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What Is a Product Manager? How to Become One, Salary, Skills.
Product managers oversee product development, the process of launching a new product to market or improving an existing one, from ideation to release. Here’s what to know about a product manager’s salary, needed skills and how to become one.
What Is a Product Manager?
Product managers lead all aspects of product development and implement strategic product decisions. They work to bring cross-functional teams together on the vision of a product and prioritize development based on customer needs.
What Do Product Managers Do?
Product managers guide product strategy, outline product roadmaps and direct efforts toward making the final product a good experience for end users.
Product Manager Responsibilities
- Define a product vision and design a product roadmap.
- Study the marketplace and create competitive development strategies.
- Recognize user needs and prioritize needs implementation.
- Establish product goals and objectives to meet needs during development.
- Align and manage teams involved in product development.
Day-to-Day Responsibilities of Product Managers
- Use roadmapping tools to prepare and document product release strategies.
- Use product management tools to detail and track progress of product features.
- Collaborate with marketing specialists to shape user personas and product messaging.
- Review key performance indicators (KPIs) with team members and stakeholders.
Product Managers Within a Company
Product managers are usually part of a product team within a company. They may collaborate with product analysts, product designers, company executives and similar roles to do their jobs. They also tend to report to senior product managers or the director of product management.
Importance of Product Managers
Product managers orchestrate essential operations of successful product development. They are a big reason why certain product features — like a chat feature in an app, or theme customization for a site — get prioritized and launched to certain specifications.
What Skills Are Needed to Be a Product Manager?
Qualifications to Be a Product Manager
- Two or more years of experience in product development, project management or similar roles.
- Ability to initiate and execute product development strategies.
- Ability to conduct market research and understand market trends.
- Proficiency in creating product vision and leading cross-team collaboration.
Product Manager Prerequisites
- Bachelor’s degree in business, economics, psychology or a similar field.
Product Manager Hard Skills
- Experience with product management and product development life cycles.
- Expertise in market research tools and techniques.
- Knowledge of product strategy development and roadmapping tools.
- Familiarity with economics principles and workplace applications.
Product Manager Soft Skills
- Critical thinking skills.
- Leadership skills.
- Project management best practices.
- Empathy for end users.
- Verbal and written communication skills.
Tools and Programs Product Managers Use
- Asana
- Craft.io
- Jira
- Monday.com
- Pendo
- ProdPad
- Productboard
- ProductPlan
- Tara
- Trello
How to Become a Product Manager
Product Manager Education and Experience
Product managers candidates are often expected to hold a bachelor’s degree in business, economics or a similar field. Some may also earn a master’s degree in business administration (MBA), product management or a similar field.
Product managers will need to obtain two or more years of experience in product management, product development or similar roles. Knowledge in the areas of market research, product roadmapping, product strategy development, economics, project management and effective communication are also recommended.
Product Manager Certificates and Courses
- 22 Product Management Courses Elevating Tech Careers
- Advanced Product Management: Leadership & Communication
- Product Management A-Z™: A Hands-On, Real-World Simulation
- The Complete Product Management Course
Product Manager Career Path
Product managers may start as product analysts, project managers or business development specialists before stepping into product management. From this point, product managers can progress into a senior product manager role. Finally, professionals may move into a director of product management, vice president of product or chief product officer role.
Product Manager Salary and Job Outlook
Product managers, sorted similarly with marketing managers by the U.S. Bureau of Labor Statistics, will see jobs grow 10 percent by 2031.
The full compensation package for a product manager depends on a variety of factors, including but not limited to the candidate’s experience and geographic location. See below for detailed information on the average product manager salary.
Expand Your Product Manager Career Opportunities
Enhance your professional portfolio by completing Udemy’s online product management courses.
Product Manager Certifications + Programs
Increase your qualifications for your next position with Udacity’s online product management certifications.