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 earning increases and additional cash compensation. Factors such as location, experience, and educational qualifications impact a hiring manager’s salary offer.
The Salary Range
Product management is similar to most other industries, with seniority being the primary 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 in April 2022 reported a yearly salary of $82,473.
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 product manager role and land a platform product manager 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. In April 2022, Glassdoor reported a yearly salary for a platform product manager of $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. The extra level of responsibility that comes with a senior product marketing manager includes devising marketing strategies, overseeing multiple product marketing executions, or, in many cases, an entire marketing portfolio across different products.
Glassdoor reported a yearly salary for a senior product marketing manager in April 2022 of $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 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.
In April 2022, the average salary for a product management director was reported as $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 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 was reported in April 2022 by Glassdoor as $193,530.
Chief Product Officer (CPO):
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 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 in April 2022 expects to receive an average salary of $204,264 before additional cash compensation.
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 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
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
Dallas – Average yearly salary $104,000, living costs 2% below the national average
Average Platform Product Manager Salaries Abroad
There are several opportunities for careers in product management outside the US, with many tech hubs in Europe and Australasia.
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 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 the average 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 A$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.
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.
To gain the technical and analytical know-how to thrive as a platform 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.
Platform product managers that build on their existing skillsets give 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 PMHQ Product Management Certification courses today to beef up your understanding of the niche and maximize the impact you
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.