Product Analyst Salary
Median pay for Product Analysts in the United States lies in the neighborhood of $59K annually. In the world of Product Analysts, total cash compensation can vary between $42K and $92K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $10K and $6K, respectively. This group's pay is mainly influenced by geography, followed by experience level and the individual firm. Men account for the majority of Product Analysts who responded to the questionnaire — 66 percent to be exact. Most enjoy medical and dental coverage in this occupation, and a strong majority get vision benefits. The majority of Product Analysts claim high levels of job satisfaction. The numbers in this rundown were provided by PayScale's salary survey participants.
Job Description for Product Analyst
A product analyst is a specific type of business analyst involved in their employer's strategic review and planning process, analyzing existing products and potential new products the firm may wish to bring to market. The product analyst generally works for a single firm, though they may sometimes be hired on as independent consultants or contractors by companies seeking the viewpoint of an outsider. These professionals are found in many industries, meaning different skills and ranges of professional knowledge are required depending on the position; additionally, a product analyst may be involved at either a high level, advising upper management, or they may be deeply involved in a specific review of a product's features and uses. For example, a product analyst for a software firm may be involved in the review of the user interfaces for products to improve user experience, while a high-level product analyst for a toy manufacturer might be involved in market research and focus groups to identify market gaps in the educational toy market.Read More...
Most product analysts spend the majority of their time in an office environment, working closely with many different groups within the organization such as marketing, product development, and finance. However, certain markets (for instance, those who supply commercial construction tools) may spend some time in the field, interviewing and observing the most common users of their company’s products.
A bachelor's degree in a relevant field is typically the minimum educational requirement for this position. However, some product analysts are promoted from within their organization, often based upon their knowledge of the firm’s products and their overall abilities to think laterally and strategically.
Product Analyst Tasks
- Partner with product managers and clients to identify, document, and evaluate product requirements and roadmaps.
- Analyze data to provide recommendations and reports on existing and prospective products.
- Create, maintain, and update product information, and act as an expert internally and externally.
- Perform user test sessions and market surveys to inform product development teams.
Common Career Paths for Product Analyst
Product Analysts often transition into Product Manager of Software positions, for which compensation tends to be much higher. On average, Product Managers of Software earn $92K per year. It is quite typical for Product Analysts to transition into roles as Senior Product Analysts or Product Managers of Financial Services, where reported median earnings are $12K and $27K higher per year.
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Popular Employer Salaries for Product Analyst
Those at Kemper Insurance Company can expect to make the most, with the company offering a median salary of $62K.
Popular Skills for Product Analyst
Survey results imply that Product Analysts deploy a substantial tool kit of skills at work. Most notably, facility with Tableau Software, Python, and Business Analysis are correlated to pay that is significantly above average, leading to increases of 39 percent, 20 percent, and 14 percent, respectively. Those listing Research Analysis as a skill should be prepared for drastically lower pay. Product Support and Microsoft Excel also typically command lower compensation. For most people, competency in Data Analysis indicates knowledge of Product Development and Project Management.
Pay by Experience Level for Product Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
The average beginner in this position makes around $59K, but folks who have been around for five to 10 years see a markedly higher median salary of $73K. Product Analysts bring in $77K after working for 10 to 20 years. Folks who claim more than 20 years of relevant experience actually report a comparatively lower median income of $75K.
Pay Difference by Location
With a pay rate for Product Analysts that is 42 percent greater than the national average, San Francisco offers a comfortable salary for those in this profession. Product Analysts can also look forward to large paychecks in cities like Boston (+21 percent), New York (+17 percent), Nashville (+16 percent), and Washington (+9 percent). In Dallas, salaries are 16 percent below the national average and represent the lowest-paying market. Workers in Los Angeles and Cleveland earn salaries that trail the national average for those in this profession (5 percent less and 4 percent less, respectively).
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Key Stats for Product Analyst
Rated 5 out of 5
based on 71 votes.