When Making That Big Career Change- Salary Matters!
In the past decade, Product Management has gathered huge traction from engineers and MBAs globally. Though the job is highly demanding- whether it is in respect of hours, quantity or quality of work- it brings with it privilege and prestige unmatched by other portfolios along with steep hikes in salary.
However, when it comes to making big career decisions, it is only natural for many a doubt to consume us. Any sane individual would want to carefully weigh the costs and benefits of investing their money and time into a new program or course. At the end of the day, it all boils down to a few questions that we must ask our selves before plunging into a new career- “Does this excite me?; Will I be able to do justice to this new portfolio?; Do I have the right aptitude and attitude for this job?; and finally- Is the hike in salary as real as they say?”
If you are looking for an illustration as to why it is so crucial to ask ourselves this question, here’s one my 17 year old self would love to share with you! I had recently passed my PMTs with a surprisingly high rank and was offered to pursue MBBS at Maulana Azad Medical College- second best medical college in India. It was one of the proudest moments of my life, but not one without doubts. I soon started asking myself if becoming a doctor was something I was really cut out for. The obvious benefits of it were staring me right in the face- the money is ‘very good’, I can opt for private practice, chose my own working hours and contribute to the society in a meaningful way. But all that aside, even as child, the slightest sight of blood would make me faintish. So what was the point in becoming a doctor if I couldn’t do justice to this noble profession? Grudgingly, I let this much coveted and fantastic opportunity go.
But hey! I am happy and satisfied with the career choices I made and have a good thing going for myself. That’s what I think is more important. Whether you are a doctor, engineer, lawyer, an economics major or a Product Manager- what is more important is to be “happily committed” to your choices and money and fame will naturally follow.
I am sure a little introspection will ultimately lead you to decide whether Product Management is the right fit for you or not. So, I would now move on to the major reason why I decided to write this blog, i.e., to help you make an informed choice.
As a working professional, the very first question that comes to our minds when contemplating a career related change is whether the returns i.e. the salary this prospective “new job” promises is worth the investment. I have had the same dilemma every time I thought of making a career related change. The answer to this question is almost always the one that finally helps in making the switch.
This is why I decided to do the work for you. I extensively researched on various forums and websites to gather reliable data that will provide you a fair idea of what your income would be if you were to take a chance and make this change you have been hoping to make for sometime now.
In the table below, you will find the average and maximum salary of an entry level Product Manager across different countries of the globe. The surveys have been conducted and published by reputed global organisations- Indeed and Glassdoor- two major players in the job search market. The data was collected over past the 36 months and had an average sample size of 1000 product managers in each country. (Please scroll down to bottom of the post to visit source of the information presented below.)
The data presented above is quite self-explanatory. If we were to take into account the basic salaries of junior and mid-level engineers and MBA across different nations, the data above conclusively represents an average 30% hike in salaries of those who decide to switch to Product Management. Now that’s food for thought!
With sincere hopes that the information above helps you take that leap you have been wanting to for sometime now, I bid you adieu for now!
Rest assured, my colleagues and I are always here to help you answer any questions you might have about Product Management and decide whether it is the right fit for you or not. Write to us or schedule a call and we will try and help you decide whether you are ready for this big career change.
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