Product managers have a lot on their plate. They have to handle several daily administrative tasks while managing relationships and trying to ensure new products are a success. Gaining entry into this field of work is challenging but not impossible.
We’ve created this guide to teach you how to become a product manager. Below you will find the job description of a product manager, average salaries for the position, and the minimum requirements needed to apply for this role, among other useful information.
What Is a Product Manager?
A product manager takes ownership of the development process for a company’s products. This professional is trained to identify a customer base, analyze business needs, and optimize the development process to create innovative products that satisfy both the customer and the business.
Product managers usually have business degrees from universities and have previous experience working in the business sector. The product manager role can also require some proficiency in computer science, IT systems, and statistics.
Product Manager Job Description
Product managers oversee the product development process, including the creation of the product, its distribution, and its life cycle. This process involves consumer analysis and software management. It also involves taking up a leadership role within the sales team.
As a product manager, your job is also to promote products and maintain relationships between the company and its customers through various strategies. Product management, project management, and program management are all related careers. Professionals in these careers all need to be strong strategizers, leaders, and communicators.
Product Manager Salary and Job Outlook
The Bureau of Labor Statistics (BLS) reports that the average salary for advertising, promotions, and marketing managers is $141,490. In addition, the BLS expects demand for these positions to grow 10 percent between 2020 and 2030, which is about the average rate across all occupations.
Top Reasons to Become a Product Manager in 2021
There are many reasons to consider becoming a product manager. A career in product management can raise your business profile and boost your resume. In the points below, we list five reasons why you should consider becoming a product manager
- High wages. If you want to earn a decent salary, working as a product manager is a great choice. According to the Bureau of Labor Statistics (BLS), professionals in this field can earn around $141,500 per year. Glassdoor reports that product managers can earn as much as $175,000 per year.
- Positive job outlook. If you’re a product manager, your job isn’t disappearing any time soon. The BLS reports 10 percent expected job growth for the position from 2020 to 2030.
- A stepping stone to higher positions. Product manager experience looks great on your resume and will open the door to new and exciting career opportunities, including upper management and executive roles.
- Salary raises. If your projects are successful, your reputation and salary can increase. It is common for companies to offer bonuses to managers who achieve good results.
Product Manager Job Requirements
Requirements for employees may vary depending on the company. However, there are a few prerequisites that almost any product manager job description will include. We take a look at the most common requirements to hire a product manager below.
- Formal education. Most product managers have a Bachelor’s Degree in Business Administration. In addition, a Master of Business Administration, or MBA, increases your chances of getting hired.
- Leadership skills. You need strong communication and organizational skills as well as a high degree of emotional intelligence to lead your team to the successful conclusion of the project.
- Product management certification. Some companies may demand that candidates possess a specific professional certification. Even if it is not a requirement, being certified makes you a much stronger candidate.
- Product management tools. Your technical skills and expertise with certain software and tools can determine whether or not you get the job.
Types of Product Manager Careers
If you are pursuing a job as a product manager, take a look at these three related occupations to gain a broader understanding of the industry. Any peripheral skills you can learn will only boost your chances of being hired.
Project Manager
Project and product management are similar positions. As a project manager, your core competencies include overseeing projects and managing staff from different departments. You must understand the business objectives and the methods employed to ensure the project is a success.
The key steps to becoming a project manager are getting the right education, choosing a specialization, and getting certified. Specialization is key as employers are more likely to hire people who have received training and education that applies to a specific industry or sector.
IT Manager
An IT manager oversees the computer systems and all of their related components for a company on a daily basis. This role involves meetings with superiors for IT analysis and strategizing different ways to make the technology more efficient at a company. Becoming an IT manager requires coding, networking, and database administration skills.
Database Administrator
A database administrator (DBA) protects and analyzes a company’s data. Most DBAs plan and develop data systems according to the objectives of a company or organization. To become a database administrator you must first be familiar with basic statistics, security protocols and tools, information recovery, and languages like Python, R, and SQL.
Product Manager Meaning: What Does a Product Manager Do?
Product managers are tasked with a wide range of duties, all connected to the goal of satisfying customers and increasing profit. A product manager can wear different hats depending on the goals and needs of the company. Below, you will see the three most common responsibilities for these professionals.
Market and Customer Analysis
A good product strategy is based on an assessment of the competition and the target customers. To gain an insight into consumer preferences, product managers consult consumption statistics and other resources. This information is used to create detailed product strategies.
Planning
Well-organized plans are crucial to achieving company goals. In this role, you must know your company’s objectives and create an innovative program to reach these goals. You must be proficient in using project management software and organize meetings with the sales team to keep everyone on the same page.
Life Cycle Management
Product managers have to bring a product from conception to its official launch. This involves planning every stage of a product’s development process, which requires impressive organizational and leadership abilities.
Essential Product Manager Skills
The requirements and skills necessary for this job change depending on the company and the type of product you’re working on. If you want to be a successful product manager and learn how to create a viable product, focus your efforts on developing the following professional skills.
Product Management Tools
Knowing how to navigate project management software is an essential skill. Some of the most popular programs in the industry are Jira, Wrike, APIFuse, and monday.com. Becoming acquainted with these tools will greatly enhance your appeal to hiring managers.
Marketing and Advertising
Being able to reach customers is an essential part of the success of any product management effort. You can learn the principles of marketing and advertising as well as the most popular tools and techniques at a university or coding bootcamp. These skills will ensure you know how to reach customers and keep them interested.
Data Analytics
Product managers are often tasked with compiling progress reports. This means that having a handle on data science can be hugely beneficial. Market analysis, statistics, and customer feedback can all be used to improve your product.
How Long Does It Take to Become a Product Manager?
There is no specific timeframe to become a product manager. If you pursue a bachelor’s degree in a business-related field, you’ll be studying for at least four years before you can find work. Following up a bachelor’s degree with a master’s degree will improve your chances of finding work but will add an additional two years to your education.
Fortunately, there are shorter routes. You may be able to find a program at a community college that properly prepares you for the role. In addition, there are a number of coding bootcamp programs on product management. While a community college program usually lasts two years, coding bootcamps can be completed in a few months.
Can a Coding Bootcamp Help Me Become a Product Manager?
Yes, coding bootcamps can help you become a product manager. Many bootcamps have courses specifically on product management, including Product School, BrainStation, and General Assembly.
Coding bootcamps offer other programs that can also help prepare you for the role. At a coding bootcamp, you can learn project management, software development, data science, and cyber security, all skills that can come in handy in a product management role.
Can I Become a Product Manager from Home?
Yes, you can learn product management from home by enrolling in an online course or program. Many colleges offer bachelor’s and master’s degrees through their online campuses which are accessible anywhere around the globe.
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Many coding bootcamps also have online programs that focus on product management or other skills that are crucial for the role. Finally, you can also consider enrolling in a massive open online course (MOOC) such as the ones offered by Udemy, edX, Coursera, and other learning platforms.
How to Become a Product Manager: A Step-by-Step Guide
Some paths to becoming a product manager are more popular and well-traversed than others. Below, we take a look at one of the most common ways of landing your first job in the industry. This guide might not get you hired, but it will at least give you a good idea of how to get started.
Step 1: Earn a Degree
Most product managers have at least a bachelor’s degree in a business-related field. Earning a bachelor’s degree will hone your fundamental business skills and give you a strong foundation for your career.
Step 2: Pursue an MBA
A Master of Business Administration can work wonders for your resume and easily place you ahead of candidates who possess only a bachelor’s degree. As a product manager, a master’s degree is one of the most prestigious achievements you can list on your resume.
Step 3: Get a Certification
Earning a professional certification can also help you stand out in a crowded pool of applicants. Most certifications require paying a fee and passing an examination. We will take an in-depth look at some of the main certifications in the field below.
Best Schools and Education for a Product Manager Career
Investing in a quality education is the best way to ensure you can find employment as a product manager. In the list below, we explore the main educational routes that can help you become a professional in this field.
Product Manager Bootcamps
Bootcamps are tech training centers with courses that generally last between three and nine months. You can learn software engineering, data science, cyber security, and other topics at these schools.
Courses specifically on product management can also be found. At Product School, General Assembly, and BrainStation, you can study product management and combine it with other courses to round out your education and make you more attractive to hiring managers.
Vocational School
Vocational schools are institutions that focus on practical training for trade occupations. If your goal is to become a product manager, you might find it hard to find a suitable program at a vocational school. We recommend looking into other types of institutions, such as coding bootcamps or universities.
Community College
Many students choose community colleges because they are cheaper than universities and can be stepping stones to a bachelor’s degree program. A business administration program at a community college can prepare you for a product manager role. However, you might need to supplement your education with an internship or professional certification.
Program Management Degrees
Earning a Bachelor’s Degree in Business Administration or Program Management will equip you with the skills required to become a product manager. Studying at a college will not only teach you the basics of business development but also the soft skills necessary to lead a team.
The Most Important Product Manager Certifications
Professional certifications issued by independent organizations validate your knowledge and make you more attractive to employers. With these credentials, you can increase your reputation and worth and have access to more senior roles and a bigger salary.
Project Management Professional
The Project Management Professional (PMP) certification is a credential awarded by the Project Management Institution (PMI) to help professionals in the field develop their critical thinking and problem-solving skills. The exam fee is $405 for members. Non-members pay $555.
Pragmatic Certified Product Master
Earning this credential from Pragmatic Institute shows you know the fundamentals of product management. There is no minimum experience to enroll. According to PayScale, you can increase your salary by 5.6 percent with this certification.
Certified Product Manager
The Association of International Product Marketing and Management (AIPMM) offers a certification program focused on validating the skills of product managers. This credential confirms your talent as a leader and proves you’re proficient in creating market strategies and developing products.
How to Prepare for Your Product Manager Job Interview
Preparing for the most common questions can tip the scale in your favor during a product manager job interview. To help you prepare for your next interview, we have put together a list of the questions you are likely to encounter.
Product Manager Job Interview Practice Questions
- Why do you want to work at our company?
- How many products have you helped develop?
- What tools do you use to plan a product’s life cycle?
- What resources do you use to manage sales teams?
Should I Become a Product Manager in 2021?
Yes, embarking on a product management career in 2021 is a good idea. Product managers earn handsome salaries and, according to figures from the Bureau of Labor Statistics, are facing a favorable job outlook in upcoming years. If you enjoy bringing a product from conception to completion and launch, then becoming a product manager is a wise career move.
Product Manager FAQ
Yes, you can become a product manager without earning a bachelor’s or master’s degree. You can acquire the skills you need to land a product management job through a coding bootcamp or community college program.
Becoming a product manager can be challenging. Most product managers have at least a bachelor’s degree and many also earn MBAs. In addition, the position requires strong interpersonal abilities, a host of technical skills, and strategic thinking.
Most product managers work in tech companies. According to Glassdoor, the top companies hiring product managers are Google, Intuit, Adobe, Microsoft, Salesforce, and Cisco Systems.
Both jobs require data analytics, leadership, and business administration skills. However, program managers are usually more focused on maintaining business relationships. Product managers, on the other hand, are more preoccupied with the development and operation of the product and spend more time optimizing the product life cycle.
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