Are you curious about what a product owner salary looks like? You’re not alone. In fact, many people are interested in this topic.
Product owners are in high demand right now. Companies are looking for people who can help them create products that customers love. But, if you’re thinking about becoming a product owner, you’re probably wondering how much money you can expect to make.
The answer to this question isn’t simple. There are a lot of factors that go into determining a product owner’s salary. This guide will look at some of the most critical factors. We’ll also give you an idea of what you can expect to earn as a product owner.
- What does a product owner do?
- Is product owner a good career?
- What is a certified scrum product owner?
- What is the average product owner salary in the United States?
- Product owner salaries around the world
- How does a product owner’s salary vary based on seniority level?
- How to negotiate for a higher product owner salary
1. What does a product owner do?
First things first, we need to start by understanding product management. Product management is the process of developing and bringing a product to market. It includes identifying customer needs and creating a design, production, and post-sales support plan. When talking about product management, people often use the term “product owner.”
The product owner is a specific role within product management. They are responsible for creating and maintaining the product roadmap, which outlines the product’s vision and the development timeline. They also work with stakeholders to prioritize features and ensure that the development team is on track to meet deadlines.
While the product owner is ultimately responsible for the product, they might not do any of the development work themselves.
Instead, they work with a development team to build the product. They also collaborate with other stakeholders, such as marketing, sales, and customer support. The product owner is the bridge between the development team and other stakeholders. This bridge is essential for ensuring that the product meets customer needs and is successful in the market.
Of course, this are just the main overview of the role—there are plenty more differences between a product owner and a product manager.
2. Is product owner a good career?
Indeed, the role of product owner is a demanding one. After all, it falls to the product owner to ensure that the product meets the customer’s needs and aligns with the business goals.
However, many people find that the challenges and rewards of the job make it a fulfilling and rewarding career choice. Here are three reasons why being a product owner can be a great choice.
You’ll have a significant impact on the product
As the product owner, you’ll be responsible for setting the vision and direction for the product and guiding the team to make it a reality. This means you’ll significantly impact how the product turns out and its success in the market.
In addition, it’s an excellent opportunity to showcase your creativity, strategic thinking, and problem-solving skills, especially if you’re working on a new product or features.
You’ll work with a lot of different people
One of the great things about being a product owner is that you’ll get to work with many people. Of course, you’ll need to collaborate with the development team and work with other stakeholders such as marketing, sales, and customer support.
This is an excellent opportunity to learn about different business aspects and build relationships with people in other departments.
You’ll build strong relationships with stakeholders.
Just like for a product manager, a big part of your job will be working closely with stakeholders to understand their needs and requirements. Doing this requires excellent communication skills and the ability to build strong relationships.
If you enjoy working with people and collaborating to find creative solutions, you’ll find this aspect of the job to be very rewarding. This is because you’ll be playing a pivotal role in ensuring that the product meets the needs of all stakeholders.
You’ll learn a lot and grow your skills
The role of product owner is demanding, so you’ll need to learn and grow your skills continuously. As you become more experienced, you’ll learn how to manage stakeholders better, prioritize features, and handle agile development.
You’ll also have the opportunity to learn about other aspects of the business, such as marketing and sales. Doing this makes the role of product owner an excellent choice for those who want to grow their skills and knowledge.
You will be able to work with cutting-edge technology
Another great perk of being a product owner is that you’ll have the opportunity to work with state-of-the-art technology. This is especially true if you’re working on a new product or features.
You’ll see the product come to life from start to finish, and you’ll have a hand ensuring that it meets the customer’s needs. In addition, this is an excellent opportunity to learn about new technology and to keep up-to-date with the latest trends.
3. What is a certified scrum product owner?
A certified Scrum product owner (CSPO) is a professional certified by the Scrum Alliance. To become a CSPO, you must complete a two-day training course. Currently, the course is offered both in-person and online, and there is no exam requirement once you finish the training.
The CSPO certification is intended for those who work in product management roles. It is not required to be a product owner, but it can help demonstrate your knowledge and commitment to the role.
In addition, to become a CSPO, you must agree to abide by the Scrum Alliance Code of Ethics. This code includes principles such as honesty, respect, and fairness.
Certified scrum product owner salary
As the person responsible for the product vision and strategy, the Scrum product owner plays a critical role on any scrum team. As a result, a certified scrum product owner (CSPO) can command a salary commensurate with their experience and responsibility.
According to ZipRecruiter, the average salary for a CSPO is $132,314 per year. Those with more experience or who hold higher-level positions can earn significantly more. However, salaries can vary depending on experience, location, and company size.
For example, senior-level product owners in New York City may earn significantly more than entry-level product owners in small towns. Nevertheless, certified Scrum product owners can expect to make a comfortable living. Moreover, with the demand for Scrum expertise continuing to grow, certified Scrum product owners can expect to see their salaries continue to rise.
4. What is the average product owner salary in the United States?
According to Glassdoor, the average product owner salary in the United States is $107,755 annually. The salary range for product owners typically falls between $81,000 and $151,000 per year. The position of product owner is a relatively new one, and as such, there is a wide range of salaries being paid for this role.
The compensation often depends on the company size, industry, and location. For example, someone working as a product owner in San Francisco will likely earn a higher salary than someone in a smaller city.
According to David Patterson-Cole, CEO and Co-Founder of Moonchaser.io, a salary negotiation consulting firm:
“One of the benefits of being a product owner is that the role is relatively new, so there’s a lot of room for growth. As the demand for product owners increases, so will the salaries.”
Product owners who have worked in the software industry for many years may also command a higher salary than those just starting. No matter your experience level or location, the average product owner salary in the United States is an excellent wage.
5. Product owner salaries around the world
To give more context, we’ve compared many of them with the average salary for that country, courtesy of Jobted. So, let’s get into it, shall we?
The average product owner salary in the UK and Ireland
Across the Atlantic, the average product owner salary in the Republic of Ireland is €53,514 per year, putting it €10,000 more than the Irish average of €44,202.
A product owner in the UK earns on average £43,359. This puts it almost £15,000 above the UK average of £29,600 per year. Breaking that down across some of the major cities, there are some pretty big variations:
- London: £64,347 (Glassdoor)
- Belfast: £42,914 (Glassdoor)
- Cardiff: £43,464 (Glassdoor)
- Edinburgh: £56,953 (Glassdoor)
- Dublin: €71,215 (£60,376)(Glassdoor)
Product owner in other European countries
Here’s the picture across the European continent:
- Austria: €59,600 (PayScale) The national average salary in Austria is around €45,500.
- France: €45,166 (PayScale) The national average salary in France is €49,500.
- Germany: €61,198 (PayScale) The national average salary in Germany is €45,700.
- Italy: €36,536 (PayScale) The national average salary in Italy is around €43,800.
- Portugal: €31,410 (PayScale) The national average salary in Portugal is about €18,396
- Switzerland: 112,100 CHF (PayScale) The national average salary in Switzerland is about 124,000 CHF.
- Spain: €40,916 (PayScale) The national average salary in Spain is around €32,600.
The average product owner salary in Australia
Dropping down to the southern hemisphere, on average product owners earn around AU$112,511 per year, according to PayScale. That’s almost double the Australian average wage of $67,000 per year.
Let’s take a look at product owner salaries in some of the major cities down under:
- Canberra, ACT: $117,277 (Indeed)
- Brisbane, QLD: $121,296 (Indeed)
- Melbourne, VIC: $133,148
- Sydney, NSW: $140,191
- Perth, WA: $120,563
The average product owner salary in Aotearoa New Zealand
Now let’s look at the average salaries across the country. These are also via Glassdoor, so are total salaries, comprising base pay and additional payments:
- Auckland: NZ$120,000
- Wellington: NZ$112,563
- Hamilton: NZ$120,000
The average product owner salary in Canada
Canada: CA$61,000 (PayScale)
- Vancouver, BC: CA$
- Toronto, ON: CA$
- Calgary, AB: CA$
- Montréal, QC: CA$
- Québec, QC: CA$
The average product owner salary in India
In India, a professional product owner can expect to earn on average around ₹1,601,890, according to PayScale. This works out as roughly the equivalent to 20,050 US dollars per year.
The average product owner salary in Brazil
In Brazil, the average salary for a product owner is R$76,637 per year, which works out at about 14,300 US dollars (PayScale).
The average product owner salary in South Africa
According to Indeed, a product owner in South Africa can expect to make R 633,366 as their base pay per year, the equivalent 37,348 US dollars.
6. How does a product owner’s salary vary based on seniority level?
A product owner’s salary varies depending on their seniority level within the company. According to Salary.com, a junior product owner may earn between $61,000 and $94,000 per year, with an average salary of $76,000.
According to Product Manager HQ, a mid-career product owner may earn an average salary of around $94,000 per year. In contrast, according to Comparably, a senior product owner may earn an average salary of about $115,000 or more per year.
Unsurprisingly, the compensation for a product owner also varies based on the size of the company they work for. A product owner working for a small company may earn a lower salary than a product owner working for a large corporation.
The compensation for a product owner also varies based on the company’s location. For example, a product owner working in a major city may earn a higher salary than a product owner working in a rural area.
Looking at this trend, Logan Mallory, VP of Motivosity, remarks:
“Product owner salaries vary based on company size and location, so it’s important to keep that in mind when negotiating your salary.”
In addition, the variation in salary is due to the different responsibilities that come with each seniority level. For example, a junior product owner manages a single product, while a more experienced product owner may be responsible for multiple products.
In addition, a junior product owner is likely to have less decision-making authority than a more experienced product owner. As a result, the variation in salary reflects the different levels of responsibility and authority associated with each seniority level.
7. How to negotiate for a higher product owner salary
If you’re a product owner, you know your salary is substantial. After all, it’s a reflection of your value to the company. So if you’re unhappy with your current compensation, it’s time to negotiate for a raise. Here are eight tips to help you get started.
Set the expectation from the start
Don’t be afraid to mark your border lines right from the start. It might be rather beneficial both for you and the prospective employer to know even if the interviewing itself is worth the time and effort.
Even setting the salary expectations clearly in your product resume or covering letter can spare you both the inconvenience of an uncomfortable discussion. If not, it’s a common thing to establish during the recruiter phone screen.
Know your worth
Before entering into any negotiation, it’s crucial to have a clear understanding of your skillset and experience. This will give you a better idea of what you should be asking for in terms of salary so that you can confidently enter into the negotiation.
According to Brian Dechesare, Founder and CEO at Breaking Into Wall Street, this is a vital component:
“The best way to understand what you should be earning is to look at job postings for similar positions and compare the salary ranges.”
Don’t be afraid to ask
If you don’t ask, you won’t get it. So if you’re unhappy with your current salary, don’t be afraid to speak up and ask for a raise. It’s the only way to start the negotiation process. In addition, it’s important to remember that your employer will not give you a raise unless you ask for one.
Be prepared to answer tough questions
During the negotiation process, your employer will ask you tough questions. They’ll want to know why you’re asking for a raise and what you bring to the table. So it’s essential to be prepared to answer these questions convincingly and articulately.
Know your bottom line
Before entering any negotiation, knowing your bottom line is essential. This is the absolute minimum salary you would be willing to accept. Once you know your bottom line, you can enter into the negotiation confidently and be less likely to receive a lower salary than what you’re worth.
Roy Morejon, President and Co-Founder of EnventysPartners, says:
“It’s important to remember that you can always counter their first offer. However, having a bottom line in mind will make you less likely to accept an offer lower than what you’re worth.”
Do your research
In addition to knowing your worth, it’s also important to know market trends. This will help you to understand what other product owners in your area are being paid and what kind of salary you can realistically expect to receive.
Be prepared to compromise
While knowing your worth is essential, you should also be prepared to compromise. In many cases, employers are willing to negotiate on salary, but they may not be ready to meet your full asking price. As such, it’s crucial to have a range in mind and to be prepared to settle for something in the middle.
Finally, it’s important to remember that confidence is critical in any negotiation. If you don’t believe in your worth, then it’s unlikely that your employer will. So take a deep breath, and remember that you’re worth every penny you ask.
This ultimate product owner salary guide should give you a good idea of what to expect in terms of salary, depending on your experience and level of responsibility. In addition, it provides tips on negotiating for a higher salary, no matter where you live.
Remember that confidence is vital and that you should always know your bottom line. With these things in mind, you should be able to successfully negotiate a higher product owner salary as you increase your skill level.
If you’re still starting out, and you feel like learning about product management first is the best way to go forward, try a free product management for beginners course to see if it’s right for you.
After that, we’ve created a complete step-by-step guide on how to become a product manager in this guide, where we also outline some of the most credible product management courses that are worth looking at.
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