Product Manager Career Path: A Comprehensive Guide
The role of a product manager has become increasingly crucial in driving a company’s success. According to Glassdoor, the product manager position is the third-best job in the U.K. for 2022. This is unsurprising, considering this role has been rising for a few years. And there seems to be no stopping this trend within the foreseeable future. Because of this, many professionals are starting to look towards the product manager career path.
If you’re aspiring to tread on the product manager career path, we’re here to help. Our comprehensive guide is here to assist you with succeeding in product management. We’ll cover each role in the product manager career path and their duties and responsibilities. We’ll also review how much they earn and how to advance to the next position.
Let’s get right into it!
Table of Contents
- What is product management?
- What is a product manager?
- Is product management a good career?
- The product manager career path
- Other product management roles
- Final thoughts
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What is product management?
Product management ensures the product development process goes smoothly from start to finish. This strategic process focuses on every part of the product’s life cycle – from development to continual support and improvements. This essential discipline is necessary for any organisation to develop and deliver successful products.
Martin Eriksson, the founder of ProductTank, explained product management using a Venn Diagram. This illustration shows that product management requires balancing three important things: user experience, technology, and business.
Source: Atlassian
What is a product manager?
A product manager sets the product line’s strategy, roadmap, and necessary features. They’re often tasked with fulfilling two critical goals: making customers happy and delivering successful products. They’re responsible for connecting the customer’s wants and needs to the product management team involved in the product development process.
Product management is an extensive field, so product managers are expected to be proficient at their roles. Some of the tasks they do include strategy and cross-functional leadership, as seen in the image below.
Source: Aha.io
Is product management a good career?
Product management might sound intimidating. However, a product manager career path can be fulfiling and promising for many professionals. Individuals passionate and excited about developing and launching successful products will find fulfilment in this career. Established companies know how to treat their talents well, and are usually willing to pay top money and offer attractive perks.
It’s also important to understand that all positions under product management are leadership roles. Regardless of the tier, product managers must have a good grasp of relevant fields, as seen in the image below.
Source: Enago
The product manager career path
Now that we’ve covered the basics, let’s review what the product manager career path may look like.
#1. Associate product manager
The associate product manager is an entry-level position in the product manager career path, usually assigned to fresh graduates enrolling in apprenticeships. These professionals will go under training, and their organisations may absorb them if their performance is satisfactory. Associate product managers must be team players, exhibiting organisational, management, and communication skills. They must also have the right hard skills, including proficiency with product management tools and framework design, to name a few.
Source: Xobin
Hiring managers are looking for individuals with product marketing or product management backgrounds. They also hire fresh graduates with bachelor’s degrees in computer science, business, or other fields.
How much does an associate product manager earn?
If you’re an associate product manager in the U.K., you can expect to make around £42,591/yr on average. But it depends on where you work – some companies might only pay £31,000/yr, while others could pay as much as £59,000/yr. On top of that, associate product managers can also receive extra cash or stock options.
Duties and responsibilities of an associate product manager
- Collaborate closely with the product manager and cross-functional product development team
- Gather and analyse product data from a variety of sources
- Analyse consumer research data and record and track product defects
- Identify and recommend improvements to product features based on customer feedback and data analysis
- Coordinate findings with the product team and stakeholders
- Prepare regular project status and risk management reports
How to get promoted to associate product manager?
To progress in the product manager career path, you must learn proactively to help your team work cohesively and effectively. You should also prove that you can be trusted to make data-driven decisions promptly. By staying consistent with your efforts and proving you’re an asset to the team, you can expect a promotion within two years.
#2. Junior product manager
The junior product manager is another entry-level position in some product management teams. This position isn’t relatively new to the product manager career path. However, professionals hired for this position tend to have more experience than associate product managers.
Source: OnGig
They usually have relevant work experience in fields such as engineering, design, or business, to name a few. They’re allowed to operate independently within the team, and they typically take on smaller projects assigned to them.
How much does a junior product manager earn?
If you’re starting as a junior product manager, you’ll likely earn a base salary of around £34,924/yr. The exact amount may differ depending on your work experience. Some might start making as little as £26,000/yr, while others could make up to £47,000/yr right out the gate.
Duties and responsibilities of a junior product manager
- Collaborate with the product team
- Set objectives and key results
- Build a strategic product roadmap
- Solicit feedback from customers
- Work closely with developers
How to get promoted as a junior product manager
These professionals are pretty much product managers in training. To advance in the product manager career path, they must prove they’re willing to learn the trade extensively. They must also showcase their confidence in making decisions derived from data. Most importantly, they need to cultivate a proactive attitude. This means they must take the time and study the market to see what works and what doesn’t.
#3. Product Manager
The product manager is a mid-level position that covers a broad scope of tasks. They act as the first person of contact whenever anyone in the company wants to learn more about the product. Because of this responsibility, they’re expected to provide data-driven insights about the product whenever needed. They are vital to the product manager career path, because they can align the customer’s needs and company goals with the product.
An example of a noteworthy product manager is Sundar Pichai, who was previously an engineer and product manager for Applied Materials. His product management background was crucial in becoming the current acting CEO of Google.
Source: The Atlantic
If you want to be a product manager, you’ll need to be really good at prioritising, leading, and making tough decisions. This also means you’ll need a good grasp of the ins and outs of the product better than anyone else in the company.
How much does a product manager earn?
Product managers earn an average of £70,189 /yr. Depending on the company and experience, they earn between £54,000/yr and £93,000/yr.
Duties and responsibilities of a product manager
- Gain a deep understanding of user needs
- Monitor the market and perform competitive analyses
- Define a clear and compelling vision for the product
- Align stakeholders around the product vision
- Prioritise product features and capabilities based on customer needs
- Foster a culture of collaboration and shared knowledge across larger teams
How to get promoted as a product manager
Candidates for promotion exhibit a demonstrable understanding of the product. Additionally, they must be able to articulate specific customer problems and use relevant information to turn those into business goals. Lastly, everyone on the product development team should feel they can rely on these product managers throughout the product development process.
#4. Senior product manager
After working for three to five years and exhibiting noteworthy work ethics, product managers may get promoted to senior-level positions. As a senior product manager, you’ll do almost everything you’re accustomed to doing previously. But now, you’ll manage all the teams involved in the product development process, including the junior product managers.
Senior product managers are also expected to interact with stakeholders and involve them in product development. They will also be responsible for knowing the product much more profoundly than anyone on your team. This role in the product manager career path will be vital in managing all the teams involved in the product development process.
To be successful in this role, they must possess exceptional communication skills and strong leadership qualities. They should also be able to multitask effectively. Familiarity with agile methodologies and proficiency in related software are highly desirable attributes for senior product managers.
Source: Quickscrum
How much does a senior product manager earn?
The pay is pretty attractive for those who’ve worked their way up to senior product manager. Senior product managers can make anywhere from £60,000/yr to £110,000/yr, with an average salary of £81,256. And on top of that, they might get extra compensation of up to £40,410.
Duties and responsibilities of a senior product manager
- Develop and implement product strategies.
- Solicit feedback from customers and stakeholders.
- Work with senior management.
- Lead a team of product managers and coordinate cross-functional teams.
- Create and manage product roadmaps, requirements, and specifications.
- Produce and review product requirements documents (PRD).
- Ensure that products and releases are launched correctly and on schedule.
- Offer creative recommendations to improve the product’s base and vision.
- Suggest ways to track product usage and its impact on end-users.
How to get promoted as a senior product manager
Any senior product manager who aspires to gain a higher leadership position in the product manager career path should accomplish two things.
First, they need to gain a deeper mastery over product management. They need to be the reliable source of critical advice for product managers who need help or assistance.
Second, they need to become an advocate for their product teams. Their team’s success will reflect on them and the company. This heavily applies to senior product managers who are curious and passionate about their field.
#5. Lead product manager
The lead product manager position is a step from the senior product manager for many companies. If you’ve been promoted to this position, then it’s likely that you’ve been working for your organisation for a while. This is a particularly newer role, so it’s no surprise that not all companies have them.
Lead product managers are in a unique standing compared to other roles in the product manager career path. That’s because they can either pursue a management path or focus on being a hands-on product manager. Some want to advance their career and manage other product managers. Others prefer being independent contributors and devote their expertise to building amazing products.
How much do lead product managers earn?
Lead product managers have an average annual salary of £84,518/yr, but they can earn anywhere between £60,000/yr to £118,000/yr. They may also receive additional compensation between £4,264 to £44,128.
Duties and responsibilities of a lead product manager
- Evaluate end-user needs and gather product requirements
- Supervise the entire product development process
- Create and maintain optimal data collection channels
- Monitor multiple data sources and metrics
- Maintain clear and organised product backlogs
- Continuously enhance the end-user experience
- Analyse and report on the product launch phase,
- Engage with product stakeholders
- Cultivate deep and meaningful relationships with vendors and suppliers
- Mentor and guide the product team
How to get promoted as a lead product manager
If you want to be a candidate for a promotion, you need to think bigger. The transition from being a noteworthy contributor to someone who influences others to excel in their respective roles. Then, progress from solely relying on your assigned responsibilities to proactively expanding your organisation’s scope. In five or more years, you can rise up the product manager career path and assume the position of Director of Product.
#6. Director of product
As a director of product, you will step away from hands-on product work and focus on overseeing the organisation’s product management. You will put most of your energy into improving everything that needs to be improved about your company’s product development. You will focus on building better processes, improving existing ones, and optimising the product teams to perform better.
How much does a director of product earn?
It’s not uncommon for them to earn between £80,000/yr and £159,000/yr. Even with an average salary of £112,219/yr, they can still receive additional compensation ranging from £7,811 to £77,267, depending on the company.
Duties and responsibilities of a director of product
- Develop and maintain a comprehensive product strategy
- Create a clear and actionable product roadmap
- Manage the product budget
- Create product line lifecycles
- Oversee the development and execution of the marketing strategy for products.
- Develop and implement a system for measuring results and progress toward product goals.
How to get promoted as a director of product
According to Fast Company, there are a few questions you can ask yourself to know if you’re ready to get promoted from director to vice president. Regardless, climbing the corporate ladder will be difficult, especially now that you’re in an executive-level position. At this point, it’s essential to understand that people skills are crucial the higher you go up the product manager career path.
#7. VP of Product
The VP of Product is positioned at the second highest echelons of product management, managing the company’s directors of products and managers. This position steps back from day-to-day product development. Instead, a Vice President of Product will focus more on handling the company’s entire product set. Additionally, this is a position that requires high-level product management skills.
Source: Productfolio
This role in the product manager career path is critical. Because of this, candidates for this position must have ten or more years of product management and managerial experience on their backs.
How much does a VP of a product earn?
VPs of Products have an average salary of £120,378/yr, and the pay can range anywhere between £87,000/yr to £166,000/yr. And like other high-level positions, they can receive cash or stock option packages ranging from £4,600 to £54,245.
Duties and responsibilities of a VP of product
- Delegate tasks to product teams
- Oversee the management of product deliverables
- Create comprehensive budgets and timelines for products
- Evaluate and analyse product marketing strategies
- Develop clear and actionable product roadmaps
- Analyse customer engagement with products
How to get promoted to VP of the product?
The next role is the steepest rock you can climb in your product manager career path. You’ll need in-depth knowledge and mastery of product development. You’ll need to turn things up to the highest level to be considered your organisation’s next Chief of Product.
Additionally, you will need extensive leadership experience in a product position. Most importantly, you’ll need to ensure all product teams and processes within your domain run at peak performance.
#8. Chief Product Officer
Chief Product Officer is the highest position you can achieve in the product manager career path. This position comes with an expanded role of a VP of Product, requiring ten to fifteen years of professional experience in the field. A chief product officer directly reports to the CEO and handles all the product activities of the company.
Source: Altexsoft
How much does a chief of product earn?
As an official member of the C-suite club, the organisation can reward you with highly handsome pay. This comes with additional compensation, typically in stock options. Chief product officers earn between £79,000/yr to £209,000/yr, with an average salary of £128,000/yr.
Duties and responsibilities of a chief product officer
- Develop product vision
- Develop a product strategy
- Manage cross-functional teams
- Market and “evangelise” the company’s products
- Conduct continuous customer research and product analysis
Other product management roles
Aside from the career path we’ve comprehensively talked about earlier, other product management positions might work well for you, such as:
- Technical Product Manager
- Data Analytics Product Manager
- Product Marketing Manager
- Growth Product Marketing Manager
For veterans who are looking to advance their careers, they can aim for C-suite positions, such as:
- CEO
- General Manager
- COO
- And more.
Final thoughts
Product management offers a promising opportunity for professionals passionate about developing exceptional products. However, it’s important to understand that not all organisations need the abovementioned tiers. And regardless of seniority, all the positions in the product manager career path are expected to handle the product development and all the teams involved, ensuring they align with the company’s business goals and standards.
Here at Mambo.IO, we’re dedicated to helping product managers by improving their digital product’s user engagement through gamification. Our blog section also has many resources to help product managers become exemplars in their respective industries. Contact us today to learn more about how our gamification can jumpstart your product team’s performance!
