Business Development Manager Salary Los Angeles
Business Development Manager Salary Los Angeles – An interesting subject matter, challenging work, work environment, growth potential, benefits… these are just some of the factors that product management professionals consider when taking or staying a job. But for many product managers, salary is a huge part of whether or not they’ll accept an offer.
For employees, job hunters, and hiring managers, having good information is essential when considering salaries for any job. This is especially important for product management. As compared to engineers or salespersons there are fewer employees likely to perform those functions, for example.
Business Development Manager Salary Los Angeles
Hence industry benchmarks are very helpful for all parties involved. By using this data, everyone can understand what is fair versus unreasonable. The data paints a more complete picture of the full range of compensation packages offered to product management professionals at different career stages and locations.
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Collected salary-related information from respondents for our 2021 State of Product Management Annual Report. Now everyone from aspiring product managers to seasoned veterans to executive leaders has access to this benchmark data. This information is powerful for career decisions and offer letters.
Note that the numbers in this article are specific to product management professionals in the United States. It is important to note that the average salary of a US product manager is higher than in any other market.
Newly minted product managers earn an average of $74,000 per year in their first two years on the job. Those with two to five years of experience earn an average of $88,000 annually.
Completing those initial five years results in a huge jump in salary. Employees with 6-10 years of product management experience earn an average of $116,000 per year. While those with 10-15 years of experience earn an average annual salary of $134,000.
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Those with the most years under their belts are also, not surprisingly, the ones who bring home the biggest salaries. Product professionals with 15+ years of experience earn an average of $154,000 per year in the United States.
The pay gap between male and female workers doing similar work is an issue for the entire workforce. Women have had to fight hard to get fair compensation. This is sadly the case for product management as well. Men in product management earn 7% more than women on average.
This uneven gender divide increases the higher you go, as women occupy 36% of senior roles while men occupy 64%.
It wasn’t always the case that men held a disproportionate number of product management jobs. At one point, it was almost an even split.
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However, other organizations place an increased value on technical product management and product managers with computer science degrees. Because women still lag far behind men when it comes to studying computer science in college, male candidates have fared better and increased their market share.
Although women actually outnumber men in the junior ranks of product management, things change after the five-year marker. Men start playing most of the roles. Because women leave the discipline sooner than their male counterparts, they are underrepresented in senior roles.
41% of women leave technology after ten years while only 17% of men leave at the same point. This reduces the crop of candidates for high-paying senior positions to more men.
Examining actual product management salary data, on average women in the US make 7% less than men in this field, a gap that starts right out of the gate. On average, most female product managers earn 7% less than their male counterparts.
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After that, things become somewhat more even. Women make only 2% less than men during three to five years and 3% less during six to ten years.
The most noticeable difference occurs during the critical period of 11–15 years. This is where the difference is 9% during the time period when women are most likely to leave product management.
Even product management and technology in general are not immune to systemic issues that perpetuate inequality based on race. For the same types of jobs, Asian professionals continue to earn the most, followed by white workers and then by Hispanics, with black workers making the least.
As in real estate, where someone works (or where their company is headquartered) can make a big difference in their paychecks.
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Part of this compensation is based on cost of living. But it is very much driven by competition for talent. Technology hotbeds find themselves fighting over candidates and increasing compensation.
The city that never sleeps also pays the highest product management salaries. New York City comes in at 129% above the national average. The Bay Area isn’t far behind, as San Francisco-based product managers earn 80% more on average. Seattle (49% more), Boston (48% more), and Los Angeles (43% more) round out the top five highest-paying markets.
What remains to be seen are the effects of two important trends that began in 2020 and will continue in the coming years. The first is the shift to flexible work environments and a remote-first mindset in many technology firms.
While the pandemic accelerated this movement, more companies will look for talent wherever they can find it. But workers in more expensive sectors may be less motivated to pay premium wages. For example, Facebook, Twitter, Stripe, and VMWare are more than happy to support their employees moving out of Silicon Valley, but those moves will come with pay cuts.
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The other shoe that is about to drop is the rapid exodus of firms from these expensive locations. Oracle, Tesla, and Hewlett Packard are ditching the Bay Area for Texas, while Miami is making a play for California and New York firms to head further south over spring break. Cheaper costs and lower taxes are obvious draws. But the impact on rank-and-file paychecks is still up in the air for those who move up as well as those who stay behind in more expensive markets.
The “household names” of the tech world pay a premium to their employees. A product managers salary is no exception. The median salary for product management professionals at Uber, Google, Microsoft, Airbnb, and Slack is over $200,000 per year.
But not every well-known company is necessarily shelling out fat bags of cash. For example, the average product manager at Adobe “only” makes around $132,000 per year. Even a product manager at Dell brings home an average of $120,000 per year. While all of these outperform less noteworthy firms, it’s an important reminder that product management compensation is highly company-specific.
It’s also important to remember that part of the reason famous tech giants pay so much is because of their locations. They are located in more expensive markets due to constant competition against other top firms for premium talent. It doesn’t hurt that they’re usually flush with cash and still in growth mode, often leading to free spending on payroll.
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But also remember that bigger is not always better. When companies are really big, an individual product manager doesn’t always have as much impact on the bottom line. As such, they are unlikely to be as valuable as they might be in a smaller firm where they can make a larger strategic impact. So, as with all things, it depends on the individual situation.
A bachelor’s degree is pretty much table stakes for anyone pursuing a product management career. Yet only 43% of product management professionals have a graduate degree. That number is slightly higher when assessing senior management roles, where 48% boast two or more diplomas.
However, this is not to say that those with graduate degrees are not pursuing product management roles. In fact, 7% of Harvard Business School grads go into product management. But most manufacturing jobs do not require a graduate degree. These degrees are usually listed simply as “preferred,” “preferred,” or “optional” in most job descriptions.
In addition to their regular paychecks, some product managers see an annual bonus as part of their overall compensation. 44% of our survey respondents reported receiving a bonus, with the average amount coming out to $3,000 per year.
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While that’s not an insignificant amount, it’s not usually as much of a determining factor for product management as it might be for those working in sales or other bonus-heavy industries like financial services.
Of course, the appeal for many tech companies is the allure of equity. But since stock options aren’t a sure thing, they shouldn’t be counted as part of the package until the company goes public.
If this article leaves you frustrated that your salary as a product manager is stagnant or you’re being underpaid, you don’t need to immediately quit your job or start looking for a new role. With a data-driven argument, you can lobby for a raise at your current place of employment if the political and economic climate is conducive to such a request.
The product manager salary you settle on when you’re first hired will determine your financial trajectory for as long as you work in the same position. It’s very difficult to get a raise once you’re already on the payroll.
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So, whenever you consider your options and pursue other opportunities, make sure you communicate.
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