Product Owner Salary in 2023: Based on Roles, Skills, Location
There is a significant demand for Product Owners as companies seek individuals who can facilitate the creation of products that resonate with customers. However, if you're considering pursuing a career as a Product Owner, you may be curious about the potential salary range.
It's important to note that various factors impact a Product Owner's earnings, and this blog will explore some of the most crucial ones. By the end, you should better understand what you can anticipate earning in this role.
Overview of a Product Owner job
As a vital contributor to Scrum methodology, the Product Owner plays a significant role in fostering collaboration between various departments within an organization.
- Roles of a Product Owner
One of the primary responsibilities of a Product Owner is to manage the Product Backlog. This includes defining and prioritizing the backlog clearly and concisely and communicating it effectively to all team members. The Product Owner also evaluates the development work and provides feedback to the team.
To fulfill these roles effectively, a Product Owner requires specific skills such as a) domain experience, b) leadership and communication skills, and c) the ability to interpret customer requirements effectively.
- Responsibilities of a Product Owner
The Product Owner's primary responsibilities include owning, defining, and prioritizing the Product Backlog, actively participating in product development stages, serving as a primary point of contact, communicating the customer's vision, mastering the ability to anticipate customer needs, and evaluating the progress of development.
By fulfilling these roles and responsibilities, the Product Owner plays a crucial role in ensuring the product development process is smooth, efficient, and aligned with the customer's needs.
Product Owner salary in 2023
In India, The average salary for Product Owners is around Rs. 16,00,000 (PA). As Product Owners are required to take on various responsibilities, possessing a blend of skills and experience is crucial. Each Product Owner's role entails leadership in product development, management, and marketing and necessitates the appropriate set of abilities.
Given the significance of their role, Product Owners can command a substantial salary range and individual pay that matches their responsibilities.
Salary based on roles
The Product Owner's salary range can vary based on their designation, which is a significant determining factor. Below is a breakdown of the salary range by designation:
- Product Owner: $87,000 (PA)
- Product Manager (Software): $98,000 (PA)
- Senior Product Manager: $126,000 (PA)
- Senior Product Manager (Software): $128,000 (PA)
- Agile Coach: $130,000 (PA)
The salary range increases as the role becomes more senior, and the responsibility and expertise required increase accordingly.
Salary based on skills
Product Owners with more experience tend to earn higher salaries. Below is a list of Product Owner salaries based on years of experience and skills:
- For those with less than one year of experience - $65,000 and $75,000
- For those with one to four years of experience - $76,000 to $90,000
- Individuals with five to nine years of experience - $91,000 and $104,000
- Individuals with ten to nineteen years of experience - $104,000 to $108,000
- For those with over twenty years of experience - $108,000.
This range demonstrates that as Product Owners gain more experience, they earn higher salaries due to their increased knowledge, expertise, and track record of successful product development.
Salary based on location
Product Owner salaries can vary significantly across different countries and have proper certifications. Below is a list of average annual salary ranges for Product Owners in various countries:
- India: Rs. 16,01,890 (PA)
- The United States: USD 115,838
- United Kingdom: GBP 43,359
- Australia: AUD 112,511
- Canada: CAD 61,000
- South Africa: ZAR 633,366
These figures demonstrate the significant variation in pay depending on the location and the cost of living in that particular country.
In India, many companies require a Product Owner, such as Bosch Group, Barclays, Carrier Klimatechnik GmbH, Solera, Industrial Scientific Corporation, Zensar Technologies, Deutsche Bank, and Siemens.
These organizations value skilled and experienced Product Owners who can drive innovation, optimize product development, and deliver outstanding results. Joining one of these reputable companies as a Product Owner can offer a rewarding and challenging career with numerous opportunities for growth and advancement.
The salary range for Product Owners can also vary depending on the size of the company that you are employed to. A Product Owner working for a smaller company can expect to earn a lower salary than their counterparts at more giant corporations. This is due to several factors, including differences in budget, revenue, and resources available to the company.
Conclusion
While a high salary is undoubtedly attractive, it should not be the sole motivation for someone considering a career as a Product Owner. This role requires a significant amount of dedication, hard work, and energy, making it a challenging and demanding job.
Due to the rarity of qualified Product Owners, they have often compensated accordingly. Rather than solely focusing on the initial salary, individuals should consider the potential for long-term career growth and advancement.
Reference
- https://careerfoundry.com/en/blog/product-management/product-owner-salary/
