Product Manager Salaries in India: What to Expect in 2024
Product management remains one of the most promising and in-demand careers in India. Salary surveys from multiple sources like Upraised, AmbitionBox, and Aakash Gupta's research provide a comprehensive view of compensation trends for product managers. This article synthesizes those findings to present what you can expect in terms of salaries for product management roles in 2024.
1. General Salary Overview by Experience
Salaries for product managers in India vary widely based on experience. Below is an overview based on insights from Upraised, AmbitionBox, and other reports:
In addition to base salaries, PMs at all levels typically receive variable pay and stock options (ESOPs), especially in startups and larger organizations. These elements contribute significantly to their total compensation.
2. The Role of Location in Salary Differences
Location is a critical factor affecting salary for product managers in India. Upraised data shows that product managers in Bengaluru earn 20% higher CTCs compared to those in other cities like NCR, Hyderabad, and Mumbai.
3. Impact of Company Size and Valuation
Salary varies not only by experience and location but also by company size and valuation. According to the surveys:
PMs working in sectors like FinTech, AI, and SaaS are generally compensated 15-20% higher than the industry average due to the high demand for specialized skills.
4. Gender Pay Gap in Product Management
A persistent issue in product management salaries is the gender pay gap. Upraised and AmbitionBox data show that women in product management roles earn approximately 14% less than men with equivalent roles and experience.
While many organizations have initiatives to promote pay transparency and diversity, this gap remains a critical issue in the industry that requires further attention.
5. Is an MBA Worth It for Product Managers?
The question of whether an MBA boosts salary for product managers has been debated. Survey results from Upraised indicate that only 36.1% of product managers have an MBA, but those who do tend to earn more:
However, it is worth noting that specialization in high-demand areas like AI, Data Science, or FinTech can also significantly improve salary prospects, sometimes without the need for an MBA.
Conclusion
Salaries for product managers in India in 2024 reflect the growing demand for experienced professionals in the field. Location, company size, and industry specialization all influence earning potential, and while there are challenges such as the gender pay gap, opportunities abound for those in high-demand sectors like FinTech and SaaS. Whether or not an MBA is pursued, product management remains a rewarding career path with increasing compensation at senior levels.Conclusion
Product management remains a high-growth, high-reward career in India, with salaries reflecting the increasing demand for skilled professionals in this role. The data from Upraised , AmbitionBox , and Aakash Gupta highlight the importance of experience, location, company size, and industry in determining compensation. While opportunities abound, challenges like the gender pay gap and the decision of whether to pursue an MBA persist.
Are you considering how an MBA can accelerate your journey in product management? The right MBA program not only enhances your leadership and strategic skills but also opens doors to higher salaries and specialized roles in high-demand sectors like AI, FinTech, and SaaS.
?? Let’s talk about your career goals! Book a consultation today, and I’ll help you navigate the best MBA programs that align with your aspirations in product management. Whether you’re looking to switch industries or fast-track your path to senior leadership, an MBA could be your next step.
?? Schedule your free consultation now and take the first step toward advancing your product management career with the right MBA. #careergoals #MBA #careergrowth #careerdevelopment #productmanagement
Survey Sources: