• Advanced Education: Pursue further education, such as an MBA or specialized courses in AI/ML, to enhance your qualifications.
• Negotiation Skills: Improve your negotiation skills to better advocate for higher compensation during performance reviews or when switching jobs.

Educational Requirements

Most Product Manager roles in AI/ML/Data Science require at least a bachelor's degree in a relevant field such as computer science, engineering, mathematics, or business. However, a master's degree or MBA is often preferred, especially for senior positions. A strong educational background in AI/ML or data science is highly advantageous, as it provides a solid foundation for understanding the technical aspects of the products you will manage.

Helpful Certifications

While not always mandatory, certain certifications can enhance your profile and demonstrate your commitment to the field. Some valuable certifications include:

• Certified Scrum Product Owner (CSPO): Useful for understanding agile methodologies and product ownership.
• Google Cloud Professional Data Engineer: Demonstrates expertise in data engineering and cloud technologies.
• AWS Certified Machine Learning – Specialty: Validates your ability to design, implement, and maintain machine learning solutions on AWS.
• Coursera or edX AI/ML Specializations: These can provide a structured learning path and are recognized by many employers.

Required Experience

Typically, a Product Manager in AI/ML/Data Science is expected to have 3 to 5 years of experience in product management or a related field. Experience in AI/ML projects, data-driven decision-making, and cross-functional team leadership is highly valued. Prior experience in a technical role, such as a data scientist or software engineer, can be beneficial, as it provides a deeper understanding of the technical challenges and opportunities in AI/ML products.

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