Curious to learn the average data science product manager salary?
Data science product managers are talented individuals whose jobs are critical to the success of the products they oversee. Not only do they maximize product performance and anticipate pain points, but they also help firms design the best products for their target audiences.
That said, while intrinsic reward from a position is gratifying, salary is also important.
Those with the skills and credentials to become data science product managers need to know their expected salaries.
This article details the average financial compensation that data science product managers earn as well as the factors that contribute to it.
Let’s dive right in.
What is the Average Data Science Product Manager Salary?
Different sources yield varying estimates for data science product manager salaries. Here’s a breakdown of some of the most common salary comparative resources:
At the time of writing this post, the Bureau of Labor Statistics does not recognize data science product managers as distinct positions. However, it does offer salary information for advertising, promotions, and marketing managers.
According to the Bureau of Labor Statistics, such professionals earn average annual salaries of up to $141,490 per year. Many earn more than this, with the top 10% earning approximately $208,000 per year. That said, newcomers to the industry earn $74,000 or less.
Glassdoor also offers a detailed range of potential salaries based on reported pay.
According to this source, data science product managers earn up to $1 million or more. These estimates take into account additional compensation such as:
- Overtime pay
- Additional revenue sources
Factors That Affect Data Science Product Manager Pay
All data science product managers earn respectable salaries. But these salaries are not identical across state lines.
Since companies do not have to reveal the salaries of their employees, it is challenging to determine a true national average. That said, let us compare results across several sources. Use these averages to come up with a suitable wage for your services.
Data science product managers earn varying salaries based on a variety of important factors.
First, location impacts salary because it relates to the cost of living. For instance, a data science product manager earns more money if they live and work in San Francisco than a comparable position in Nashville, Tennessee. The more expensive it is to live in an area, the more money high-demand professionals like data science product managers earn.
Talent.com breaks down the projected average salaries for data science product managers across several states in the U.S:
- $127,600 for Washington
- $129,000 for Colorado
- $130,000 for California
- $139,000 for North Carolina
- $151,000 for New York
However, keep in mind that salaries also vary based on cities within states. It’s cheaper to live in a remote town in upstate New York than it is to live in Manhattan, for instance. In some cases, data science product managers choose to live far from company headquarters. They work from home for most of their time. That way, they maximize how far each dollar goes and make the most of their salaries.
Next, data science product managers earn additional money each year based on their levels of experience or education. Most data science product managers have bachelor’s degrees.
Some go further by pursuing tertiary level programs such as Masters degrees or specialized certifications. Those who have superior qualifications command higher salaries since they exceed the minimum entry requirement.
Be sure to check out our PMHQ Data Product Manager Certification Course to level up your data product management skills and make yourself a more competitive candidate when applying for data product manager jobs.
Data science product managers with extensive experience in the field also demand higher salaries.
The quality and lifespan of a firm or organization impact the available salary budget. For example, a company with many years of successful business has more revenue with which to hire skilled individuals. That company pays data science product managers more money than a competitor.
In contrast, most new startup companies looking for a talented data science product manager lack the capital to pay a six-figure competitive salary as compared to other organizations. That said, many such startups choose to compensate data science product managers in other ways, such as:
- Awarding stock options
- Providing competitive workplace benefits, like 401(k) matching
It all depends on the organization and what it is willing to compensate to top talent. Thus, candidate data science product managers must compare their options before settling on an employer. Salary alone does not represent the full compensation awarded for a specific position.
Sources of Income
Most data science product managers earn the majority of their income from their base pay rates. They are on payroll, so they earn money every month regardless of the total hours they clock in at work.
However, they also earn income from other sources, such as:
- Commissions for those who help sell products
- Profit-sharing or other bonuses when the company records exceptional performances
- Signing bonuses
Data science product managers don’t only earn money from their base pay. If they contribute to the success of a new product launch, they receive a bonus or commission based on sales of that product.
Is the Salary for Data Science Product Managers Worth it?
The average salary for a US worker is just $51,168. This estimate is the result of calculations counting standard working hours across 52 weeks per year for workers, ranging from service workers to college-educated professionals and everyone in between.
Therefore, data science product managers receive annual salaries of double the national average. When you add these salaries to a second income from a partner or spouse, data science product science managers live comfortable lifestyles in most cities, including major metro areas such as San Francisco or New York City.
Furthermore, many data science product managers have discovered how to stretch their salaries even further due to the advent of remote work. These professionals work in low cost of living cities or suburban areas far from corporate headquarters.
Under such setups, they only have to commute to work once or twice per week or not at all. However, they still earn a salary adjusted for the high cost of living common to major metropolitan areas. A $100,000 + salary stretches farther in Redding, Oregon than it does in Portland.
In this way, data science product managers receive handsome compensation for their work.
Long Term Salary Outlook
As with many technical careers, data science product managers’ salaries increase as they gain experience and stay with the same company over time. However, jumping between companies or pursuing promotions is oftentimes beneficial for those looking to maximize their pay.
In general, long-term pay cap at an estimated $200,000 for data science product managers. Few in select firms earn more than this or up to the above-mentioned $1 million annual salaries. Of course, product managers who work overtime receive more money than those who do not.
Average Data Science Product Manager Salary Takeaways
In short, data science product managers earn excellent salaries given their educational requirements and the rigor of their positions. Most earn over $100,000 per year without having to work extensive overtime or pursue positions based on commission/bonuses.
There’s room to grow and maximize one’s salary. Data science product managers must keep their resumes buffed and ready to go. With the right mindset and with enough acquired skills, many data science product managers earn well over $100,000 per year just a few years into their careers.