Is Product Management a Good Career? PMs From Top Companies Weigh In
Explore if product management is the right career choice with insights from PMs at top companies. Learn about skills, growth, and industry demand.
Posted November 3, 2024
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The product management role has built a towering hype through the years, with many professionals curious about what it's like to be a product manager. It's a job that brings together business, technology, and user experience, making it an exciting choice for those who love solving problems and creating great products.
In this article, we'll look at what product managers actually do and explore the ups and downs of this career path. You'll hear from experienced PMs at top companies who share their thoughts on why they chose this field and what it takes to succeed. We'll also cover the skills you need, how to get started, and what to expect in product manager interviews. By the end, you'll have a better idea if product management is right for you and how it might fit into your career plans.
A Day in the Life of a Product Manager
A product manager’s day is never the same, but there are core activities that remain consistent. From large enterprises to smaller companies, product managers spend much of their day in meetings, balancing strategic decisions and cross-functional collaboration. As PMs from top companies tell us, one key challenge is finding enough time for deep thinking amidst a packed schedule.
Typical meetings include recurring sessions with stakeholders such as:
- Weekly or bi-weekly core team meetings
- Sprint sessions with the development team
- Monthly check-ins with sales, support, and marketing
These meetings are important for driving product success and ensuring alignment across teams. However, it’s the time outside of these meetings (dedicated to strategic planning, customer analysis, and data-driven decision-making) that enables PMs to push their products forward. Despite the demands, many PMs find the role deeply rewarding as they are at the heart of product innovation and business impact.
Read: A Day in the Life of a Product Manager: Insights and Tips from Industry Experts
What Does a Product Manager Actually Do?
Product management is a dynamic and multifaceted role that involves a range of responsibilities. Let’s break down what product managers do:
Sets the product vision and strategy
As a product manager, you're responsible for defining the product vision and strategy. This means you need to identify customer needs and align them with larger business objectives. You'll be the one articulating what success looks like for a product and rallying your team to turn that vision into reality. It's about setting clear goals and defining the direction for where a product is headed.
Collaborates across teams
Product managers work at the intersection of business, technology, and user experience. You'll be using your leadership skills to direct and collaborate with various departments, including engineering, marketing, sales, and customer support. Your role is to facilitate progress in product development, share the product roadmap, and remove obstacles. You’ll also gather feedback from customers and stakeholders, often in partnership with the marketing team to ensure alignment on messaging and branding. This all requires strong communication skills and the ability to build relationships across different teams.
Analyzes data and making decisions
A crucial part of a product manager's role is analyzing data and making informed decisions. You'll need to monitor market trends, develop competitive analyzes, and prioritize product features based on data-driven insights. This involves transforming raw data into meaningful information that guides your team's decision-making process throughout the product life cycle.
To be successful in product management, you need to be comfortable with uncertainty and able to make decisions without having all the information. You'll often need to balance conflicting priorities and make trade-offs based on what's best for the customer and the business.
Is product management right for you? If you enjoy solving complex problems, have strong analytical skills, and can communicate effectively with diverse teams, it could be an excellent career choice. However, it's important to note that it can also be a challenging and sometimes stressful job, requiring you to juggle multiple responsibilities and make high-stakes decisions.
Is Product Management a Good Career? The Experts Weigh In
Product management is a diverse and versatile career. Here’s what two practicing PMs have to say about it as a potential career path (PS – You work with either of these experts on your personal PM recruiting!).
“PM is a great career path with multiple exit possibilities (solopreneur, VC, General Manager, C-level, Founders, Coaches etc), because it hones in the necessary upward/downward/peer communication and execution skills.”
- Yiyang H., Staff PM at StitchFix, Ex-PM at TikTok, Pinterest, and PayPal
“PM is an excellent career path because the skills you learn aren’t just applicable to work, but to life. Learning how to be a product manager for your personal life will make you happier, more successful and more fulfilled.”
- Spencer B., Meta Rotational Product Manager (RPM)
The Pros of a Product Management Career
If you're wondering "is product management a good career?" or "should I be a product manager?", it's important to consider the many benefits this role offers. Product management can be an incredibly rewarding career path for those who enjoy solving complex problems and driving innovation.
High salary potential
One of the most attractive aspects of a career in product management is the potential for high earnings. According to recent data, the average yearly salary for a product manager in the United States is $127,192. As you gain experience and move up the ladder, your earning potential increases significantly. For instance, product managers with 6-10 years of experience can earn around $117,000, while those with 15+ years of experience can make up to $154,000 annually.
Impactful and meaningful work
Product managers have the unique opportunity to shape products that can have a significant impact on users' lives. As a product manager, you'll be at the forefront of innovation, identifying market gaps and collaborating with cross-functional teams to create solutions that address real customer needs. This role allows you to see the direct results of your work, from concept to launch, providing a sense of accomplishment and purpose.
Diverse and challenging role
If you're someone who thrives on variety and enjoys tackling new challenges, product management could be the perfect fit. No two days are the same in this role, as you'll be involved in various aspects of product development, from market research and strategy to working with engineering and marketing teams. This diversity keeps the job exciting and engaging, allowing you to continuously learn and grow in your career.
Potential Downsides to Consider
While the product management job description can be appealing, it's important to consider some potential challenges before deciding if it’s right for you. Let's explore a few downsides that might make you wonder if product management is a good career.
High-pressure environment
Product management often involves working in a fast-paced, high-pressure environment. You'll face tight deadlines, competing priorities, and the constant need to deliver results. The pressure to ship new features while supporting existing ones can be intense, with 42% of product managers expressing concern about this challenge.
As a product manager, you'll need to balance various stakeholders' expectations, including those of your team, management, and customers. This juggling act can lead to stress and long working hours. You'll need to be comfortable making tough decisions under pressure and dealing with the consequences of those choices.
Difficult to measure individual impact
One of the challenges in product management is that it can be hard to measure your individual impact on the product's success. Unlike roles with clear, quantifiable outputs, a product manager's contribution is often indirect and spread across various aspects of the product life cycle.
Your success is tied to the performance of many other teams and factors beyond your control. This can make it challenging to demonstrate your value and can potentially impact your career growth. It's important to find ways to showcase your contributions and the value you bring to the team and the product.
Requires broad skill set
Product management demands a diverse range of skills and business acumen, which can be both exciting and challenging. You'll need to have a broad knowledge across various domains such as market analysis, user experience design, data analysis, and project management. You'll also need strong soft skills like communication, leadership, and problem-solving.
Staying current with new technologies, methodologies, and market trends is crucial for success in this role. This constant need for learning and adaptation can be demanding, especially in rapidly evolving industries.
Advice from Experienced PMs
- Focus on developing key skills: To succeed in product management, you need to hone a diverse set of skills. As a product manager, you should focus on developing strategic thinking, customer empathy, problem-solving efficiency, and technical skills. These abilities will help you identify opportunities, prioritize initiatives, and make informed decisions.
- Network and find mentors: Networking is crucial in product management. Attend industry events, join online communities, and participate in discussions to gain insights into trends and best practices. Building relationships with experienced PMs can provide valuable guidance and support. These connections can help you overcome challenges and gain confidence in your abilities. Find the best product management coach here to get personalized support.
- Be prepared for ambiguity: Product management often involves navigating through uncertain and ever-changing environments. You will need to make decisions with incomplete data, balance competing priorities, and lead teams through ambiguity. To excel in this, focus on developing flexibility, resilience, and the ability to quickly adapt to new information. Being comfortable with ambiguity allows you to remain calm under pressure, make informed trade-offs, and keep projects moving forward. Additionally, cultivate the skill of asking the right questions to gather as much relevant information as possible, helping to minimize the impact of uncertainty in your decision-making process.
Conclusion
Product management offers a dynamic and rewarding career path for those who enjoy solving complex problems and driving innovation. It gives you the chance to shape products that can have a real impact on users' lives, while also providing opportunities for high earnings and professional growth. However, it's important to weigh these benefits against the potential challenges, such as high-pressure environments and the need for a diverse skill set.
FAQs
Is product management in high demand?
- Yes, product management is in high demand as companies across various industries require skilled professionals to lead product teams and drive innovation. Successful product managers are essential for creating and marketing products that meet customer needs and achieve business goals. With the growing focus on digital transformation and agile development, the demand for product managers continues to rise across the globe.
Is product manager a good career path?
- Being a product manager is a rewarding career path with opportunities for growth in both technical and strategic areas. The product manager's job involves leading cross-functional teams, defining product strategies, and working closely with product marketing to ensure successful product launches. Many professionals find the core responsibilities of this role both challenging and fulfilling, allowing them to build a successful entire career in tech or related industries.
Is product management high paying?
- Yes, product management is typically a high-paying career, especially for experienced professionals who have a deep understanding of both the product lifecycle and product marketing. The average salary for a product manager can vary by location and experience, but it is generally competitive compared to other roles in tech. As successful product managers move up within an organization, they often see significant salary growth along with added responsibilities.
Is it difficult to become a product manager?
- It can be challenging to become a product manager, as the role requires a broad skill set, including leadership, strategic thinking, and knowledge of product marketing. However, many people transition into this role from other fields, such as engineering, marketing, or business, and develop the core responsibilities needed to lead product teams effectively. With the right experience and continuous learning, it’s possible to build a successful entire career as a product manager.
What are the benefits of being a product manager?
- Being a product manager can be highly rewarding with significant financial benefits. In the U.S., the average salary for a product manager is approximately $108,992, with top tech companies like Amazon, Facebook, and Google offering around $174,000.
How challenging is it to enter the field of product management?
- Entering the field of product management can be challenging due to the broad skill set required, including leadership, strategic thinking, and technical understanding. To become a successful product manager, you must be able to lead a cross-functional product team and balance product strategy with market needs, which can be demanding in the fast-paced tech industry. However, with the right experience, continuous learning, and exposure to product development processes, many professionals successfully transition into this role.
Curious to learn more about product management? We got you covered with the following free resources you can read:
