The product management field is vital to the success of a company. Without product managers, departments in a company would struggle to supply and develop successful products. This is especially important when working for larger companies. Understanding the different roles of junior and senior product managers is vital if you want to have a successful product.
What are the key differences when it comes to junior vs senior product managers? How long does it take to become a senior product manager? How much money do product managers make? If you want to be a product manager, or if you’re looking to advance your career as a product manager, then read on as we answer every question you may have.
What Is a Product Manager?
A product manager is a professional who manages the development of products for a company. They identify customer and business needs to make a product as successful as possible. They are responsible for the entire project scope, including the project budget, budget team, and success or failure of a product.
There are various product manager job titles and roles such as director of product management, product marketing manager, and chief product officer. Product managers are also responsible for communicating with key stakeholders and ensuring products meet their financial demands. The product manager role will change slightly depending on the type of product sold and location of the business but is essentially the same from company to company.
Junior vs Senior Product Managers: Areas of Responsibility
Junior and senior product managers have different areas of responsibility. Continue reading to find out how product managers at all levels achieve a company’s vision and ensure the success of a product.
Junior Product Manager Job Description
- Research: A junior product manager is in charge of researching and understanding customer needs and acquiring feedback from product users. The junior product manager reports back to the senior product manager and outlines the results of their research.
- Collaboration: It is the responsibility of the junior product manager to successfully collaborate with the product management team to meet the product objectives. The junior product manager also works closely with senior product managers to plan a product strategy that aligns with the goals and directions of the company.
- Product Analysis: A junior product manager is in charge of evaluating market trends and sales performances of a product to make informed decisions. A junior product manager also looks at the competition to develop a strategy that gives the company’s product a competitive advantage.
- Sales and Marketing: A junior product manager supports the sales and marketing team in the organization. A junior product manager ensures that the development team aligns the product launch efforts with marketing activities and that product literature is correct and up to date.
- General Support: Ultimately, a junior product manager answers to the senior product manager and makes themselves available to the various development teams. A junior product manager also takes on other tasks assigned by other company managers.
Senior Product Manager Job Description
- Organization: A senior product manager organizes product development and releases while ensuring a good return on investment. While the junior product manager is responsible for research, a senior product manager is accountable for translating ideas into strategy and overseeing product development from start to finish.
- Leadership: One of the main responsibilities of a senior product manager is leadership. A senior product manager leads other product managers and coordinates cross-functional teams. This senior role involves leading the team, while the junior role is part of the team being led.
- Production: The entire production process is the primary responsibility of a senior product manager, unlike the junior product manager who is just a part of it. A senior product manager collaborates with senior management to develop a product roadmap and other product plans and produce and analyze product requirements documents (PRDs).
- Team Management: A senior product manager leads the product development teams, from the product marketing team to the team of product managers. This includes junior product managers. Senior product managers develop strong relationships between the product team, development team, marketing team, and sales team.
- Recruitment: Interviewing, onboarding, and training new employees is a major part of a senior product manager. They may also be involved in task planning, direction, and delegation of staff.
Junior vs Senior Product Manager Salaries
The salary for product managers varies according to the job requirements. The average product manager’s salary is $96,749. You will find the average income for a junior and senior product manager job below.
Junior Product Manager Salary
According to ZipRecruiter, $66,670 is the average annual salary for a junior product manager. Based on skill level, location, and years of experience, there may be several prospects for growth and higher income in the junior product management career path.
Senior Product Manager Salary
The average annual salary for a senior product manager is $116,873, according to ZipRecruiter. Companies pay senior product managers such a high salary due to the responsibilities they have for the development of a product, and ultimately, the success or failure of an entire company.
How Long Does It Take to Become a Junior Product Manager?
Depending on your education, it should take three to five years to develop the skills needed for a junior-level product management role. You must have an advanced degree to become a junior product manager. According to Zippia, about 93 percent of junior product managers have a high-level degree.
How Long Does It Take to Become a Senior Product Manager?
Prospective senior product managers should have a minimum of five to eight years of extensive experience in the product industry and a bachelor’s degree. They should also possess relevant soft skills, business skills, analytical skills, leadership skills, and multiple certifications from reputable organizations.
Career Path and Progression From Junior to Senior Product Manager
Get an Education
Business administration, marketing, computer science, and engineering degrees are common among senior product managers. The majority of them hold a master’s degree in a relevant discipline. To be promoted to a senior role, a junior product manager should ensure that they have advanced educational qualifications.
Gain Experience
Most people get three to five years of experience in the industry before becoming a senior product manager. As your level of experience increases, the more your salary will increase as your product career progresses.
Develop Skills
There is a wide range of skills that are particular to a senior-level product management role. These skills include business skills, leadership skills, collaboration skills, and people skills. These skills help a senior manager to carry out broader product management responsibilities, avoid confusion around project management, and lead the entire product team.
Take on Responsibilities
As a junior product manager, you should look out for opportunities to take on extra responsibilities. For example, you could ask your boss to put you in charge of a product lifecycle or revenue growth and develop a strategy to accomplish the product’s cost objectives. Use these opportunities to evolve your strategic thinking.
Align With Company Expectations
The detailed requirements of a senior-level product manager may vary by the organization so you should align your expectations with your particular management and company vision. Assess your strengths and weaknesses and study the senior product managers at your company to prepare yourself for a senior position.
Should You Become a Product Manager?
Yes, you should become a product manager if you want to lead a team, develop a successful product, and solve problems at the top level of a company. A product manager is an exciting role that provides a roadmap to bring a product vision to life.
Enrolling in a product management bootcamp is an ideal way to learn how to become a product manager. Ultimately, you will need a bachelor’s degree and an MBA if you wish to advance your career and get a senior product manager job. You could even work in the closely related position of marketing manager. These roles are in high demand and growing at a rate of 10 percent according to the Bureau of Labor Statistics.
Junior vs Senior Product Manager Salaries FAQ
Generally, a bachelor’s degree is preferred because larger companies tend to favor prospective employees with a business-related degree or relevant experience. However, bootcamps can help you acquire job-ready skills to get an entry-level role in product management where you can learn on the job and work your way toward senior roles.
In the US, the average product manager salary is higher than that of project managers. According to Indeed, the average product manager’s income is $96,749 per year, while the average project manager’s salary is $74,772.
Excellent communication skills, marketing skills, leadership ability, innovativeness, great researching abilities, and the capacity to think strategically make a successful product manager. Product managers are responsible for the entire product development process and therefore, to be successful, require a wide range of expertise.
Yes, product management is a promising career. Product managers are in high demand and the number of product management jobs can only increase considering the tech companies that are constantly coming out with new, amazing products.
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