Product Manager Salary in Canada during 2024

Salary details

The average Product Manager salary lies between USD 113,760 and USD 200,000 in Canada. 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.

Region represents the primary country of residence of an employee during the year (or residence for tax purposes). 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 | 1290 jobs Machine Learning | 989 jobs Research | 725 jobs Computer Science | 624 jobs Agile | 577 jobs Generative AI | 438 jobs SQL | 426 jobs Python | 376 jobs LLMs | 327 jobs Privacy | 323 jobs Architecture | 315 jobs Security | 304 jobs Testing | 290 jobs Data analysis | 272 jobs Data Analytics | 253 jobs UX | 225 jobs KPIs | 215 jobs Finance | 211 jobs ML models | 210 jobs R | 209 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 | 1240 jobs Health care | 782 jobs Equity / stock options | 683 jobs Competitive pay | 579 jobs Startup environment | 510 jobs Flex hours | 490 jobs Salary bonus | 420 jobs Flex vacation | 370 jobs Insurance | 359 jobs Medical leave | 347 jobs Team events | 330 jobs Parental leave | 313 jobs Wellness | 260 jobs 401(k) matching | 243 jobs Transparency | 113 jobs Flexible spending account | 99 jobs Unlimited paid time off | 95 jobs Home office stipend | 94 jobs Fitness / gym | 78 jobs Conferences | 70 jobs

Salary Composition

In Canada, the salary composition for a Product Manager in AI/ML/Data Science typically includes a base salary, performance bonuses, and additional remuneration such as stock options or equity, especially in tech companies. The base salary is often the largest component, accounting for approximately 70-80% of the total compensation package. Performance bonuses can range from 10-20%, depending on the company's performance and individual achievements. Additional remuneration, such as stock options, can vary significantly based on the company's size and industry. For instance, larger tech companies or startups might offer more substantial equity packages compared to traditional industries.

Increasing Salary Potential

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

• Skill Enhancement: Continuously update your skills in AI/ML technologies and product management methodologies. This can make you more valuable to your current employer or attractive to potential employers.
• Networking: Build a strong professional network within the AI/ML community. This can lead to new opportunities and insights into higher-paying roles.
• Leadership Roles: Aim for leadership positions such as Senior Product Manager or Director of Product Management, which typically come with higher salaries.
• Industry Transition: Consider transitioning to industries that offer higher compensation for AI/ML expertise, such as finance or healthcare.

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, or Business. However, a master's degree or an MBA can be advantageous and is often preferred by top-tier companies. A strong understanding of AI/ML concepts and data science principles is crucial, so coursework or a degree in these areas can be beneficial.

Helpful Certifications

While not always mandatory, certain certifications can enhance your profile:

• Certified Scrum Product Owner (CSPO): Demonstrates your understanding of agile methodologies and product ownership.
• AI/ML Certifications: Certifications from platforms like Coursera, edX, or Udacity in AI/ML can showcase your technical expertise.
• Data Science Certifications: Programs like the IBM Data Science Professional Certificate can be valuable.

Experience Requirements

Typically, companies look for candidates with 3-5 years of experience in product management or related roles. Experience in AI/ML projects, either through previous job roles or personal projects, is highly valued. Demonstrated success in managing product lifecycles, from ideation to launch, is crucial. Experience in cross-functional team leadership and stakeholder management is also important.

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