Product Analyst Salary
Product Analysts in the United States take home approximately $59K annually on average. Including potential for bonuses and profit sharing — peaking near $10K and $6K, respectively — total cash payment to Product Analysts can bottom out near $41K or peak near $90K depending on individual performance. Geography is the biggest factor affecting pay for this group, followed by experience level. Male Product Analysts who responded to the survey are more common than women; more than half (66 percent) are men. Job satisfaction is high and work is enjoyable for most Product Analysts. Medical and dental coverage is claimed by most, and a strong majority earn vision coverage. The figures in this rundown are based on the results of PayScale's salary questionnaire.
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. Career advancement for the typical Product Analyst often leads to becoming a Senior Product Analyst or a Product Manager of Financial Services; median salaries in these positions are $12K higher and $28K higher, respectively.
Product Analyst Job Listings
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Popular Skills for Product Analyst
Survey results imply that Product Analysts deploy a deep pool of skills on the job. Most notably, facility with Tableau Software, Business Analysis, and SQL are correlated to pay that is significantly above average, leading to increases of 47 percent, 15 percent, and 10 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.
Although individuals who have less than five years' experience earn $58K on average, people with five to 10 years benefit from a notably larger average of $75K. For Product Analysts, 10 to 20 years of experience on the job amounts to an average salary of $77K. Product Analysts who claim more than two decades of experience actually make somewhat smaller average paychecks of $73K.
Pay Difference by Location
With a pay rate for Product Analysts that is 36 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 New York (+19 percent), Boston (+17 percent), Charlotte (+10 percent), and Pittsburgh (+8 percent). Dallas is the lowest-paying area, 15 percent south of the national average. Employers also pay below the national average in Denver and Los Angeles (4 percent lower).