MBA in Product Management
An MBA for product management can be one of the most valuable investments you can undertake in your lifetime. It facilitates the expansion of your skill set, knowledge base, and career prospects, positioning you for lucrative opportunities in today’s competitive job market.
Why an MBA for Product Management
The world of product management is dynamic and ever-evolving. Success in this realm hinges on possessing a unique blend of business acumen, technical understanding, and creative vision. An MBA for product management equips you with precisely this potent combination. It’s a comprehensive program designed to unlock your potential and propel you towards a thriving career in product development.
Considering the Right Fit: MBA for Product Management
But the question is, which program should you choose to enroll in? An MBA program worldwide needs you to be exceptional; that’s someone who can deliver academic work at an entirely different level, with the top schools enrolling only a fraction of candidates from the unique performer’s pool.
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What is Product Management
Product management involves a lot more than just creating products and brands; the main aim is to guarantee the success and longevity of the products.
Product management necessitates adept team-building and strong leadership skills, given its inherent need for seamless collaboration across diverse teams. Moreover, a product manager must strive to excel in the art of influence without direct authority, as effective interfaces are essential with teams such as sales, marketing, finance, research and development, operations, supply chain, and executive management.
Furthermore, individuals with degrees in Product and Brand Management, beyond their typical responsibilities, are highly valued in communication consulting and advertising. Consequently, a program like an MBA in Product Management equips candidates for pivotal roles that significantly influence the success of a product.
What Is an MBA in Product Management
An MBA in Product Management is a specialized degree program provided by numerous business schools, focusing on product management. Consequently, the MBA in Product Management curriculum is structured to acquaint students with the diverse roles within the life cycle of a product.
The multiple stages of the processes involved vary depending on the product type.
• Ideation:
You are responsible for gathering innovative ideas for the product.
• Evaluation:
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GET A FREE PROFILE ANALYSISAgain, these ideas need to be evaluated, touching upon various aspects like – practicality, differentiability, what differentiates them from the current ones already in the market and what the USP of this product would be.
• Analysis:
These aspects encompass the identification of target customers, assessing product demand and supply dynamics, evaluating the new product’s performance in the competitive market, and estimating its revenue-generating potential.
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Product Managers After MBA
As a product manager, your role is multifaceted. You are responsible for overseeing marketing, sales, advertising, strategy, and positioning. Additionally, you must gather insights from customer feedback, address product-related issues, analyze data, optimize conversions to enhance revenue, provide specifications to engineers, devise strategies for increasing user retention, and collaborate across all departments to bring technology to life and enhance user experience.
In many ways, it can be conferred that product managers are the heart of a technology business, putting the role of product managers in high demand.
MBA in Product Management vs. Masters/Diploma in Product Management
To understand the difference between MBA in Product Management and a Master’s in Product Management, let us take an example of the M.S. program offered by CMU, Tepper School of Business.
First of all, let us understand the requirements and curriculum for the program:
• Candidates must have an undergraduate degree in computer engineering, software engineering, or Computer Science.
• The program is designed to train computer engineers to become product managers in tech organizations in a one-year M.S. program.
• The program is fabricated such that the C.S. department (Computer Interaction Institute–CMU) imparts technical skills, and Tepper Business School imparts management skills.
• In addition, the program offers internship and capstone projects to enable students to get practical skills for the industry. However, an MBA in Product Management majorly focuses on creating global leaders’ management, leadership, and networking skills.
Now, let’s talk reality! If you want to be a product manager in a certain technical field or in a certain role you’re interested in, and that’s the major purpose you wish for your M.S., it might behove you to do that.
On the contrary, if your aim is to pivot towards business management, an MBA is a more suitable choice. Product management, with its emphasis on team building, leadership skills, and the mastery of influence, aligns well with the foundational principles of an MBA program.
In my opinion, I firmly believe that an MBA would significantly enhance your profile since Product Management leans more towards a business/management role than a technical one. The MBA program offers exposure to various functional aspects of business, a crucial foundation for effective Product Management. Nevertheless, the ultimate decision should align with your personal goals and aspirations!
In any case, if you think you need more in-depth information about choosing an M.S. program or an MBA, feel free to comment down your queries or hop on a 1:1 call with our team of experts so that we can perform a SWOT analysis to understand suits you the most by understanding:
• What are the benefits and features of the programs?
• What is the overlap between the two?
• What would prove to be more beneficial for you regarding your educational background and work experience?
Eligibility & Requirements
• One must have at least a bachelor’s degree (in any discipline)
• Work experience ranging between 2 – 10 years
• Degree Certificate, Transcripts
• Application Form
• Detailed CV
• Proficiency in English
• Competitive GMAT and GRE scores
• Minimum two Letters of Reference (LORs)
Curriculum
The MBA in Product Management is tailored for students aspiring to pursue Product Management careers in startups or larger technology firms. The curriculum delves into the intricacies of Product Management in a leadership capacity. It is suitable for students ranging from those with no prior product management experience to those with entry-level product management experience.
The skills learned in the curriculum will apply to a wide range of product management cases, agnostic of industry. Some of the topics covered in the curriculum include
• Setting product strategies and visions,
• Understanding customer needs,
• Experimenting to validate ideas,
• Working with developers and designers, and
• Developing Minimum Viable Products.
To help you create a strong application, be a part of our coffee chat which we do every alternate week, where you can have a chance to talk to alums of top B-schools and clear all your doubts and know your future classmates!
Best MBA Programs for Product Management
Product management is a comparatively new and ever-evolving field. However, in response to the current high demand for product managers, an increasing number of B-schools are incorporating MBA degrees with specializations or concentrations in product management.
The following table mentions the top MBA programs offering product management specialization.
| S. No. | Business Schools |
|---|---|
| 1 | NYU, Stern School of Business |
| 2 | Carnegie Mellon University, Tepper School of Business |
| 3 | MIT, Sloan School of Business |
| 4 | UC Berkeley, Haas School of Business |
| 5 | UCLA, Anderson School of Management |
| 6 | Northwestern University, Kellogg School of Management |
| 7 | UT Austin, McCombs School of Business |
| 8 | Harvard Business School |
| 9 | Michigan Ross |
| 10 | Stanford GSB |
Click here to know more about the MBA in Product Management programs in detail!
Carnegie Mellon University, Tepper School of Business
UC Berkeley, Haas School of Business
UCLA, Anderson School of Management
Northwestern University, Kellogg School of Management
UT Austin, McCombs School of Business
Job Opportunities and Placements
Glassdoor has ranked product managers 3rd in the list of top five best-suited jobs in America for 2021; with more than 14,000 job openings, there is an increasing trend in the hike of median salaries along with high job satisfaction.
Additionally, the surge in digital financial services spearheaded by banks and the service sector has amplified the demand for product managers, particularly in eCommerce.
The average salary range for Product Managers varies significantly based on location, industry, and company. The table below provides an overview of typical salaries for product managers in different locations around the globe.
The average salary range for Product Managers varies significantly based on location, industry, and company. The table below provides an overview of typical salaries for product managers in different locations around the globe.
| Location | Salary Range (Approx.) |
|---|---|
| London | $52,000 – $170,000 |
| San Francisco (USA) | $100,000 – $250,000 |
| New York (USA) | $90,000 – $200,000 |
| Toronto (Canada) | $70,000 – $112,000 |
| France | $60,000 – $95,000 |
RECRUITERS
Let us look at some top-tier companies hiring product managers:
• UBER
• Microsoft
• Amazon
• Apple
• Uline
• Zillow
• SAP
• Adobe
Product managers working at Microsoft, Slack, Uber, and Google are regarded as having some of the best job opportunities, with average salaries exceeding $200,000 per year.
Average Salary Package
According to Glassdoor, a U.S. job portal analyzed 40,713 wages, and the average base pay was put out for a product manager at approximately $108,992.
Furthermore, on a global scale, the average base pay for a product manager stands at $110,916 per year.
The below graph depicts the average base pay for different popular destinations, with the United States of America holding the highest average base pay of $108,992.
When considering an MBA in Product Management, it’s crucial to carefully evaluate various aspects of the program, including scholarships and the admission process. This can be an overwhelming task, especially for someone new to this field.
If you need more in-depth information about any particular aspect of the application process, interviews, and course structure, feel free to hop on a 1:1 call with our team of experts. Happy learning 🙂
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