Product Development Manager Salary
Job Description for Product Development Manager
Product development managers are in charge of the analysis and application of products to the general consumer market. Product development managers typically are host to an assortment of creative work-flows, thought processes and application systems. They are also expected to be capable of market analysis at high levels and to demonstrate mastery of critical thought processes. Product development managers must identify the need for a product on the current or near future market and also identify an outline in which the product can be created and delivered to the general populace; however, the specifics of these systems is not their concern. Product development managers are expected to be very flexible in their availability and willing to devote long hours of deliberation toward meeting the needs presented by consumers with the products in development. Product development managers are also expected to have adequate interpersonal skills as they will be working with other employees in virtually all situations. They are expected to have an understanding of current and past marketing trends as well as the economic insight to reasonably predict new ones. Product managers are also expected to have a very intimate understanding of promotional processes and advertising as well as their effect on the general public. Product managers are expected to also understand public relations and their relationship to forthcoming products as well as the current areas of interest in the rising market (e.g. environmentally friendly products). Product managers must have proficiency in Microsoft Office and understanding of information facilitation via these channels.
Product Development Manager Tasks
- Collaborate with sales and marketing to develop new business.
- Assist in scale up to commercialization.
- Manage the product development project pipeline and assignment and prioritization of resources.
Common Career Paths for Product Development Manager
There are some Product Development Managers — though it's uncommon — that transition into VPs of Product Development, where earnings are an average $152K annually. When Product Development Managers are ready for the next step in their careers, they often become Product Development Directors or Senior Product Managers. Those roles pay an additional $39K and $44K, respectively.
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Popular Skills for Product Development Manager
Product Development Managers report using a deep pool of skills on the job. Most notably, skills in Engineering Design, People Management, Project Management, and Product Management are correlated to pay that is above average. Those listing Adobe Illustrator as a skill should be prepared for drastically lower pay. Design and Microsoft Excel also typically command lower compensation. For most people, competency in Product Development indicates knowledge of Microsoft Excel and Microsoft Office.
Pay by Experience Level for Product Development Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Product Development Managers, more experience generally translates to higher pay. The average worker who claims fewer than five years of experience earns around $64K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $80K. On average, Product Development Managers make $99K following one to two decades on the job. More than 20 years of experience mean a somewhat bigger median paycheck of $110K, but it's not much more than what less experienced people make.
Pay Difference by Location
For those looking to make money, Product Development Managers in Atlanta enjoy an exceptional pay rate, 22 percent above the national average. Product Development Managers can also look forward to large paychecks in cities like Boston (+21 percent), Chicago (+13 percent), San Francisco (+11 percent), and Irvine (+9 percent). One of the biggest compensable factors for Product Development Managers is geography, with workers in Miami earning a whopping 34 percent below the national average. Workers in Los Angeles and Minneapolis earn salaries that trail the national average for those in this profession (14 percent less and 7 percent less, respectively).
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