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As more businesses adopt a product-centric approach in their workflow, several questions about Product Owner vs. Product Manager arise. Is it necessary to have a Product Manager and Product Owner? Is it necessary to limit it to one? Who will take the lead if both are present? Is a scrum product owner different from an agile product manager? When it comes to creating a fantastic product, does it make a difference? One of the most critical questions is the ‘product owner vs. product manager salary.’
Even, Product Owner responsibilities are different from Product Manager.
Like all other project & product techniques and frameworks, Agile and Scrum create new positions. The following are three of the most notable roles: Scrum Master (SM), Product Owner (PO), and Product Manager (PM). Each of the three positions is a higher-level position with competitive remuneration. You can learn more about the KnowledgeHut Agile courses online.
In most cases, a Product Manager is in charge of the why. They shape the product roadmap on the requirements and desires of people. They are primarily concerned with financial data and whether the product is progressing in the proper direction on a broader scale.
On the other hand, the Product Owner is in charge of the product backlog's creation and management. They're up and running, and they're on a tight schedule. It's all about Scrum, back-and-forth with developers, and getting things done for them. The SPOPM can help you.
When we talk about Product Manager vs Product Owner salary, three factors decide. They are
While both career professionals need the same degree to succeed, they specialize in unique areas. They experience continuous work in the field and receive promotions to become product managers or product owners.
One thing that makes a professional stand apart from the competitors is a specialization course. Agile courses online can help you become a master in the field and reach that promotion before gaining years of experience.
The location makes a lot of difference too. For example, the salary of either a PM or a PO based out of Mumbai would be higher than that of a person based in a Level 2 city like Pune.
Another factor that affects a product manager or product owner’s salary package is the type of industry. If the knowledge and expertise gained over a period are put in the right company (gaining experience), the salary package will always be favorable. Industries, such as finance, software development, manufacturing, healthcare, transportation, biotechnology, and aviation, pay handsome salaries to product owners and managers.
Product Management is currently one of the highest-paying domains in an organization. You can always look forward to increased roles, responsibilities, and salary packages by following the right path.
Product Managers typically make more money than Product Owners. Again, because each job has a default interpretation, the latter is less sophisticated. They are simply distinct duties (if you want them to be).
Average: As per August 2021 research data from Glassdoor, the average annual compensation for a Product Manager in the United States is around $111,775, and that of a Product Owner is $87,637.
Highest: AS per Glassdoor, the highest annual salary is around $172,945 for a Product Manager (at Bloomberg), and it is approx. $123 609 for the Product owner (at Morgan Stanley). [Ref.]
Besides product manager vs. product owner salary, these two have many other differences.
The product owner and product manager are two job roles that receive recognition and stay important, regardless of the economic situation. However, factors like geographical location, experience, and certifications have a pivotal role in deciding the salary, where some industries top the list.
Companies such as IT companies, banking services, defense and aerospace, consultation, tech & internet, telecommunications, and transportation & logistics value Product Managers and Product Owners more than the essential goods & services industries. So, if you are looking to make a career in any of these directions, it is always suitable to opt for these industries.
Seek the assistance of a certification course to speed up the increment process in the company. Agile methods online from the right institute can help boost your package with ease.
Product Owners are well compensated. According to Glassdoor's data, the average total base annual pay for POs in the United States is slightly under $101,000. POs, like PMs, have an extensive compensation range, ranging from $38K to $389K. The PO compensation mileage, like that of PMs, may vary, so make sure to examine salaries for target sectors and places.
Also read - Project Manager Vs Product Owner: Key Differences
Some factors can influence salaries and compensation –
Salaries for the product managers and product owners are calculated based on educational qualification, experience, and locations.
Talking of Product Owner vs Product Manager salary, the latter one will make more than Product Owners. They’ll have an average salary of around $102,473 per year, whereas the product owners earn about $98,113. However, their difference in pay will depend on the experience and type of employment in the company.
Product Managers and Product Owners share a set of benefits like paid-off time, family leaves, health insurance, and health savings accounts. Again, this depends on the type of employment and organization they are working for. They both have different roles and are not competing against each other. Some companies may give more salary to product owners than the manager. The variations in wages primarily rely on the region, niche, companies, project, employment type, and other aspects. Some companies may even require a product manager to work more comprehensively than the product owner or vice versa.
Some of the main factors that affect the salary scale of these two job roles are-
Ultimately everything comes down to Individual performances. There is not much difference between the salaries of PO and PM. If you have a holistic approach to the profession, you’ll get a better pay scale with growth.
You can always experience a considerable difference in the salary through a course specialization. KnowledgeHut SPOPM course is a stepping stone to increasing your compensation and getting a much-awaited job promotion.
Companies across various industries and locations are adopting agile product development or combining it with traditional product management—such as the predictive, elegant, and hybrid approaches currently covered with PMI's Product Management Professional certification. Now after knowing the economic aspects of the two roles, you can make informed decisions for your career and future.
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Salary is one factor that should be considered when determining who a company needs. This has the potential to have an impact on annual budgets as well as profit margins. A product owner earns an average of USD 110,000 per year, whereas a product manager begins at $112,000. The development team's implementation activities are led by the product owner. They collaborate closely with the product manager and other product team members to select which features the development team will handle next. They may also collaborate with UX to generate specific needs and design mockups.
In the London, United Kingdom Area, the annual income for a Product Owner is £59,238. The typical extra cash compensation for a Product Owner in the London, United Kingdom Area is £5,109, with a salary range of £1,343 - £19,438.
As we know, a product owner is a subset of being a manager. It is included in the product management job. Make sure you have a team working towards building a solution and solving customer issues. The role of the product manager is complicated. Hence the owner needs to understand the roles- manage backlogs and attempt the standups. One should know about product discovery and marketing strategies. The product manager is on a higher ladder than the owner. It requires a different profile and experience; hence, the manager’s pay is higher than the owner’s.
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