The senior product manager salary is subject to change due to any number of factors. Certain industries, such as the eCommerce industry, have given a new meaning to the job title.
Nowadays, senior product managers have to work with cutting-edge tech, software engineers, and many innovative new products. More responsibilities have changed the job’s dynamics. At the same time, several online training websites develop new courses and certifications for product managers to catch up.
In this article, we’ll dive into a senior product manager’s responsibilities and their average salaries under various circumstances.
Let’s take a look.
What Does a Senior Product Manager Do?
Senior product managers oversee all the products in any given product line and all the product-related processes. They’re actively involved in product development, product strategy, product vision, product roadmap, and the entire product lifecycle.
Most product manager jobs today tend to be tech-oriented due to the abundance of the SaaS business model. This trend has prompted senior product managers to work in tandem with engineering managers, software engineers, and development specialists.
As a result, senior product managers manage the product team, the engineering team, and even the marketing team in some cases.
Senior product managers also make sure that the best practices are followed and resources are available to help achieve goals and objectives. They need a thorough understanding of the market and the sales process to adjust strategies to serve customers better.
Senior product managers typically need to be leadership-oriented, proactive, and have excellent communication skills. Perhaps the most crucial aspect of their job is to be able to analyze data from several perspectives and make decisions based on insights.
What is the Average Base Salary for a Senior Product Manager?
According to Glassdoor, the national average salary for a senior product manager in the United States is $123,895.
The average hourly wage is approximately $59.60. The total number of senior product manager jobs in the United States is estimated to be around 80,000.
According to the salary info of senior product managers, the job pays the most in Santa Clara, California, where the annual mean wage is $170,272. The hourly wage is $81.90. After Santa Clara, the top-paying cities are San Francisco, San Jose, Seattle, New York, and Boston.
Each city and state may have vastly different salaries based on several factors. For example, California is home to giants like Amazon and Google. As a result, the average senior product manager salary is very high.
Is There a Gender Disparity in How Much a Senior Product Manager Makes?
Based on almost 3,000 reviews on PayScale, there is no gender-based pay gap in senior product manager jobs. The total compensation primarily depends on the individual’s experience.
The gender breakdown is as follows:
Female Product Marketing Managers: 36%
Male Product Marketing Managers: 63.3%
Self-Defining Product Marketing Managers: 0.7%
The average total compensation also depends on the industry, company, and products being managed. On the individual’s side, their product management experience matters the most. Furthermore, their education, such as a Bachelor’s degree or more, counts along with previous experience (for example, if they were a financial analyst, or a SaaS project manager, etc.).
What Are the Salary Ranges for Senior Product Manager Salaries?
A lot goes into deciding a senior product manager’s salary, such as their product management, product marketing, and even their project management experience.
As a result, salaries for senior product managers range from $82,000 to $165,000.
Many of the salaries are below the national average, but some of the higher-end salaries increase the average. The salaries are often for senior product managers who are experts in things like user experience, market research, software development, agile methodologies, and software, such as Salesforce.
Other than the salary, the additional cash compensation is $13,522, on average, and the typical range is $4,264 to $35,349.
Average Senior Product Manager Salary Range with Respect to Company Size
The following list details the changes in the average salary and salary range for senior product managers with respect to different company sizes:
- 0-50 Employees: The average base pay is $100,833, and the salary ranges from $64,000 to $141,000.
- 51-200 Employees: The average base pay increases a little to $106,703, and the salary ranges from $69,000 to $149,000.
- 201-500 Employees: With another bump, the average salary is $114,412, and the salary range is $74,000 to $157,000.
- 501-1000 Employees: With another increase, the average pay is $118,326, and ranges from $76,000 to $159,000.
- 1001-5000 Employees: The average base pay decreases a little to $114,289, while the range goes from $76,000 to $161,000.
- 5001+ Employees: Increasing again, the average salary goes to $119,201. The salary range is $83,000 and $162,000.
These numbers show that many companies tend to pay senior product managers below the national average. Meanwhile, a few companies pay senior managers within the upper range, increasing the overall average as a result.
Average Senior Product Manager Salary Range with Respect to Years of Experience
The following list breaks down the changes in the average salary and salary ranges with respect to the years of experience a senior product manager has in their field.
- 0-1 Years of Experience: The typical starting base salary for newcomers is $95,512, and the salary range is $60,000 to $129,000.
- 1-3 Years of Experience: While the average salary of $93,485 is lower than the previous one, the typical salary range increases, going from $61,000 to $139,000.
- 4-6 Years of Experience: With a significant bump, the average salary is $110,513. The salary range is $74,000 and $160,000.
- 7-9 Years of Experience: With another major bump, the average is at $124,838, and the salary range is $83,000 and $171,000.
- 10-14 Years of Experience: This level of experience gets you an average salary of $132,313, and the salary range is usually between $90,000 to $184,000.
- 15+ Years of Experience: Senior product managers with more than 15 years of experience get an average salary of $140,191, and the typical salary range is $96,000 and $194,000.
Most senior product managers have at least 7-9 years of experience in product management.
Average Salaries for Related Jobs
It’s best to compare the senior product manager salary with the salaries of other product-based jobs.
Here are some product-related roles and their average salaries:
- Associate Product Manager: Often working under product managers, the average salary for the position is $96,010.
- Senior Product Marketing Manager: Working above product marketing managers, they get around $121,244 on average.
- Director of Product Management: The Director has an average salary of $149,000.
- Product Owner: They work alongside product managers and product strategists; their average base pay is $67,390.
- Product Manager: They’re often one step behind Sr. Product Managers; the average product manager salary is $108,992.
The salaries above may be subject to change depending on the company, industry, the state you live in, and other factors. They will also be significantly different based on an individual’s knowledge, expertise, experience, and education.
How Do I Know I’m Getting a Good Senior PM Salary?
The best way to make sure you’re getting the right senior product manager salary is to surf sites like Glassdoor, PayScale, and Salary.com. They have thousands of salary inputs from senior product managers from most industries.
Use filters to match the results to your case and compare your salary. You’ll be able to develop a rough idea of whether you're earning what you're worth.
If you are new to product management and are looking to break into your first product role, we recommend taking our One Week PM course, where you will learn fundamentals of product management, launch your own product, and get on the fast track towards landing your first product job.