The Quick Guide to Product Manager Salaries in 2023

While Product Managers are more motivated by passion than cash, it’s still nice to know that your hard work will be rewarded. With demand continuing to outpace supply, the field of Product Management is experiencing remarkable growth in 2023, both in terms of career opportunities and compensation packages, particularly in the United States.

But this is not just a U.S.-centric phenomenon. As we know from our global community of Product Managers, it’s a worldwide craft with hundreds of thousands of professionals.

However, let’s not pretend that all of these professionals get jobs purely for the love of what they do. Money is a touchy subject, even taboo, in many groups. Even if it is what makes the world go round.

Knowing the average Product Manager salary for your country and where you are on the career ladder is immensely helpful for a number of reasons. It helps you work out whether a new company is offering a suitable salary for your years of experience. It can help you to negotiate a pay rise when offered a promotion at your current company. Most basically, it can help you figure out if a career in Product Management will cover the cost of living in your city/country.

Here, we’re going to give you a quick breakdown of average Product Manager salaries in:

• North America

• Latin America

• Europe

• Asia

• Africa

• Oceania

Before we begin, bear in mind that these are averages. Actual salaries will vary depending on the size of the company, its level of maturity, and the specifics of the job description. Your expected salary will obviously also vary depending on your job title. As you climb the career ladder (which Product Managers are 149% more likely to do according to a LinkedIn report) you can expect quite significant salary increases.

Average salaries per job title (in the U.S.)

• Product Manager – 132,056 US$

• Senior Product Manager – 154,112 US$

• Director of Product Management – 243,978 US$

• Vice President of Product – 285,664 US$

• Chief Product Officer – 322,388 US$

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Product Salaries in North America

The North American Product scene needs little introduction. The United States are the birthplace of Google, Apple, Microsoft, Meta, and more than half of the world’s 1000 unicorn startups.

Average Product Manager Salaries Per City:

• San Francisco – 148,878 US $

• New York – 139,015 US $

• Seattle – 141,349 US $

• Atlanta – 128,788 US $

• Toronto – 111,053 CAD $

• Montreal – 102,968 CAD $

Product Salaries in Latin America

Latin America doesn’t just boast some of the world’s richest biodiversity, there’s also an incredible diversity of tech and tech talent. In 2020, Latin America attracted venture capital investments of $4.1bn USD, which is more than investments won in Africa, the Middle East and central and eastern Europe combined in the same year. And there’s certainly plenty of room for growth and exciting opportunities in the Latin American tech scene.

Average Product Manager Salaries Per City:

• Mexico City – 744,120 MXN $

• Buenos Aires – 11,088,672 ARS $

• São Paulo – 240,000 BRL $

• Santiago de Chile – 48,069,504 CLP $

• Medellín – 162,789,192 COP $

Product Salaries in Europe

Tired of being called ‘quaint’, the tech scene in Europe has exploded in recent years, with tech hubs dotted across the continent. Europe boasts a wide variety of FAANG headquarters, local legends, and Europe-based global megastars (hello Spotify, we see you).

There’s also quite the variety in costs of living – rural Hungary has a very different price point to Central London. So it’s useful to know the average salaries for Product Managers in your own city, rather than the European average.

Average Product Manager Salaries Per City:

• London – 74,655 GBP £

• Dublin – 75,548 EUR €

• Paris – 54,500 EUR €

• Barcelona – 44,000  EUR €

• Berlin – 69,274 EUR €

• Stockholm – 620,544 SEK kr.

• Amsterdam – 77,031 EUR €

Product Salaries in Asia

Asia’s tech scene (which is difficult to encompass, as the continent is as vast as it is varied) is often compared with that of North America’s. With Tencent, Alibaba Group, Samsung, and ByteDance (TikTok) serving millions of global customers, the East is rapidly catching up with the West.

Average Product Manager Salaries Per City:

• Beijing – 224, 520 CNY ¥

• Shenzhen – 240,120 CNY ¥

• Hong Kong – 456,000 HKD $

• Kyoto – 7,242,235 JPY ¥

• Singapore – 72,000 SGC $

• Bangalore – 2,400,000 INR ₹

Product Salaries in Africa

While Africa’s tech ecosystem is difficult to compare to that of Silicon Valley, its tech hubs are on the rise, and appear more and more on VCs’ radars. In fact, it’s major tech hubs raised a record-breaking $4bn in funding across 754 deals. It’s a continent on the rise, with the Metaverse and cryptocurrency providing exciting new opportunities across the continent.

Average Product Manager Salaries Per City:

• Lagos – 3,600,000 NGN ₦

• Nairobi – 1,800,000 KES

• Cairo – 264,000 EGP £

• Cape Town – 518,964 ZAR R

• Johannesburg – 732,000 ZAR R

Product Salaries in Oceania

Last but certainly not least, we come to Oceania. With the tech sector making significant contributions to the GDPs of both Australia and New Zealand, the industry is experiencing rapid growth that is only set to increase in 2022 and beyond.

Average Product Manager Salaries Per City:

• Sydney – 135,000 AUD $

• Auckland – 120,000 NZD $

Things to Consider (That Aren’t Cash Compensation)

Making sure that your company is paying you what you’re worth, and balancing that with your cost of living, can sometimes feel frustrating. Balancing your need for cash with your desire to do a job you love isn’t easy. Sometimes making a transition to the career path of your dreams involves taking a step back, and a pay cut.

Whether you’re searching for a new job or not, there are some things outside of cash compensation that you should factor in when asking ‘is this job well paid?’

Benefits

Almost all companies will offer some kind of benefits package to their full-time employees. Commonly this will include PTO and health insurance, and may also include pension plans, expenses, and catering. Some companies will also be open to funding the education of their employee, with many actively encouraging teams to request education funding.

What a company doesn’t provide in base salary they may make up for in other ways.

Stock Options

Some companies, such as Intuit and GoDaddy are known for giving generous stock options to their employees. While it’s not something you should take in lieu of a real, liveable salary, it’s something to keep in mind if you’ve got a head for investments.

Saved and Hidden Costs

Some jobs that may come with an attractive salary may also come with hidden costs. For office locations that are further away than your current job (particularly if you work from home) then consider how much the commute will cost you per year.

On the other hand, moving from a job that has you based in an office to a WFH role may see an increase in your household bills (electricity, water, air conditioning etc). You may also be expected to provide your own equipment if you’re working for a very small startup that can’t yet provide laptops.

Consider how much money it will cost you to do the job, but also how much time it’ll cost you. If you really value your free time, a well-paid role that involves a two hour commute may be less appealing than a role that lets you work from home.

Potential for Advancement

As we’ve seen before, career ladder jumps come with salary increases. It’s better to take a slightly lower base salary at a company that’s keen to nurture your career than to take a better paid position that you’ll be stuck in for years.

Let’s imagine that Company A offers $130K as a Product Manager for a company that has a track record of not promoting its employees, and has no system in place for regular salary reviews. Company B only offers $100K for an entry-level Product Management role, but they have a more people-driven approach to HR and are keen to see people climb the career ladder.

After 5 years at Company A, you could still be considered an entry-level Product Manager and making only marginally more money than you started out with. But after 5 years at Company B, you could be making $140K as a Senior Product Manager.

So when you’re hunting for your next Product Management position, there’s plenty to take into account. Money might be tough to talk about, but don’t be afraid of hard conversations. After all, it’s what pays the bills and keeps the lights on!

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