How much does a product manager make? IHK salary guide 2022

Product management is one of the fastest growing professions in business. It's frequently cited as one of the most in-demand jobs in tech - and given the crucial role that product manager play in driving growth and innovation, it is also a very rewarding career path.

But what about the salary? Are product managers paid well? In a word: yes - and in this guide you'll find all the data to prove it.

1. What is product management and what does a product manager do?

Before we look at product manager salaries, we should briefly recap what product management is and what a product manager actually does.

Product management can be defined as the department or function within a company that is responsible for the overall success of a product or service. It includes everything that falls into the product life cycle - from product discovery to development, launch, further development and beyond.

Product management is a strategic function, meaning it involves managing the product (or service) in a way that promotes company growth. Product managers are responsible for defining a product vision and developing one Roadmap responsible for implementing this vision.

You will work with a variety of different stakeholders to ensure everyone is pulling together and working toward a common goal. Much of a product manager's daily work revolves around:

• Collecting and prioritizing ideas
• The definition of technical requirements
• Presentation to management
• Conducting research work
• Conducting experiments to identify opportunities for improvement

As you can see, the role of product manager is extremely diverse and requires a wide range of skills. But first let’s get to the actual topic: How much can product managers really earn?

2. What is the average salary of a product manager in the DACH region?

Switzerland

According to data from Kununu The average salary of a product manager in Switzerland is CHF 104,400.00. The lowest wage is CHF 77,000.00 and the highest is CHF 152,00.00. These are CHF 5,650.00 to CHF 80,650.00 above the national average salary (CHF 71,350.00 according to the World Bank ).

Deutschland

The average salary of a product manager in Germany is € 64,200.00 . The lowest salaries are €41,500.00 and the highest salaries are €103,00.00.

Austria

With a Average salary of €59,100.00 per year Compared to the other two DACH countries, Austria has the lowest wages in this industry. The salary range starts at €41,000.00 and extends up to €91,400.00.

As you can see, product managers in the DACH countries earn different amounts, but they are still consistently better than the national average.

3. How much do product managers earn in other countries around the world?

Salary in the United States

According to data from Indeed The average salary for a product manager in the United States is $89,536.00. Indeed also reports an average annual cash bonus of $8,000.00 for product managers. That's almost $40,000.00 more than the average salary in the USA , which is $53,490.00 in 2022.

Product manager salaries vary by location in the United States. Let's take a look at what product managers in different locations typically earn (ordered from highest to lowest salary). We have taken all salary information from Indeed:

• San Francisco, CA: $ 109'154,00
• New York, NY: $ 103'756,00
• Seattle, WA: $ 100'433,00
• Los Angeles, CA: $ 98'212 ,00
• Chicago, IL: $ 97'142,00
• Denver, CO: $ 95'163,00
• Minneapolis, MN: $ 94'513,00
• Atlanta, GA: $ 94'040,00
• Boston, NY: $ 93'578,00
• Dallas, TX: $ 93'280,00

As you can see, earn product manager consistently good in the United States.

United Kingdom and Ireland

The average product manager salary in the UK is £52,913,000 per year ( Indeed ). That's around £20,000.00 more than the national average salary of £29,600.00 per year.

The average salary of a product manager in Ireland is €77,213 per year ( Indeed ). That's over €30,000.00 more the national average wage von € 44'202,00.

Here's a look at the average product manager salary broken down by city, based on data from Indeed:

• Dublin: € 79'466,00
• London: £ 58'472,00
• Cardiff: £ 56'299,00
• Edinburgh: £52'448,00
• Belfast: £ 50'705,00

Salaries for product managers in other European countries

Here we look at the average salary of a product manager in different European countries:

• France : €66,900.00. The national average salary in France is €49,500.00.
• Spain : €45,700.00. The average salary in Spain is €32,600.00.
• Italy : €42,392.00. The national average salary in Italy is €43,800.00.

The average product manager salary in Australia

The average product manager salary in Australia is $121,665.00 per year ( Indeed ). That's more than $50,000.00 more than the national average salary, which is around $67,000.00 per year.

Now let's take a look at how much product managers typically earn in different Australian cities:

• Canberra, ACT: $263'309,00
• Brisbane, QLD: $127'840,00
• Perth, WA: $127'313,00
• Sydney, NSW: $126'780,00
• Melbourne, VIC: $113'558,00

4. Which companies pay the highest salaries for product managers?

When considering your earning potential as a product manager, it's also important to consider how salaries may vary across companies.

We've looked at the average product manager salary, which is just under $90,000.00 in the US, but there are some companies that pay their product managers significantly more than average.

Therefore: Which companies pay the best salaries for product managers? Here are the five best:

• VMware , a cloud computing and virtualization technology company headquartered in California. The average salary of a Product Manager at VMware is $177,444.00 per year.
• Meta (formerly known as Facebook), another major technology company based in California. The average salary of a Product Manager at Meta is $172,974.00 per year.
• Boeing , a leading aerospace company headquartered in Chicago, Illinois. On average, product managers at Boeing earn $172,409.00 per year.
• Oracle , one of the largest software companies in the world headquartered in Austin, Texas. The average salary of a product manager at Oracle is $162,234.00 per year.
• Accenture , a global service company specializing in information technology services and consulting. The average salary of a product manager at Accenture is $158,812.00 per year.

Also on the list of highest paying companies for product managers are Block, Google, Workday, Walmart and Amazon with salaries between $151,000.00 and $156,000.00.

5. How to get into product management

If you like what you see regarding this Salary have seen, you may be wondering how you can get into this fascinating, fast-growing and financially rewarding field.

The first step is to learn as much as you can about product management through independent reading and research. Dive into the topic with the help of blogs, podcasts and books to gain basic knowledge.

Next, you should focus on the practical ones skills to learn the skills you need for your work as a product manager. The most effective way to do this is with a product management course. This will also help you build your product management portfolio, network in the industry, and apply for jobs effectively - all important steps on your path to a career in product management. If you're still unsure whether product management is right for you, consider trying out a free course before investing in a real course.