What is the Average Platform Product Manager Salary?
The high average platform product manager salary is why it is one of the most sought-after career paths for college graduates. The work is well-paid, offers plenty of scope for career progression, and is, above all, fulfilling.
According to salary websites such as Glassdoor and Payscale, a platform product manager earns between $63,000 and $200,000, with potential earnings increases and additional cash compensation. Factors such as location, experience, and educational qualifications impact a hiring manager’s salary offer.
Platform Product Manager Salary Concerning Career Path
Product management is similar to most other industries, with seniority being the primary internal driver of earning potential.
However, unlike other sectors, the fast-growing tech sector offers those in junior roles the ability to climb the career ladder and maximize their salaries without needing a decade or more experience.
So, what does a platform product manager expect to earn during their career?
Associate Product Manager
Most people coming into product management do so as associate product managers with the majority being graduates. However, many making a career change also enter at this level. Minimum requirements are a degree and up to two years’ work experience; however, with associate product manager being an entry-level role, many larger firms recruit graduates straight from university or college.
Associate product manager salary ranges differ; however, an average estimate taken from Glassdoor reported a yearly salary of $82,473.
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Platform Product Manager
After a few years of experience ( 3-5 years), the next rung on the career ladder is becoming a platform product manager. Some who have an MBA or advanced tech degree bypass the associate platform product manager role, and land a platform PM job straight away. However, they earn less than people who have built up product management work experience and progressed up the career chain.
A platform product manager’s salary varies depending on industry and location. According to Glassdoor, the yearly median salary for a platform product manager is $113,446.
Senior Product Marketing Manager
To move into a senior product manager role, candidates need to demonstrate several years of experience in the product management world, between five and eight years. Senior product managers and platform pms focus on software products. The extra level of responsibility that comes with a senior product marketing manager includes devising marketing strategies for multiple products, overseeing multiple product marketing executions, or, in many cases, an entire marketing portfolio across different products.
According to Glassdoor, the yearly salary of a senior product marketing manager is $147,963.
Product Management Director
Senior product management roles come with line management duties, which stands you in good stead for the step up to becoming a product management director. These roles require industry-specific and development expertise and the ability to manage a team of product managers. Depending on the company’s size, a director takes a seat on the firm’s leadership team.
According to Glassdoor, the average salary for a product management director is $179,315.
VP of Product Management
The VP of Product Management is responsible for the entire product vision for the business and the growth of the product and product development team. Line management experience is essential, and specific industry experience is also beneficial. Salaries vary depending on the size of the business, with startups and tech companies unable to pay the big bucks. However, many offer equity in the company.
Meanwhile, enterprise companies with over 1,000 employees provide generous remuneration packages that include above-average additional cash compensation through bonuses and profit sharing.
The average salary for a VP of product management without additional cash compensation is $193,530.
Chief Product Officer (CPO)
In an executive role in most large enterprises, CPOs report to the CEO and are responsible for the product management organization as a whole within the business. This means setting the company’s product roadmap and strategy and fitting it with its vision and goals. Most CPOs reported a yearly salary of over $200k in 2021; however, total remuneration increases with additional cash compensation.
According to Glassdoor, a CPO received an average salary of $204,264.
Platform Product Manager Salary Concerning Location in the US
Aside from seniority, location is the biggest determiner of how much a platform product manager expects to earn. There are two main factors at play.
The first is the cost of living. An average platform product manager’s salary in New York is greater than in Atlanta, GA since it costs far more to live in New York, so wages reflect that. The second factor is demand. In some cities, demand for experienced product managers outstrips supply, so salaries increase to reflect the competitive marketplace.
In the US, salaries are higher in major cities on the East and West Coasts, where living costs are highest. However, in the towns in the Midwest, for example, salaries are lower in monetary terms but higher in relative terms when the cost of living is considered.
A simple comparison between the average base salary for technical product managers ($113,000) and living costs in different areas of the USA illustrates this.
US West Coast
San Francisco – Average yearly salary $138,000, living costs 80% above the national average
US Midwest
Minneapolis – Average yearly salary $103,000, living costs 5% above the national average
US East Coast
New York – Average yearly salary $113,000, living costs 129% above the national average
US South
Dallas – Average yearly salary $104,000, living costs 2% below the national average
Average Platform Product Manager Salaries Around the World
There are several opportunities for careers in product management outside the US, with many tech hubs in Europe and Australasia.
Europe
The best platform product manager salary in Europe is found in the Nordic countries, such as Denmark, Sweden, and Finland; however, these are also nations where the cost of living is higher than in other parts of the continent.
In mainland Europe, a platform product manager’s salary ranges from €40,000 ($43,000) in cities such as Barcelona and Madrid to £57,000 ($74.000) in London or €70,000 ($76,000) in Brussels. The highest platform product manager salary is found in Zurich, with an average of around CHF110,000 ($118,000). However, Zurich is the second most expensive city to live in worldwide.
Australia & New Zealand
Platform product managers in Australia reported a yearly salary of A$110,000 (US$82,000). This fluctuates a little depending on location, with the highest product manager salary reported in Perth, an average of AUS$127,000.
Meanwhile, across the Tasmanian Sea in New Zealand, platform product managers reported a yearly salary of NZ$118,000 (US$80,000). The average salary in major cities, such as Auckland, Christchurch, and Wellington, is lower, ranging between NZ$100,000 and NZ$110,000.
The cost of living in Australia and New Zealand is higher than in the United States, with Australia the 14th most expensive country worldwide and New Zealand 18th, while the USA ranks 26th.
Platform Product Manager Salary Concerning Industry
There is a great demand within specific industries that are seeing high levels of growth for product managers, with average salaries higher than in sectors where demand is lower or in startup jobs.
This is an illustration of what a platform product manager expects to earn in different industries:
- Aerospace and defense: $106,000
- Banking: $98,000
- Consulting: $106,000
- Energy: $119,000
- IT: $104,000
- Internet and tech: $116,000
- Recruitment: $99,000
- Telecomms: $108,000
- Transportation: $96,000
With average salaries in the tech space at $116,000, they are even higher at one of the well-known leading tech giants.
For example, starting salaries for platform product managers at Microsoft begin at $119,000, while at Facebook, a wage in the lowest bracket for a product manager is $160,000. On the higher end of the salary scale, a product manager earns anything from $162,000 at Amazon to over $200,000 at Google or Facebook.
Aside from the tremendous earning potential, both in terms of average platform product manager salary and additional cash compensation, the great attraction of being a platform product manager is the variation it provides and the ability of individuals to take control of their careers. Whether working in New York or San Francisco, where the startup scene moves fast, or with a tech giant in Silicon Valley as 1 of more than 1000 employees, the world of a platform product manager is rich with opportunity.
Platform Product Manager Education
College degrees are a good gateway for people looking to build a career as a platform product manager. However, they do not impact a graduate’s earning potential. Anyone with a qualification in business or tech provides candidates with an edge over their peers.
Degrees
To gain the technical and analytical know-how to thrive as a platform manager or product manager, earning a degree in finance and computer science of business provides graduates with a firm basis from which to launch their careers.
Some colleges, such as Harvard, Cornell, and Carnegie Mellon, are beginning to create bespoke courses for those seeking a career in product management.
Certificates
Platform product managers who build on their existing skills give their customers and themselves the best earning potential by obtaining professional certifications as they work. Education providers and course specialists offer a range of additional qualifications for product managers to hone and increase their abilities.
Enroll in one of our PHQ Product Management Certification courses today to beef up your understanding of the niche and maximize the impact.
FAQs
Here are answers to the questions regarding platform product management:
What does a platform Product Manager do?
A Platform Product Manager focuses on developing and managing the core technologies and services that support multiple consumer-facing products and applications. They work on creating scalable and reusable platforms, ensuring integration and interoperability across various systems. Their responsibilities include setting the platform’s vision, prioritizing features, and collaborating with engineering teams to deliver robust infrastructure solutions. They also enhance a product’s customer-facing features and improve the financial metrics of a product.
How much does a Product Manager at a platform make?
A Platform Product Manager’s salary can vary based on experience, location, and company size. In the United States, they typically earn between $120,000 and $180,000 annually. Compensation packages often include base salary, bonuses, and stock options, with much higher salary figures for those in senior positions or at top-tier tech companies.
How much does a digital platform Product Manager earn?
Digital Platform Product Managers, specializing in digital services and online platforms, generally earn between $110,000 and $170,000 annually in the US. Their compensation includes base salary, performance bonuses, and equity, which can significantly increase total earnings. Senior roles or positions in major tech hubs like Silicon Valley may offer even higher pay.
Do product managers make good money?
Yes, product managers make good money, with competitive salaries and comprehensive compensation packages. Their earnings can vary based on factors such as experience, industry, and location, but they often receive attractive base salaries, bonuses, and stock options. The combination of these elements makes product management a financially rewarding career path.
If you are new to product management and are looking to break into your very first product manager role, we recommend taking our Product Manager Certification Courses, where you will learn the fundamentals of product management, launch your product, and get on the fast track toward landing your first product job title.
