{ "media_type": "text", "post_content": "I am in need of help with info regarding my salary. I’m a Product Manager at an Agency and feel I am very underpaid at 66k a year. I only have a year’s experience in product management but was in sales for 5 years for a fortune 50. I am a certified scrum master as well. After everything I’ve seen online regarding salaries I feel I am underpaid. Can anyone give me insight into how much I should be asking for? Thanks!", "post_id": "62684a95db7a460026b9675a", "reply_count": 45, "vote_count": 1, "bowl_id": "5d27c2f046b581001b2fae8f", "bowl_name": "Product Management", "feed_type": "bowl" }
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I am in need of help with info regarding my salary. I’m a Product Manager at an Agency and feel I am very underpaid at 66k a year. I only have a year’s experience in product management but was in sales for 5 years for a fortune 50. I am a certified scrum master as well. After everything I’ve seen online regarding salaries I feel I am underpaid. Can anyone give me insight into how much I should be asking for? Thanks!

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Hey OP, I also don't want to sound discouraging also but some of the comments you've made here would get you bounced out from even our introductory vibe check with our HR.

I think you should focus on finding a role that will let you grow your knowledge about what being a productive manager is and does. Specifically in a technical company. Maybe look for a place with a strong product group where you can get some mentorship or look at alternative education options.

In general you are very underpaid for a PM but I'm getting the general vibe you might not be ready for that role just yet. At best you're doing project management work from your own description but the fact you don't really know hints there is some gaps.

The real question you should be asking yourself is are you a Product Marketing Manager or are you actually a Product Manager?

Many companies outside of tech don’t know the difference and therefore treat their product and marketing orgs as one and the same (if you work for a big bank this is almost 100% true)

If you work in tech you know the line in the sand is very clear. All of this to say: if you’re earning around 60k with 1 year experience that almost sounds exactly like a marketing job our of undergrad. If you were closer to 140-160k TC then I’d say you’re actually a PM working with engineers day in and day out.

Sorry to bear bad news about your scrum cert but it’s irrelevant and mostly useful for a product owner who runs the ceremonies and most of the project management pieces. No other certifications or degrees will help you break into product management besides doing the job.

That being said salary, assuming you’re a product marketing manager, seems accurate unless you work at Microsoft or other FAANG company but across F500 it looks right. Banks will also pay PMs lower because as mentioned above they’re actually more of a marketing manager

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I'd just get a scrum master role instead and get 90k+

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You all have given such helpful advice! This really puts things into perspective and has accelerated my research for career advancement. Thank you!

It all depends. I work for a major bank and some of the PM are on roughly around £55k (bonuses around 7k) some others (myself) on 70k. When going into a role never sell yourself short and always ask for more (within reason) if you’re not happy look else where for more but make sure you do your homework.

Good luck

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Same boat as you and the stress level as PM is crazy. They always emphasize wlb but they ask you to be on calls and expect you to drop everything when there’s a production issue. In terms of salary, it sucks that internal candidate always lost the power to negotiate while external candidate always seems to have the advantage to ask for more and doesn’t offend the management.

You should be earning at least double, easily triple, arguably quadruple.

This is not a hyperbole. PdM at FAANG with 5 yoe exp start at 200-250 total compensation minimum

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You know what, Apple1- fair play.

I don't want my annoyances with a subreddit to overshadow the very real point that OP can do incredibly better than they are now.

"Like FAANG" is a totally reasonable discussion point, and I'll try to look at FAANG references more in that light in the future.

Have a good one.

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My first product role was at $115k base, 12% bonus + equity. I am located in a HCOL city, but I'd still say that you're being underpaid in the current market. It also depends quite a bit on your industry and what Product Management actually means where you work. If I've learned anything since moving into product leadership, it's how broadly the title Product Manager is used for roles I would not have considered to be PM roles in the slightest, so it may also help to do some research into PM roles at some well known companies you have some interest in to learn how the PM roles are defined there, what their day-to-day looks like, and to consider how closely aligned your role is currently.

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The reason it *could* cause salary disparity is that a PM at a tech company working on a SaaS product vs a consulting business is going to be valued at a different level. The expectation in a product-driven tech company is that PMs act as leaders for their product area, guiding strategy within the broader product strategy, assisting at the very least in making business decisions that are considered extremely high-impact by leadership at the C-level. I've definitely learned that some PMs in consulting agencies do more project management, which means business leaders often see them as executors rather than strategic business drivers. With that in mind, the way your company runs Product and the role description varying so widely can affect what value the company assigns to people in those roles and thus, their salary banding.

I don't think everyone should go compare themselves to FAANG/MAANG, but even looking at companies in fintech, B2B SaaS products in the contact center space or project management space, you will often be able to collate a data set of job descriptions/salaries that will highlight which types of companies see PMs as business leaders vs. project leaders and can help drive decisions for your next career move. Hope that helps!

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@OP What location are you in? Salaries can vary wildly between Bay Area and almost everywhere else. Don’t get disheartened by the perceived gaps - you might be better off in a LCOL area

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Thanks for both of your replies! Being in an agency I get multiple projects from companies asking us to design new or change existing digital products where we specifically just manage the design and not the product as a whole. The company who owns the product is the one who continues to take it through its full lifecycle. Does that help? I might not be explaining it right or my job title might not perfectly align with the traditional.

you are very underpaid. In this market where you can get a job in any location and work remotely, I would recommend you look for another company. I bet there is a 0% chance they will make a major jump to be competitive with offers you would get at other consulting companies or agencies. Check out Hitachi Consulting.

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Thank you for the advice, that’s very helpful insight! I do PM work for Product Design projects and it definitely feels like I should be paid more but I didn’t know how much more with only having a year of experience. I’m a certified scrum master and making progress very quickly.

Hi! I’ve worked as a PM for about 6 years at my current company. When I was hired 6 years ago as an associate product manager, my base salary was 85k + 5% quarterly bonus. Having grown into people leadership, we’ve offered a few new associate PMs around the same amount. As a Product Manager, base was about $90k-$95k + 10% quarterly bonus.

There are lots of factors that contribute to this, but I’d say the market is hot right now for product managers and that you could reasonably expect $90k+bonus with even the potential of equity. Lots of factors, but that’s what I’m seeing in SaaS product management positions currently

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Depends on your experience and the industry you’re in and what type of PM role/opportunity (not position) you’re looking for. Feel free to shoot me a DM if you’d like to talk more about this. Happy to share my experience and recommendation. The safest option is to just stay there and build more experience in role to have more to speak to in the interview for next, but the market for hiring PMs is so hot right now and with the right approach in your interview, I bet you’d be able to transition to a new role with better pay.

OP -- You are very underpaid. I do product management for a tech company and I am not in a major city. I'm in the NY metro area but I work in the suburbs. I only have 2 years of experience in product management and my base is 170k + $30k bonus and I would say this pay is not uncommon. A PM can easily make total comp of $200-250k with a base salary above $150k

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Update: just received an associate director offer from a very large Fintech for total comp of $231k consisting of $175k base, $28k profit sharing, and $28k bonus. The job market is definitely still hot right now, but you should act soon given the impending recession.

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You’re always going to get underpaid at an agency since the industry as a whole is underpaid. The agency model hasn’t quite caught up to tech pay yet. And even at a consulting firm where it’s debatable how much “product” you’re doing, those salaries have gotten large bumps the last few years in order to attract talent.

Look at levels.fyi or search this bowl for salary posts for directional on where salaries should be. Again highly dependent on location, industry, company, and title.

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Great advice I didn’t realize until just recently and seeing all these posts how big of a difference the pay gap is between the agency side and client side! I will definitely be making the switch at some point.

Seems pretty underpaid but where are you located?

Austin Texas which is now in new thriving capital for tech.

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