Product Manager Salary in India during 2024

Salary details

The average Product Manager salary lies between USD 98,000 and USD 145,620 in India. 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 India, the salary composition for a Product Manager in AI/ML/Data Science typically includes a mix of fixed salary, bonuses, and additional remuneration such as stock options or equity, especially in tech companies. The fixed salary forms the bulk of the compensation package, often accounting for 70-80% of the total. Bonuses, which can be performance-based or company-wide, might contribute around 10-20%. Additional remuneration, such as stock options, can vary significantly depending on the company size and industry. For instance, startups might offer more equity to compensate for lower fixed salaries, while larger tech firms might provide a balanced mix of all three components. Regional differences also play a role, with metropolitan areas like Bangalore and Hyderabad typically offering higher salaries due to the concentration of tech companies.

Increasing Salary

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

• Skill Enhancement: Continuously upgrade your skills in AI/ML technologies and product management methodologies. This could involve taking advanced courses or certifications.
• Networking: Build a strong professional network within the industry. Attend conferences, webinars, and workshops to connect with industry leaders and peers.
• Performance Excellence: Consistently deliver outstanding results in your current role. Demonstrating a track record of successful product launches and improvements can position you for promotions or salary negotiations.
• Role Transition: Consider transitioning to a higher-level role such as Senior Product Manager or Director of Product Management, which naturally comes with a higher salary.
• Industry Shift: Explore opportunities in industries that offer higher compensation for AI/ML roles, such as finance or healthcare.

Educational Requirements

Most companies require a bachelor's degree in a relevant field such as Computer Science, Engineering, or Business Administration. However, a master's degree, particularly an MBA or a specialized degree in Data Science or AI, can be highly advantageous. These programs provide a deeper understanding of both the technical and business aspects of product management, which is crucial for success in this role.

Helpful Certifications

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

• Certified Scrum Product Owner (CSPO): Useful for understanding agile product management.
• AI/ML Certifications: Offered by platforms like Coursera, edX, or Udacity, these can demonstrate your technical proficiency.
• Product Management Certifications: Programs like those from Pragmatic Institute or Product School can provide valuable insights into product strategy and lifecycle management.

Experience Requirements

Typically, companies look for candidates with 3-5 years of experience in product management or a related field. Experience in AI/ML projects, even if not in a product management capacity, can be beneficial. Prior roles in software development, data analysis, or project management can also be relevant, as they provide a foundation in both the technical and managerial aspects of the job.

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