Product Manager Statistics and Data: What to Know in 2023

With 2021 in the past, it’s time to turn your attention to the new year. As an aspiring product manager or someone who already works in this field, there are a variety of statistics and data that can impact your job search and/or the way you perform at work.

Before we dive into the finer details, there’s something you need to remember: product manager-related statistics and data can and will change from week to week, month to month, and year to year. 

So, while the information below is accurate at the time of publication, it could — and probably will — change slightly as the year wears on.

With that out of the way, here are some of the most impactful product manager statistics and data. 

1. Opportunities Exist

There’s no shortage of product manager jobs to apply for, with new opportunities throughout the country (many of which are for remote work) coming to light every day. At the same time, competition among candidates is more fierce than ever before. 

Let’s take a look at a LinkedIn search for new product manager jobs listed over the past 24 hours. Here are some key takeaways.

• 5,428 jobs (again, that’s just jobs listed over the past 24 hours).
• Available positions range from entry-level/associate PM to executive. 
• A mix of small, medium, and large employers.

A deeper dive shows that many companies that have historically hired a large number of PMs are continuing to do so in 2023. Salesforce is a top example, with 55 PM jobs posted over the past 24 hours.

A small sampling of these positions include:

• Senior Product Manager, Security Data
• Senior Director, Product Management
• Senior Direct of Product Management, Health Cloud

You get the point. Opportunities exist — and will continue to exist — for current product managers at all career stages. 

2. Product Manager Salaries Remain Strong

Earning potential alone isn’t reason enough to chase a career in product management, but it doesn’t hurt. 

According to ZipRecruiter, “the average annual pay for a national in the United States is $74,378 a year.”

Of course, that can be a bit misleading, as salaries greatly vary from the low end to the high end based on factors such as location, field, and experience.

Glassdoor notes that “the national average salary for a Product Manager is $113,446 in the United States.” That’s roughly $40k more than the average national average for all workers.

Glassdoor also shares salary data for specific product management roles, such as:

• Product Marketing Director: $177,408
• Associate Product Manager: $82,473

As noted above, product manager salaries vary from employer to employer. While not always the case, bigger brands — such as Google and Meta — tend to pay higher PM salaries. Check this out:

When you add in the potential for bonuses, stock compensation, and benefits, total compensation packages at these companies can easily surpass $200k/year. 

3. There’s No Such Thing as a Typical Product Manager

Product managers come from all walks of life. Some of them have a college degree (maybe even an MBA), while others didn’t attend college. Others have worked in the field for many years, while some transition from the outside.

Using its database of 30 million profiles, Zippia compiled some interesting insights regarding who works in the product management field. By verifying against BLS, Census, and current job openings data, Zippia is able to provide accurate demographic-based information. Here are some of the most interesting data points from its research:

• There are more than 41,000 product managers employed in the United States.
• Of those employed, approximately 62.5 percent are men and 33.3 percent are women. 
• The average age of a product manager is 38 years old.
• The large majority of product managers are based in San Francisco, California and New York, New York.
• In 2021, women product managers earned roughly 96 percent of what men earned.
• Product managers are more likely to work for a publicly-traded company as opposed to a private company. 

As mentioned above, these numbers are sure to change in 2023 and beyond. For example, more product manager positions than ever are remote. This allows people to live anywhere they want, as opposed to settling down in the areas — such as Silicon Valley — where many employers are located. 

Zippia historical data shows that the PM field is moving in the right direction in many key areas. For instance, the number of women in the field has been consistently rising since 2010.

The numbers don’t lie. There’s no such thing as a “typical” product manager. This is just one of the many things that make this field so unique. 

4. Product Managers Play a Key Role in Many Companies

Not every company needs product managers, but many of them rely heavily on these professionals for a variety of key responsibilities. Check out these statistics shared by UXCam:

• A “fully optimized” PM could increase company profits by more than 34 percent. 
• 34% of departments report to product management in some way.

Take a closer look at those statistics. Now, imagine a company that needs a product manager attempting to get by without one. It could hit them hard in their bottom line. 

Also, consider the fact that a lack of PM talent can make it difficult for other departments to efficiently and effectively carry out their duties. 

As the importance of product manager roles continues to increase in many fields, statistics like those above are likely to become more apparent. 

5. Challenges Exist

By now, you realize that there’s no shortage of benefits of working as a product manager. But don’t let that fool you. It’s a high-paced, challenging, and demanding job. Understanding the primary challenges facing product managers can help you prepare for anything that comes your way.

The 280 Group conducted a detailed survey — with answers from 890 PM professionals — of the primary challenges facing product managers. Here are some of its key findings:

• Although many product managers are viewed as leaders, 57 percent of respondents said that they’re “still too tactical and not strategic enough.”
• Almost 50 percent of respondents shared that their product management teams don’t have a consistent or well-defined process. 
• More than half of respondents said that the skill level of their product managers was only average or below average.  

These challenges face both individual product managers as well as the companies that employ them.

Here’s one of the most interesting charts from the survey:

Check that out again. Respondents indicated that approximately one out of every five of its products fail to meet customer needs. This results in lost time and money — and plenty of it. 

This isn’t just a problem for employers. Product managers must also take steps to perform at a higher level. It’s an ongoing challenge that will never be solved completely, but the most successful companies can minimize the impact. 

Final Thoughts

So, there you have it. That’s a lot of information to digest, but it should help you better understand the product management field as a whole. With this knowledge, you can tweak your job search to help you land your dream position.

At PM Exercises, we’re here to help you prepare for your next product manager job interview. We have a large library of interview questions and answers, a prep course, a mock interview platform, and more. Let us guide you on your journey from candidate to successful PM!