Product Manager Salary in Canada during 2024
💰 The median Product Manager Salary in Canada during 2024 is USD 150,000
✏️ This salary info is based on 40 individual salaries reported 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.
- Job title
- Product Manager
- Experience
- all levels
- Region
- Canada
- Salary year
- 2024
- Sample size
- 40
- Top 10%
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- Top 25%
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- Median
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- Bottom 25%
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- Bottom 10%
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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: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 | 1523 jobs Machine Learning | 1179 jobs Research | 863 jobs Computer Science | 723 jobs Agile | 670 jobs Generative AI | 527 jobs SQL | 517 jobs Python | 460 jobs LLMs | 391 jobs Privacy | 379 jobs Architecture | 372 jobs Testing | 348 jobs Security | 341 jobs Data analysis | 331 jobs Data Analytics | 305 jobs UX | 276 jobs ML models | 264 jobs KPIs | 263 jobs Market research | 255 jobs R | 252 jobsTop 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 | 1475 jobs Health care | 917 jobs Equity / stock options | 797 jobs Competitive pay | 678 jobs Startup environment | 607 jobs Flex hours | 566 jobs Salary bonus | 500 jobs Flex vacation | 428 jobs Insurance | 415 jobs Medical leave | 413 jobs Team events | 380 jobs Parental leave | 374 jobs Wellness | 294 jobs 401(k) matching | 274 jobs Transparency | 135 jobs Home office stipend | 117 jobs Flexible spending account | 110 jobs Unlimited paid time off | 104 jobs Fitness / gym | 84 jobs Relocation support | 83 jobsSalary 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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