As project-based business practices give way to product-focused cross-functional teams, the product manager role is taking on prominence, increasingly attracting interest from job candidates who might otherwise go into IT. A product manager coordinates technical, marketing, and business functions, taking ownership over a specific product or service over the course of its lifecycle.\n\nIt\u2019s an important and challenging career, but for most job seekers, compensation is a key factor when making choices of what to pursue \u2014 especially for those whose technical skills open up other lucrative career paths to take. We dove into publicly available information and talked to a number of product managers and those who hire, supervise, and mentor them in order to get a sense of what you can expect in this job market \u2014 and how you can improve your prospects and your compensation if you\u2019re working in this field.\n\nDo product managers make good money?\n\nGlassdoor is a great starting point for researching salaries; while the data is mostly self-reported, it does provide an good first approximation of what you can expect. As of this writing, Glassdoor\u2019s estimate of the average salary for a product manager is $127,496 per year, with a reported salary range of $76,000 to $216,000, depending on location, seniority, and experience. As you grow in your career, so will your salary. Senior product managers earn an average salary of $188,001 per year, while principal product managers earn an average salary of $223,534 per year.\n\nWhen it comes to top tech companies, Glassdoor reports a similar range, as you can see in the table below.\n\nFactors that affect product manager salaries\n\nThe experts we talked to in the field came in with figures that weren\u2019t too dissimilar from these, with nuances. Stephanie White, director and head of product, technology, and professional at fintech recruiting company EC1, says that salaries for high-level product management professionals roughly match their tech peers. \u201cChief product officers are now rewarded on par with CTOs, and likewise, a lead product manager should earn similar to a lead engineer,\u201d she says.\n\nTrisha Price, CPO at software development company Pendo, had a similar take. \u201cBase salary ranges for product managers are typically on par with other technology roles like engineering, security, and design,\u201d she says. \u201cHere at Pendo, the ranges are competitive for our size and industry, and are one part of a compensation package that includes benefits, equity (RSUs), and other rewards.\u201d\n\nCait Porte, who is chief marketing officer at software development company Digibee and has a background in product management, says that \u201cyou\u2019re definitely looking at a six-figures starting salary as a product manager,\u201d but emphasizes that \u201cthere are different levels: junior or associate, product manager, senior product manager, director of product management. If you look at the growth in all of those roles, typically the thing that is changing is the scope that they manage.\u201d That can make a big difference in your paycheck.\n\nHolly Hester-Reilly, founder and CEO of H2R Product Science, a product management coaching and consulting firm, is seeing similar numbers in her practice. \u201cI\u2019ve seen product manager salaries range from $100,000 to $250,000, so there\u2019s a wide range depending on skill level, company size and stage, and location. Product leader salaries at top companies can go even higher,\u201d she says.\n\nShane Quinlan, director of product management at software development firm Kion, says, \u201cProduct manager salaries are all over the place. You can look at accounts like Socially Inept Tech Roast for a sampling of memes about $450,000 total comp for Meta PMs who do nothing. In my experience, product managers aren\u2019t making that outside the huge tech companies, and even then we\u2019re talking about more senior folks.\u201d\n\nHe too emphasizes that there\u2019s no one-size-fits-all number to expect. \u201cI\u2019ve seen product manager, senior product manager, and\/or director of product positions between $80,000 and $220,000. That\u2019s a huge range. Depending on the stage and size of the company you join, you\u2019ll see differences in the admixture between salary, bonuses, equity, and other benefits.\u201d\n\nOverall, Quinlan warns against treating job titles as apples-to-apples comparisons across companies. \u201cThere is no universal standard for the responsibilities or compensation for a PM vs. director vs. VP vs. head of product vs. CPO,\u201d he says. \u201cSome companies may only have one PM who acts as the CPO and is well compensated. Some companies have an army of directors of product who perform the role of a PM and get the comp of an associate product manager. PMs (or wannabe PMs) should also be looking at technical program manager and chief of staff roles.\u201d\n\nMona Ghadiri, director of product management at cybersecurity firm BlueVoyant, says that some of the range of pay simply comes down to what individual companies value. \u201cThe company culture plays a role: Some companies prioritize being a product-led organization, while other enterprises see the role of product as more like taking orders from the front of house back to the kitchen,\u201d she says.\n\nHow product managers can increase their salaries\n\nLet\u2019s say you\u2019re interested in moving into the field as a product manager. What are the best ways to end up at the top end of the salary ranges we\u2019ve been discussing? Tal Laufer, VP of products at cybersecurity firm Perimeter 81, says that \u201ctechnical background is highly awarded \u2014 the closer you are to the technology, your salary is going to rise.\u201d\n\nEC1 Partners\u2019 White goes further, saying that any domain-specific knowledge is a plus if it applies to the field in which you\u2019re looking to be hired. \u201cThe more expert they are in the product domain commercially (e.g., with fixed income trading software, coming either from a competitor, or having worked as a fixed income trader themselves), as well as technologically (e.g., awareness of coding), the higher compensation package they can command,\u201d she says.\n\nThat said, product management is itself a skill, and one that also has value in the market, says Seth Dobbs, CTO at IT services and consulting firm Bounteous. \u201cSomeone who can truly fulfill the multiskill requirements and navigate the complex scope discussion successfully is very valuable,\u201d he says.\n\nDigibee\u2019s Porte agrees. \u201cIf you hire someone who has repeatedly created good product management processes across industries, you may pay a higher price for that person versus someone who knows healthcare billing or IT apps really well,\u201d she says. \u201cThe most difficult part is determining what specifically am I hiring you for. If it\u2019s an industry expert, I expect that you will know the space, or the role of product management, and those skills are transferable to another industry. The slam dunk is someone who has both.\u201d\n\nIf you\u2019re already a product manager, how do you bag yourself a raise? If you\u2019re going to your boss looking for a salary bump, you need to learn to toot your own horn \u2014 strategically and accurately, of course, says EC1 Partners\u2019 White.\n\n\u201cThe main thing is to demonstrate why you feel you deserve it,\u201d she says. \u201cUse examples of products which you have rolled out, projects you have completed, where you have saved costs or time and made processes more efficient, where you have gotten client buy-in to a product offering, where you have worked collaboratively in a team, etc. If you give firm (positive) examples of how you are adding value, it gives a company more reason to give this to you.\u201d\n\nBlueVoyant\u2019s Ghadiri agrees. \u201cMy best advice for negotiating a salary raise as a PM is to take stock and keep receipts for your accomplishments,\u201d she says. \u201cBig wins like a brand-new product can go far. In addition, being willing to go to bat for an idea you believe in shows commitment.\u201d\n\nKion\u2019s Quinlan adds that training and certification can help as well, although he doesn\u2019t advocate sinking too many resources into it. \u201cGet (cheap) PM certs, and get your current employer to pay for the expensive ones,\u201d he says. \u201cDoing one-day certs as part of conferences is a good way to build your repertoire and network. Otherwise, LinkedIn Learning is pretty great.\u201d\n\nBut several experts we talked to noted that product management is no different from most career tracks in that the easiest way to get a big salary boost may be to look for a job with someone other than your current employer. \u201cIn my experience, the easiest time to negotiate a salary is on the way into a new job,\u201d says Dan Ciruli, VP of product management at software services provider D2iQ. \u201cGetting a good salary to start with sets you off on the right foot and has positive effects on the rest of your time employed with the company. My advice is to always negotiate when starting a new job.\u201d\n\nKion\u2019s Quinlan agrees. \u201cUnfortunately, job-hopping is often the key to moving up in salary and titles. It doesn\u2019t have to be that way, but in many cases it is.\u201d As a result, he advises that you should always be making yourself attractive to the whatever higher paying opportunity that may come along: \u201cUpdate your LinkedIn. Build a website. Start on Squarespace. Don\u2019t use your college email address or something unprofessional; have a grown-up email. Have a two-page resume that doesn\u2019t get too wacky. Look at examples. Don\u2019t have typos.\u201d\n\nThat\u2019s great advice for anyone in any line of work, it turns out, but we hope it helps you in your product management journey.