Product Manager Salary in 2024 (US & EU)
The year 2022 and 2023 was rough, not only for Product Managers but for the entire tech industry. The recession hit hard, and we've seen layoffs never seen before.
- In 2022: 1,064 companies laid off more than 165,000 employees.
- In 2023: 1,191 companies laid off more than 260,000 employees.
- In 2024: So far, 302 companies laid off more than 89,000 employees.
Many argue that the tech industry was in a bubble, with a seemingly infinite amount of money poured into tech startups.
So, now that the market seems to normalize a bit, let's take a look at how much a Product Manager's pay is in 2024.
Associate Product Manager Salary in 2024
APM is an entry-level individual contributor role (also referred to as IC1), with usually 0 to 1 year of experience.
Salary range in the United States
- Low: $41,000
- Mid: $61,200
- High: $81,400
Salary range in the European Union
- Low: $37,978
- Mid: $47,593
- High: $58,653
Medior Product Manager Salary in 2024
In this article, I'll refer to Product Managers with 2 to 8 years of experience (also referred to as IC1 and IC2). Medior Product Managers usually contribute to or own projects or a product area but mostly still require guidance from more senior product managers. Often, decisions must be made in consensus with the supervisor.
Salary range in the United States
- Low: $102,500
- Mid: $130,625
- High: $160,000
Salary range in the European Union
- Low: $42,407
- Mid: $54,996
- High: $67,883
Senior Product Manager Salary in 2024
Senior Product Managers (also referred to as IC4 and IC5) typically have over 8 years of experience and are responsible for leading major product initiatives, managing cross-functional teams, and making strategic decisions which are usually made without supervision. They play a crucial role in guiding the product's vision and ensuring alignment with the company's overall strategy.
Salary range in the United States
- Low: $160,000
- Mid: $198,774
- High: $240,000
Salary range in the European Union
- Low: $58,858
- Mid: $74,867
- High: $92,989
Calculation of European Product Management Salaries
Unfortunately, I couldn't find a reliable source of data that would show the average salaries for product managers across all countries in the EU. Therefore, I selected 2 countries from each European subregion (North, West, East, and South) to represent each region and then researched the average salaries for the different Product Management levels on Glassdoor.com. Based on that, I calculated the average salary for the whole of Europe.
Conclusion
Product Managers in the US make significantly more money at every career level. The reason for this could be the higher average cost of living in the US across the country or the way salaries are determined. Additionally, the social systems are fundamentally different in the two regions, and economically they are also not on par. According to the World Bank, the US has a $76,330 per capita income, while the EU's is $37,433, which is less than 50% of the US figure. Overall, Product Management is still a high-paying occupation in 2024 in the EU and the US.