Introduction
Product Manager (PM) and Associate Product Manager (APM) are one of the best-paying jobs right now. But are you aware of the work they do?
Read on to find out what they do and how much they earn.
Product Manager (PM)
A PM’s job is to ensure a product matches an organization’s broader strategy and goals. Their responsibility is to deliver a unique product that fulfills a market demand and offers a promising economic opportunity.
Factors that Affect Product Manager Salaries in India
In India, the beginning salary for a PM is around Rs. 6 Lakh per year.
As a minimum requirement, a PM must have at least two years of experience. On the other hand, the maximum annual remuneration for a PM is Rs. 35. Lakhs.
A Product Manager’s compensation in India is mainly influenced by four factors:
1) Firm
The compensation of Project Managers directly depends on the company they work for.
While IBM India pays its Product Managers about Rs 20 lakh, SAP pays a comparable wage. Other IT businesses pay approximately Rs. 20 lakh for this position.
2) Experience
The more expertise a PM has, the greater their ability to identify obstacles and offer effective solutions. This is why experience is a significant factor affecting a PM’s salary.
The compensation of a PM increases with the level of their expertise. For example, the average annual salary of a Product Manager at the entry-level in India is around Rs. 11,02,000. The average salary of a mid-level Product Manager in India is Rs. 16,79,068. An experienced product manager has an average income of Rs. 20,08,430.
3) Location
In addition to the employer’s location, a PM’s place of residence significantly influences their income in India.
According to research, Bangalore’s product managers make 17% more money than Americans. Pune and Chennai are other places that provide good salaries for this position. The average wage in New Delhi is around 28% beneath the national average, making it the worst city for PMs.
4) Skills
A PM’s skills define their contribution to a company and consequently affect their pay.
Product management, economic planning and marketing, product development, and people management are the talents that product managers are expected to have. These abilities can help them earn a higher salary.
Associate Product Manager (APM)
The position of an Associate Product Manager is a gateway to becoming a Product Manager.
An APM’s primary responsibility is conducting market research. APMs are expected to evaluate brand-new product features and concepts with their strong analytical abilities.
Salary of APMs
The average yearly income for an Associate Product Manager in India is Rs. 13 Lakhs.
The salaries range from Rs. 5 Lakh to Rs. 26 Lakh.
Conclusion
Hopefully, this article provided an idea of the roles and salaries of Product Managers and Associate Product Managers.
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