Businesses rely on product managers to create products that fulfill needs in the marketplace. They determine the specifications, features, flavors and sizes for products, set the prices, test their ideas with consumers and sometimes oversee marketing and distribution of the products. Their salaries are usually contingent on experience and the types of employers for which they work.
As of 2014, product managers earned average salaries of $85,000, according to Careerbliss, a job reference and search site. It lists the highest salary among employers surveyed as $167,300 a year. These managers may also earn bonuses if their companies meet specific profit goals. The U.S. Bureau of Labor Statistics does not have a separate job category for product managers, though one of its job categories, marketing managers, includes professionals who estimate demand and potential markets for products. Marketing managers averaged $119,480 a year as of 2012, the BLS reports.
Bachelor's Degree Required
Most product managers have at least a bachelor's degree in business, marketing or management. Those who sell technical products, such as computer software, may need computer science or engineering degrees. Employers may also prefer that their product managers work one to five years as assistant product managers before they're promoted to product manager.