Product Owner Salary
Job Description for Product Owner
The product owner plays a leadership role in their organization, usually a software company. Common employers for product owners include software companies, particularly those are developing new software or provide support to other companies. The product owner must have a good understanding of the software being developed and be able to communicate effectively with their coworkers. They also act as the manager of the product development team, helping nurture ideas, extract and retrieve information, determine the roadmap for the product, and work throughout the development process with the scrum team. The scrum team is typically under the product owner's supervision.Read More...
These managers are also expected to understand the customer or stakeholder's perspective, and be able to address their concerns and needs during product development. The product owner also works with other departments, such as marketing and sales, as needed. The product owner generally works in an office environment, usually with several co-workers in a small group.
The product owner position generally requires at least a bachelor's degree in a discipline related to the company's field; some companies may prefer a master's of business administration (MBA). Employers generally require at least two years of experience in the company's field, in addition to at least for or five years of experience managing product development. Some companies also look for experience working with a Scrum team.
Product Owner Tasks
- Write and capture user stories and user needs to communicate product objectives and requirements.
- Schedule and lead meetings to surface issues, identify fixes and advance projects.
- Manage daily project goals and product schedules, adjusting expectations and setting priorities.
- Work with customers, stakeholders and internal teams to create and customize products.
Product Owner Job Listings
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Popular Employer Salaries for Product Owner
Well-known firms with a reputation for hiring numerous Product Owners include Applied Systems, Inc., MRI Software, Western Governors University (WGU), Capital One Financial Corp, and UnitedHealth Group. Product Owners seeking a sizable paycheck can earn the most at UnitedHealth Group, where the average salary comes to $95K.
Popular Skills for Product Owner
Product Owners report using a wide range of professional skills. Most notably, facility with ScrumMaster and Team Leadership are correlated to pay that is significantly above average, leading to increases of 25 percent and 10 percent, respectively. At the other end of the pay range are skills like Scrum. It is often found that people who know Project Management are also skilled in Agile.
Pay by Experience Level for Product Owner
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Product Owners, more experience generally translates to higher pay. The average worker who claims fewer than five years of experience earns around $72K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $92K. Experienced professionals who have spent one to two decades on the job can score lucrative paychecks that average out to $103K. More than 20 years of experience seem related to solid financial gains; veterans in this group report earning a median of $117K.
Pay Difference by Location
For those looking to make money, Product Owners in New York enjoy an exceptional pay rate, 26 percent above the national average. Product Owners can also look forward to large paychecks in cities like Philadelphia (+16 percent), St. Louis (+16 percent), Seattle (+11 percent), and Boston (+10 percent). One of the biggest compensable factors for Product Owners is geography, with workers in Salt Lake City earning a whopping 34 percent below the national average.