Why Product Managers Are in High Demand: Skills to Future-Proof Your Career

The Rise of Product Management in Tech and Finance

The rise of tech companies and startups over the last decade has created huge demand for product managers. If you want a future-proof career, product management is the place to be.

Product managers are the CEO of a product. They oversee all aspects of a product, from ideation to launch and beyond. As companies adopt Agile methodologies, product managers have become even more critical. They help define product vision, gather customer insights, and work with cross-functional teams to build and optimize products that customers love.

The skills product managers need – things like user empathy, data analysis, and Agile proficiency – are highly transferable across companies and industries. That means job security and flexibility. Whether you want to work for a big tech company, a startup, or anything in between, product management roles are in high demand.

The compensation is also quite appealing. According to Glassdoor, the average product manager in the U.S. earns over $100,000. In tech hubs like San Francisco and New York, total compensation can exceed $150,000.

If you’re looking for a rewarding, future-focused career that leverages both technical and soft skills, product management is an excellent choice. The demand will only continue to grow, so now is the perfect time to pick up skills in areas like user research, data analytics, Agile, and digital product design. A program like CuriousCore’s Product Management Career Accelerator is a great way to gain in-demand skills and start your transition. The future is bright for product managers, so what are you waiting for?

Why Companies Are Hiring Product Managers During a Recession

Companies want product managers, even during tough economic times, for a few key reasons:

• Agility. Product managers are essential for companies to pivot quickly based on market changes. Their cross-functional role, combining tech skills with business savvy, helps teams adapt to new customer needs and build solutions fast.
• Cost-effectiveness. By guiding the creation of digital products and services that truly meet customer needs, product managers help companies avoid wasting resources building the wrong things. Their data-driven approach leads to building the right solutions the first time.
• Innovation. Product managers have a growth mindset, always looking for new ways to create value for customers and gain a competitive advantage. They help future-proof companies by developing new digital offerings to serve changing markets.
• Leadership. Effective product managers lead without formal authority, collaborating across departments to make strategic product decisions. They motivate and align teams around a shared vision to achieve business goals. This soft skill is invaluable, especially now.

The current business climate may be uncertain, but one thing is clear: companies need the strategic, entrepreneurial thinking of product managers to navigate challenges and continue serving customers. If you’re looking to future-proof your career, developing skills and experience in product management is a smart move. The opportunities may be more abundant than you expect.

Career Paths and Salaries for Product Managers

As a product manager, there are several career paths you can follow. The role itself is quite versatile and the skills are transferable across industries.### Career Growth

Within a company, a junior product manager can advance to a senior product manager, then director of product management, and eventually Vice President of Product. These higher-level roles come with increased responsibility and higher pay. Many product managers also transition into CPO (Chief Product Officer) roles, overseeing an entire portfolio of products.

• Outside of your current company, you can leverage your experience to land an even higher-level role at another organization. Product managers are always in high demand, so with a few years of experience under your belt, you’ll have no shortage of new opportunities.

Freelance or Consulting

Once you’ve gained enough experience, product management consulting or freelancing is an option. As an independent consultant, you can help multiple companies improve their digital products and processes. The pay for experienced consultants and freelancers is typically higher than salaried roles. However, the work may be less stable.

Teaching and Mentoring

Many experienced product managers opt to teach at coding bootcamps, universities or mentor other aspiring PMs. Not only is this an opportunity to share your knowledge, but teaching roles often provide a good level of pay and a flexible schedule.

The salary for a product manager can vary depending on factors like experience, education, location, and the company. According to recent surveys, product managers in Singapore earn an average of S$105,000 per year. Salaries are a bit higher in the US, averaging around US$113,000. Senior product managers, especially at large tech companies, can make $150,000 or more.

Freelance product managers typically charge between $100 to $200 per hour, depending on experience. Product management consultants can make $200,000 or more per year. Teaching salaries also vary but often range from $80,000 to $150,000 for a full-time role at a college or bootcamp.

In summary, there are many possible career paths for product managers. With some experience, you can land higher-paying leadership roles, become an independent consultant, teach product management skills, or mentor other aspiring PMs. Salaries for all of these roles are well above average, showing why demand for product managers continues to grow.

How to Become a Product Manager: Transitioning Your Career

So, how can you transition your career into product management? Here are some tips to become a product manager:

Develop Relevant Skills

Start by developing key skills that will make you a strong candidate. Some of the most important are:

• Business analysis: Learn how to analyze customer needs, identify business opportunities and solutions.
• Agile methodologies: Become well-versed in frameworks like Scrum and Kanban. Most tech companies work in an agile environment.
• Data analysis: Get comfortable working with data to uncover insights and make data-driven decisions.
• Technical knowledge: Build a basic understanding of software engineering concepts. While you don’t need to code, you need to understand what’s possible.
• Communication: Hone your communication skills, especially around translating complex topics into simple terms for both technical and non-technical stakeholders.

Gain Experience

The best way to prepare for a product management role is to get hands-on experience. Some options include:

1. Take on responsibility for a product or feature at your current company. Speak to your manager about transitioning into a product ownership role.
2. Volunteer to help out product teams at your company in your spare time. Offer to conduct user research, analyze data or create roadmaps.
3. Consider freelancing as a product consultant to gain valuable experience. Reach out to startups in your area to see if they need help.
4. Build your portfolio by launching your own product or side hustle. Come up with an idea, validate it, and build and launch an MVP. This shows your ability to think like a PM.

Network and Apply

Once you have the skills and experience, start networking and applying for jobs. Some tips:

• Attend industry events to connect with other product managers and tech professionals.
• Join online communities like Mind the Product to build your network.
• Follow product leaders on social media and engage with their content. This helps to build your knowledge and connections.
• Research companies you’re interested in and see if they have any open product manager roles. If not, reach out to their product team on LinkedIn to express your interest for when a position opens up.
• Work with a career coach who specializes in transitioning professionals into product management. They can help prepare you for interviews and connect you to new opportunities.

With the right skills, experience, and perseverance, you can successfully transition into an exciting new career as a product manager. The demand for great PMs is high, so start preparing today to future-proof your career.

Conclusion

In short, product management isn’t going anywhere anytime soon. If anything, the role is becoming more crucial as companies navigate increasingly complex products and customer needs. While the job isn’t easy, the rewards of shaping products that delight users and move businesses forward are huge. If you’ve got a mind for strategy, an empathy for customers, and a passion for building solutions, product management could be the perfect career path for you.

The skills are highly transferable across companies and industries. And with more organizations embracing remote and flexible work, you’ve got opportunities wherever you are. The future is uncertain, but one thing’s for sure—product managers will be leading the way. Why not join them? Through our 7 Day WSQ Product Management course, you can learn the fundamental skills and industry knowledge you will need to begin your career in Product Management. With up to 70% funding from WSQ, kickstart your Product Management career today at an affordable price!