Product manager

As a product manager, you'll be responsible for the progress of business goods and wares, from concept to launch. You'll ensure efficiency and that the people involved have access to the latest technologies and techniques.

You'll also be involved with ongoing development, such as listening to users, finding out what new features they want, and gathering and analysing feedback and usage data. This helps you make decisions about the future of the product, including what will and won't be possible, which features to prioritise, and allows you to produce a product roadmap.

You may focus on end users (who the product is being developed for, such as customers). Alternatively, you could work as a technical product manager with more focus on the creation of the product itself. You'll need engineering and/or design skills for this type of role.

What does a product manager do?

As a product manager, you'll typically need to:

• take responsibility for the success of the product in a challenging yet rewarding environment, which includes creating timelines and roadmaps
• contribute towards product strategy and vision in line with business goals using your range of skills, such as data analysis and technology
• learn about users and a product's market, including researching competitors and similar products, and analysing market trends
• collect and analyse user feedback to identify product requirements and priorities, and steer the development process
• report on product performance and user feedback, and implement any necessary changes, such as implementing the most valuable features that need to be included
• meet regularly with stakeholders, including product designers, developers, and analysts, as well as marketing, sales, customer service, finance, and company heads to keep progress on track
• ensure developers have the resources they need to keep the product on schedule and within budget
• anticipate and solve any problems that arise during the product creation or development
• plan new features and changes to a product, taking into account a range of factors, such as risks and opportunities
• attend conferences and events, which will include demonstrating new ideas and features to stakeholders
• implement or support product launch marketing campaigns.

Product management salaries

• Salaries for junior product managers in the UK average between £33,000 and £34,000.
• With experience, salaries can range from £45,000 to £72,000, but can be in excess of £100,000, especially in London.
• Senior product managers can earn between £53,000 and £97,000, with an average of around £73,000. Earnings can be over £100,000 for more senior roles, such as a Head of Product.

Salaries can vary significantly depending on your location, the industry you're based in, the importance of the product you're responsible for, and your employer. It will also depend on your skills, experience, performance and track record.

Other benefits may include performance-related bonuses, share options, pension and private healthcare insurance.

Figures are intended as a guide only.

How many hours does a product manager work?

Working hours for product managers are usually 9am to 5pm, though you may need to work longer to finish a project, such as when a new feature is launching.

Work outside office hours may be necessary if your company has locations in other time zones, as regular meetings and communication with all stakeholders is an essential aspect of the role. You may also be required to travel occasionally to meet with others.

Part-time and temporary contracts are rare. However, there may be opportunities for flexible or hybrid working.

How do I become a product manager?

There are no formal qualifications needed to become a product manager. However, most employers prefer candidates with a degree, or equivalent professional qualification, in a business or marketing-related subject. For some roles, a technical or engineering background may be helpful.

If the focus of the role is more technical, an employer will usually ask for a degree related to their industry. If the focus is on end users, companies may require you to have a marketing or market research qualification. There are degrees, university short courses, and HNDs available in these subjects, as well as qualifications from professional bodies like the Market Research Society (MRS).

Experience and a great track record of successful product management are the most important factors for securing a job. It's extremely unusual for an employer to recruit a product manager without at least two years of relevant experience. When starting out, look for work in areas which have a lot of overlap with product management, such as programming, sales and account management, marketing, market research, business analysis, or project management. This will give you a platform to work your way up or move to another employer that's looking for someone with your skills and experience.

What skills does a product manager need?

You'll need to be:

• very knowledgeable about your product's users and industry
• decisive, visionary, and able to support your decisions with market research and thorough data analysis
• a good collaborator, leader, and diplomat, as you'll be working in-depth with different business functions
• organised, with project management skills, and able to work to deadlines and roadmaps
• a very strong and clear communicator, comfortable working with a variety of stakeholders at different levels of seniority and knowledge, and good at persuasion and negotiation
• able to analyse complex data and look for trends in the market and users' opinions and behaviour
• creative in finding solutions to problems, but also fair and objective when making decisions.

Where can I get product manager work experience?

Experience and knowledge are essential for getting a job as a product manager. Due to the high level of responsibility, employers usually prefer candidates to have some kind of record of commercial success, to come recommended by someone they trust, or to have worked in the company itself, building up a good relationship and reputation.

Try to gain work experience in positions of responsibility. You could lead a university society, take part in business competitions and challenges, become a trustee for a charity, or ask to lead on important projects during an internship, part-time job, or voluntary position.

Product managers are experts, so you should try to use any experience as an opportunity to learn about the building, marketing, and success of the types of products that interest you. For example, technical product managers are expected to have a good understanding of IT and how software is built. Internships, part-time jobs, work shadowing, and volunteering are good ways of building real-world knowledge.

All product managers need a good understanding of how businesses work and what makes them successful in their respective markets. These skills are very similar to those of an entrepreneur, so starting a business, even on a very small scale, will show employers that you're responsible, hardworking, and knowledgeable about commerce.

You could also see if your university has any business, entrepreneurship, marketing, or finance societies you could join so you can learn from other students.

Find out more about the different kinds of work experience and internships that are available.

Who employs product managers?

You'll find opportunities at any company which makes a product of some kind. Examples may include:

• technical products, such as programs, apps, and video games
• financial products, such as credit cards, mortgages, and savings accounts
• manufactured products, including appliances, agricultural equipment, pharmaceuticals, and toys.

However, the majority of product management positions in the UK are in tech organisations, which have a large focus on apps and online services instead of physical wares.

Many companies are in the private sector, although there are some not-for-profit and public sector employers, such as government departments, with product management openings.

You'll find the most vacancies on job sites that specialise in the tech, business and financial services industries. However, many employers will use general job sites too.

Look for job vacancies at:

• CWJobs
• IT Jobs Board
• Women in Tech

Many employers also use recruitment agencies, as the required knowledge and skill set are not something you can easily demonstrate solely with standard in-house screening techniques, like assessment centres and psychometric tests.

Relevant agencies include:

• Intelligent People
• Michael Page

Networking and speculative applications might also help. As well as your knowledge and experience, employers will want to hear your ideas for the development of their products and any insights you have about the market they operate in.

What are the career prospects for a product manager?

If you're working for a large employer, you'll usually start your product management career as part of a product team, with either shared responsibility, sole responsibility for one aspect, or focusing on one part of management, such as marketing or development.

Early in your career, it's unlikely you'll be the only product manager in an organisation, unless it's a very small company, you have significant prior experience, or you come highly recommended by someone they trust.

After around five years, you may find you're ready to manage a small team or move to being a loan product manager with more responsibility. You may need to complete some management training at this stage. Team leaders will usually have titles like senior product manager, product owner or head of product. If you're managing staff, you'll find that you have more input into the strategy, but some of your time will also be dedicated to line management duties.

After around ten years, you may be in a position to look for work at an executive or board level, in roles such as vice president (VP) of product, chief operating officer, chief marketing officer, or chief technology officer.

The broad range of duties in means moving between different job functions is an option even at a senior level. You're also equipped with most of the knowledge and skills needed to start your own business, which is also an option for experienced product managers.

You'll need to keep your skills and knowledge up-to-date throughout your career to stay competitive. The training and professional development you'll receive will vary greatly depending on your employer. They'll probably focus on developing your:

• knowledge of their sector and users through industry events, mentorship, and by supporting self-led research
• organisational and project management skills through qualifications like Projects IN Controlled Environments (PRINCE2) and training in different working methods, including agile software development and project management systems like Kanban
• presentation and communication skills through training courses and coaching.

There are certifications in product management available through some international professional bodies such as:

• Association of International Product Marketing and Management (AIPMM)
• International Software Product Management Association (ISPMA) - for technical product managers
• Product Development and Management Association (PDMA)

However, these won't usually be necessary for your professional development in UK organisations, though the resources and events they list may be useful during the early stages of your career.