Career Karma
There has been a rising demand for product managers in the past few years, with Glassdoor listing product management among the 50 best jobs in America for 2022. If you are exploring a career in product management, you should enroll in one of the best product management master’s degree programs.
A Master’s Degree in Product Management teaches the most in-demand skills, and your chosen university’s career support services and campus facilities can help you get a high-paying job. Learn about the best product management master’s degrees in this career guide and the product management master’s degree jobs and salary outlook you could find yourself in.
Where Can I Get a Master’s Degree in Product Management?
You can get a Master’s in Product Management from an accredited higher education institution in the US. Some of the best schools to get a product management master’s degree include Duke University, Boston University, New York University, Northwestern University, and the University of Wisconsin.
Most higher education institutions require students to hold a bachelor’s degree before enrolling in a master’s degree. Some accreditated schools also offer product management bootcamps explicitly designed for students who don’t have a technical background.
What Schools Offer the Best Product Management Master’s Degrees?
- Boston University
- Carnegie Mellon University
- Massachusetts Institute of Technology
- Penn State Great Valley
- Regent University
What Are the Admission Requirements for a Master’s Degree in Product Management?
The most common admission requirements for a Master’s in Product Management includes a bachelor’s degree, an application form, and official university transcripts. The admission requirements of every program are different. If you are interested in a program, you should visit its official website and check the eligibility requirements.
In addition, many schools also ask students to send their Graduate Record Examination (GRE) or Graduate Management Admission Test (GMAT) scores. However, it is not a mandatory requirement for many universities. If you are unable to submit the standardized test scores, you can contact the admission office of your chosen university and ask for a waiver.
Some graduate schools require students to procure work experience before enrolling in a master’s program. Students also have to submit professional recommendations, a statement of purpose, and a detailed resume while applying to a graduate school.
Product Management Master’s Degree Admission Requirements
- A bachelor’s degree from an accredited university
- Official undergraduate transcripts
- Standardized test scores, most preferably GRE or GMAT
- Online admission form
- Application fee
- A minimum grade point average (GPA) of 2.5 or better
- Proof of citizenship, letters of recommendation and latest resume
- A short personal essay or statement of purpose.
How to Get a Product Management Master’s Degree
You can get a product management master’s degree by completing all the degree requirements of your program. Most universities require students to meet specific credit requirements to qualify for graduation. Students are also required to maintain a healthy GPA.
Other degree requirements can include writing a thesis, passing a graduation test, or gaining professional experience through an internship. The degree requirements of a graduate program vary from university to university. Before enrolling in a program, you should check the degree requirements of your chosen university.
How Many Credits Do You Need for a Master’s Degree in Product Management?
To get a product management master’s degree, you need to complete 35 to 60 credit hours on average. Most universities have a semester-based academic calendar where students must complete 15 to 16 credit hours. The semester usually consists of core subjects and electives with a set minimum of credit hours, depending on the university policy.
Some universities also have a quarter-based semester system. In that case, students have to finish five or six quarters to earn a master’s degree. A few universities do not have credit hour requirements, but they require students to attend nine to 12 months of on-campus lectures.
Product Management Degree Requirements
- Credit requirement. Most universities follow a semester-based calendar with a defined credit requirement for all enrolled students. Students must complete 30 to 60 credit hours to get a master’s degree.
- Grade point average. Many universities have a defined GPA requirement that all students have to meet to qualify for the degree. The GPA may vary depending on the program. Usually, students have to score better than 2.5 GPA on a scale of 4.0.
- Professional internship experience. Many universities require students to enroll in a professional internship program to gain real-world experience. The internship program is usually as long as a semester and carries 15 to 16 credits.
- Capstone project. Students enrolled in a master’s degree often have to work on a capstone project to qualify for graduation. A capstone project is a final assignment that prepares students for the job market.
- Graduation fee. Many schools require a graduation fee. You have to pay all your dues in order to qualify for graduation. A school may choose to hold your degree until you clear all the expenses.
Best Product Management Master’s Degree Programs and Schools: Overview
| School | Program | Accreditation |
|---|---|---|
| Carnegie Mellon University | Master of Science in Product Management | Middle States Commission on Higher Education |
| Duke University | Master of Engineering Management | Southern Association of Colleges and Schools Commission on Colleges |
| Massachusetts Institute of Technology | Master of Science in Management Studies | New England Commission of Higher Education |
| New York University | Master of Business Administration With Specialization in Tech Product Management | Middle States Commission on Higher Education |
| Northwestern University | Master of Science in Integrated Marketing Communications | Higher Learning Commission |
| Pennsylvania State University | Master of Engineering Management | Middle States Commission on Higher Education |
| Regent University | Master of Business Administration With a Concentration in Product Management | Southern Association of Colleges and Schools Commission on Colleges |
| University of Illinois | Master of Science in Technology Management | Higher Learning Commission |
| University of Texas at Austin | Master of Science in Technology Commercialization | Southern Association of Colleges and Schools, Commission on Colleges |
| University of Wisconsin | Master of Business Administration in Technology Strategy and Product Management | Higher Learning Commission |
Best Schools for Product Management: Top Product Management Master’s Degree Programs
Find below the best schools that offer a Master’s Degree in Product Management. We’ve given a general overview of the school and the program, along with the admission requirements and application process.
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Carnegie Mellon University | Pittsburg, PA
Established in 1900, Carnegie Mellon University is a private university in Pittsburg. According to US News and World Report, it is one of the top 25 national universities in the country. The university consists of seven colleges and independent schools and offers 80 majors and more than 90 minors.
Master of Science in Product Management
The Carnegie Mellon MSPM program is offered by the Tepper School of Business and School of Computer Science. It is a STEM-designated program where students learn business fundamentals for high-tech product management. Students also get a thorough understanding of the principles of product management, business communication, and product marketing.
Master of Science in Product Management Overview
- Accreditation: Middle States Commission on Higher Education (MSCHE)
- Tuition and Fees: $33,939 per full-time semester and $464 fee per semester
- Required Credits: Not stated
- Program Length: 1 year
- Learning Format: In-person
- NCES School Graduation Rate: 93%
Master of Science in Product Management Admission Requirements
- GPA: No minimum
- Standardized Tests: GRE and GMAT
- Application Fee: $125
- Minimum Education: Bachelor’s degree or equivalent from an accredited institution
- Other Requirements: Personal essays, letters of recommendation and current resume, proficiency in linear algebra and calculus, statistical concepts, basic programming
Applying to Carnegie Mellon University
- Fill out your admission application online.
- Submit your current resume.
- Upload GRE and GMAT scores.
- Submit personal essays and professional recommendations.
- Pay the application fee.
Duke University | Durham, NC
Duke University was founded in 1838 and is one of the top 10 national universities in the US, according to US News and World Report. The university offers 53 majors, 52 minors, and 23 certificate programs. Students can choose from a wide range of programs such as biotechnology, business, engineering management, and computer science.
Master of Engineering Management
The program offers an in-depth understanding of using business and leadership skills in an engineering role. The program’s core courses include marketing, management of high-tech industries, intellectual property, business law, and entrepreneurship. Students will also learn product management in high-tech companies, advanced finance, and supply-chain management.
Master of Engineering Management Overview
- Accreditation: Southern Association of Colleges and Schools Commission on Colleges
- Tuition and Fees: $86,907 for the entire program.
- Required Credits: 30 credits
- Program Length: 2 years
- Learning Format: In-person
- NCES School Graduation Rate: 96%
Master of Engineering Management Admission Requirements
- GPA: No minimum requirement
- Standardized Tests: GRE optional
- Application Fee: $75
- Minimum Education: Bachelor’s degree
- Other Requirements: Three short essays, current resume, three letters of recommendation, and a video introduction
Applying to Duke University
- Start your online application.
- Upload official transcripts.
- Submit short essays, your current resume, and letters of recommendation.
- Upload a video introduction.
- Attend an admission interview when invited.
Massachusetts Institute of Technology | Cambridge, MA | Tuition: $55,510 | Grad Rate: 96%
According to US News and World Report, Massachusetts Institute of Technology (MIT), founded in 1861, is the second-best national university in the country. The university is famous for its outstanding faculty and research-based degree programs.
MIT consists of five schools, namely architecture and planning, engineering, humanities, arts, and social sciences, management, and science. These schools together offer a wide range of on-campus and online programs.
Master of Science in Management Studies
MIT’s Master of Science in Management Studies is a unique program that prepares the student for an international job in product management. In this program, students learn economic analysis for business decisions, applied macro and international economics, and econometrics for managers. It is a special program that complements prospective and current students pursuing MBA from partner schools.
Master of Science in Management Studies Overview
- Accreditation: New England Commission of Higher Education
- Tuition and Fees: $78,954
- Required Credits: Not stated
- Program Length: 9 months
- Learning Format: In-person
- NCES School Graduation Rate: 96%
Master of Science in Management Studies Admission Requirements
- GPA: No minimum
- Standardized Tests: GRE or GMAT
- Application Fee: $150
- Minimum Education: Bachelor’s degree
- Other Requirements: Resume, cover letter, video statement, essay question about your proposed MSMS thesis topic, academic transcripts and two letters of recommendation
Applying to Massachusetts Institute of Technology
- Fresh students have to apply to both partner schools and MIT.
- Current students have to start an application online.
- Upload video statement.
- Submit resume, cover letter, and two letters of recommendation.
- Send academic transcripts and GRE and GMAT scores.
- Prepare for an interview.
New York University | New York, NY
New York University (NYU), founded in 1831, is the largest private university in the US. It has three degree-granting campuses in New York, Abu Dhabi, and Shanghai. NYU’s main campus has 11 schools and colleges which offer various undergraduate and graduate degree programs in nearly 270 fields of study. It is a competitive university with an acceptance rate of 12 percent.
Master of Business Administration with Specialization in Tech Product Management
NYU’s full-time MBA with specialization in tech product management teaches how to create, test, and deploy technology-enabled ideas in business operations. Students will study strategy management of artificial intelligence, design thinking, programming with Python, and emerging technologies. The full-time MBA also offers other specializations like management of technology and operations that can land you a job as a product manager.
Master of Business Administration with Specialization in Tech Product Management Overview
- Accreditation: The Middle States Commission on Higher Education
- Tuition and Fees: $93,129 for the entire program
- Required Credits: 60 credits
- Program Length: Two years
- Learning Format: In-person
- NCES School Graduation Rate: 90%
Master of Business Administration with Specialization in Tech Product Management Admission Requirements
- GPA: No minimum requirement
- Standardized Tests: Not required
- Application Fee: $80
- Minimum Education: A four-year bachelor’s degree from an accredited institution
- Other Requirements: Letters of recommendation and statement of purpose
Applying to New York University
- Fill out the application form online.
- Upload statement of purpose.
- Upload official transcripts.
- Pay the application fee.
- Review admission status.
Northwestern University | Evanstone, IL
Established in 1851, Northwestern University is among the top 10 national universities in the country, according to US News and World Report. It is a competitive university with an acceptance rate of seven percent. It offers more than 4,000 courses every year and as many as 8,000 undergraduates and 13,000 graduate students study at the university.
Master of Science in Integrated Marketing Communications
If you want to apply for a managerial position in product management, then this master’s degree program in integrated marketing communication is ideal. The MS program is a STEM-designated program that combines classroom learning with hands-on communication. Students learn marketing research, digital analytics, and financial accounting as well.
Master of Science in Integrated Marketing Communications Overview
- Accreditation: Higher Learning Commission
- Tuition and Fees: $97,400
- Required Credits: 5 quarters
- Program Length: 15 months
- Learning Format: In-person or online
- NCES School Graduation Rate: 95%
Master of Science in Integrated Marketing Communications Admission Requirements
- GPA: No minimum requirement
- Standardized Tests: GRE or GMAT
- Application Fee: $100
- Minimum Education: Bachelor’s degree
- Other Requirements: Resume, essays, and letters of recommendation
Applying to Northwestern University
- Submit your online application.
- Pay the application fee.
- Review admission decision.
- Explore financial aid options.
Pennsylvania State University | Malvern, PA
Pennsylvania State University, also known as Penn State, is a multi-campus research university founded in 1855. It has 24 campuses across Pennsylvania, including two law schools and a medical school. Penn State offers more than 90 undergraduate and a wide range of graduate degree programs across its campuses and online.
Master of Engineering Management
Penn State Great Valley’s graduate program in engineering management is an excellent option for those interested in technical or software project management. The program teaches core subjects like operations management, data visualization for analytics, technical project management, applied statistics, and decision and risk analysis in engineering.
Master of Engineering Management Overview
- Accreditation: Middle States Commission on Higher Education
- Tuition: $1,094/credit hour (resident); $1,771/credit hour (non-resident)
- Required Credits: 33 credits
- Program Length: 1.5 years
- Learning Format: Hybrid
- NCES School Graduation Rate: 57%
Master of Engineering Management Admission Requirements
- GPA: 3.0 or better
- Standardized Tests: GRE or GMAT (optional)
- Application Fee: $65
- Minimum Education: Bachelor’s degree
- Other Requirements: Official transcripts, one to two years of professional experience, detailed resume, statement of intent, and contact information for two references
Applying to Penn State Great Valley
- Start your application by visiting the graduate school admission page.
- Upload a copy of your official transcripts.
- Upload a copy of your current resume.
- Submit a one-page lengthy statement of intent.
- Pay a non-refundable application fee.
Regent University | Virginia Beach, VA
Regent University is one of the best and most prestigious universities in Virginia. It is a Christian university that was established in 1978. The university offers undergraduate and graduate programs in over 150 fields of study. Students can pursue a degree in business, law, leadership, cyber security, nursing, or healthcare.
Master of Business Administration with a Concentration in Product Management
Regent University’s MBA in product development teaches an in-depth course on all stages of a product lifestyle. They learn to critically think and launch their product in a global marketplace. Some of the program’s core courses are marketing management, operations and supply chain management, managerial economics, and corporate finance. Students also study four concentration courses, including design strategy and new product development.
Master of Business Administration with a Concentration in Product Management Overview
- Accreditation: Southern Association of Colleges and Schools, Commission on Colleges
- Tuition: $695/credit hour
- Required Credits: 42 credits
- Program Length: 2.5 years
- Learning Format: In-person
- NCES School Graduation Rate: 61%
Master of Business Administration with a Concentration in Product Management Admission Requirements
- GPA: Not required
- Standardized Tests: None
- Application Fee: None
- Minimum Education: Bachelor’s degree
- Other Requirements: None
Applying to Regent University
- Submit your application form online at the official university website.
- Answer the questionnaire sent by the university.
- Send unofficial transcripts.
- Email your official government identification.
University of Illinois | Champaign, IL
Founded in 1867, the University of Illinois ranks 15 among the top public universities in the US. It has 16 colleges that offer over 150 undergraduate and 100 graduate programs. As many as 50,000 students study at the university in various programs.
Master of Science Technical Management
This program is an excellent option for students who want to become technical product managers. It is a STEM-designated program that teaches process management, marketing management, finance, and accounting measurement.
Further, students can choose from 18 electives such as entrepreneurship, big data analytics, new product development, and IT governance. The program also offers a concentration in three subjects.
Master of Science Product Management Overview
- Accreditation: Higher Learning Commission
- Tuition and Fees: $41,912 (resident); $54,912 (non-resident)
- Required Credits: 40 credits
- Program Length: 12 months
- Learning Format: In-person
- NCES School Graduation Rate: 86%
Master of Science Technical Management Admission Requirements
- GPA: A minimum GPA of 3.0
- Standardized Tests: GRE or GMAT (optional)
- Application Fee: $70
- Minimum Education: A four-year undergraduate degree
- Other Requirements: Resume, statement of purpose, and answers to video questions
Applying to University of Illinois
- Fill out the online application form through graduate college.
- Submit unofficial transcripts.
- Submit your GRE and GMAT scores, although it is not mandatory.
- Upload your detailed resume.
- Submit a statement of purpose.
- Submit Gies Scholarship application essay.
- Answer the video questions.
- Pay the application fee.
The University of Texas at Austin | Austin, TX
The University of Texas at Austin (UT Austin) was established nearly 140 years ago. It consists of 18 schools and colleges offering 156 undergraduate, 139 graduate degrees, and several doctoral programs. According to US News and World Report 2021, UT Austin is among the top 10 national universities in the US.
Master of Science in Technology Commercialization
McCombs School of Business at UT Austin offers a go-to-market graduate program that teaches most in-demand business skills to students. Students learn marketing technological innovations, the art and science of negotiation, and venture accounting. In addition, they also understand how to manage product development and production.
Master of Science in Technology Commercialization Overview
- Accreditation: Southern Association of Colleges and Schools, Commission on Colleges
- Tuition and Fees: $57,000 for the entire program
- Required Credits: 30 credits
- Program Length: 1 year
- Learning Format: In-person or online
- NCES School Graduation Rate: 86%
Master of Science in Technology Commercialization Admission Requirements
- GPA: No minimum requirement
- Standardized Tests: GRE or GMAT
- Application Fee: $65
- Minimum Education: Bachelor’s degree
- Other Requirements: Letters of recommendation, a detailed resume, and official transcripts
Applying to University of Texas at Austin
- Fill out the application form online.
- Submit GRE and GMAT scores or request a waiver if applicable.
- Submit two letters of recommendation and official transcripts.
- Submit your detailed resume.
- Pay the application fee.
- Attend the admission interview when invited.
- Check admission status.
University of Wisconsin | Madison, WI
University of Wisconsin is a four-year public institution founded in 1848. It is located in Madison and consists of 13 schools and colleges. The university offers over 200 undergraduate and 250 graduate programs. Students can study a wide range of career fields, including engineering, human ecology, music, social work, and pharmacy nursing.
Master of Business Administration in Technology Strategy and Product Management
This is a customizable MBA program where students learn product management, digital strategy, project management, supply chain analytics, and managerial accounting. The program also offers 12 electives to help students gain specialization in specific niches to help students kickstart a career in technology, consulting, or the healthcare industry.
Master of Business Administration in Technology Strategy and Product Management Overview
- Accreditation: Higher Learning Commission
- Tuition and Fees: $23,364.64 (resident); $47,013.12 (non-resident) for the program
- Required Credits: 24 credits
- Program Length: 2 years
- Learning Format: In-person
- NCES School Graduation Rate: 86%
Master of Business Administration in Technology Strategy and Product Management Admission Requirements
- GPA: No minimum requirement
- Standardized Tests: GRE or GMAT
- Application Fee: $75
- Minimum Education: Bachelor’s degree from an accredited institution
- Other Requirements: Resume, essay, letters of recommendation, and official transcripts
Applying to University of Wisconsin
- Register on the official university website.
- Create an account.
- Submit an online application form.
- Send official transcripts.
- Upload GRE and GMAT scores.
- Upload resume.
- Submit answers to essay questions.
- Send professional letters of recommendation.
- Pay the application fee.
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What Is a Product Management Master’s Degree?
Product management master’s degrees are graduate-level advanced degree programs usually awarded by a graduate school. These degrees are typically two years long and are designed to teach career-focused skills and require students to complete 26 to 60 credits.
A graduate degree program prepares students to meet the tech industry’s challenges. They learn tech skills and fundamental business concepts through hands-on experience as they work on real-life projects.
Students who graduate with a master’s degree possess advanced technical and business skills, honed through a disciplined learning environment where students can gain a sound knowledge of the entire product lifecycle.
How Important Is a Master’s Degree in Product Management?
A Master’s Degree in Product Management is very important for students passionate about designing and managing a product. Product management is one of the best jobs in the tech industry in 2022.
A product management degree is a career-focused degree designed to teach relevant skills so students can pursue their dream jobs. Even students without a STEM education background can study product management and get a technical job.
With this degree, students can pursue a career in the tech industry, working in a startup or consulting firm. Apart from this, schools should offer career counseling services to help students decide the best path forward.
What Types of Master’s Degrees Can You Get in Product Management?
You can either get a Master of Science in Product Management or a Master of Business Administration in Product Management. A Master of Science is a STEM-designated program that emphasizes technical skills. It is more suitable for students with a degree in computer science, engineering, or other technical fields.
An MBA degree is a business program that teaches theory and application of business principles. Students can specialize in different modules such as product management or product strategy and design.
Is It Better to Get a Master of Science or Master of Business Administration in Product Management?
It is better to get a Master of Science because it focuses only on product management. A Master of Science degree teaches both technical and business skills, so a student learns how to design, manage, and market a product.
In contrast, most MBA degrees offer product management as one of many specialization options. The program focuses less on tech skills and more on business skills. Students have to study core business subjects.
Both MBA and MS degrees are excellent options for studying product management. The type of program you choose will depend on your career goals. If you are confused about which type of program is best for you, you should consult the admissions office.
What Is the Difference Between a Product Management Master’s Degree and a Product Management Certificate?
The primary difference between a product management master’s degree and a product management certificate program is the learning outcome. A master’s degree emphasizes teaching academic knowledge. In contrast, a certificate program aims to help the student quickly develop practical skills.
In addition, a product management master’s degree usually lasts for nine to 24 months. During this time, students learn the fundamentals and gain specialization in a subject. However, certificate programs are short and may end within a few weeks, and are cheaper than a master’s degree.
How Much Does It Cost to Get a Master’s Degree in Product Management?
The average tuition for a graduate public institution is $12,171 in the US, according to a 2018 to 19 survey by National Center for Education Statistics. The cost of getting a Master’s Degree in Product Management depends on the type of institution.
For instance, you might have to pay more if you attend a non-profit private institution. As per NCES, the average cost would then be $27,776. Additionally, a for-profit private institution would cost you $14,208, although these are not recent figures. Based on the figures stated, you may have to pay anywhere between $10,000 and $60,000 to get a master’s degree in product management.
Further, your program cost consists of campus facilities, living expenses, meals, transportation, and books. When choosing a program, you should consider all the expenses to make an informed decision.
How Long Does It Take to Get a Product Management Master’s Degree?
It can take nine to 24 months to get a product management master’s degree. The program length of your chosen master’s degree depends on university requirements. Certain universities allow you to complete the entire degree program in about a year. Such programs are usually rigorous and have an intense curriculum.
In contrast, some universities offer flexible programs where the duration can be decided by the student. If you opt for flexible programs, you can take up to three years to earn a professional degree. These programs are ideal for working professionals who want to attend in-person classes.
How Hard Is It to Get a Master’s Degree in Product Management?
It is not hard to get a Master’s Degree in Product Management if you have strong management and technical skills. Students who don’t have a STEM background may find the Master of Science in Product Management a bit challenging. However, they can first complete the prerequisite coursework to prepare for the program.
Alternatively, students without technical backgrounds can enroll in a Master’s in Business Administration with a concentration in product management. The curriculum of an MBA has core management coursework.
You can also seek student service support to help you study the subject and gain relevant skills. Product management has various career options. You will find the program easy as long as you study the subjects of your interest.
Why Should You Get a Product Management Master’s Degree?
You should get a product management master’s degree because it can open various career opportunities for you. With a degree, you can gain the advanced level skill set needed to become a good product manager. In addition, you can get experience, upskill yourself, and climb up the corporate ladder to become a marketing manager, head of product, or vice president of an organization.
Product management is one of the key positions in the company. Since this job is related to business and tech, it can present numerous opportunities in various industries. According to LinkedIn, there are over 250,000 job openings for product managers right now. With the growing demand, job openings are likely to increase.
What Courses Do You Need to Take in a Master’s Degree Program in Product Management?
When deciding which program to study, it is important that you also check the curriculum. A degree with all the core subjects can help you gain career-specific skills. Below is the core curriculum that most master’s degrees offer.
Product Management Fundamentals
This course will teach you the end-to-end process of researching, designing, developing, and marketing a product. You will learn the duties and responsibilities of a product manager in different fields and get hands-on experience in real-life projects.
Brand Management
This course teaches you how to identify your target customers and position the product in a way that it reaches the masses. You will learn how to create, manage, and sustain a brand, and how to design a smooth user experience.
Business Analytics
Business analytics teaches students to use advanced technology to optimize business operations. You will learn data analysis, statistical models, and other quantitative methods to solve business challenges. Additionally, you will learn how to analyze industry trends, study competitors, and use big data to make informed decisions.
Introduction to Product Strategy
This course will teach you the core concepts of building an effective product strategy. You will also learn the fundamentals of an effective go-to-market strategy and how to achieve business objectives. Further, you will learn how to analyze the existing strategies and align them with your business goals.
Supply Chain Management
Supply chain management is an essential course for product managers who want to work in manufacturing. In this course, you will learn how to manage the entire flow of information, services, and processes involved in the supply chain.
Continuing Education Paths for Product Management Master’s Degree Graduates
Once you complete your product management master’s degree, you can gain advanced skills through certificate programs. A certificate course can help you sharpen your skills and get a competitive edge in an ever-evolving field. You can also pursue a doctoral program, with which you can apply for top managerial positions.
Related Product Management Degrees
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What to Look For in the Best Product Management Master’s Degree Programs
The factors to keep in mind while selecting a master’s degree program include the cost of attendance, learning environment, career support services, or institutional rank. Below is an explanation of the common factors that play an essential role in your education.
Cost of Attendance
Before applying to any degree program, you should ensure that it fits into your budget. You can do this by comparing the cost of attendance of all the schools you like. You should also calculate other non-billable expenses to estimate the total cost of the program.
Core Courses
Product management is a vast field, hence every program offers a mix of relevant subjects. Before enrolling in a program, ensure that you’ve thoroughly understood the courses you will take. This will ensure that the program aligns with your career goals.
Institutional Accreditation
You should ensure that your chosen school is accredited when choosing a program. Accreditation ensures educational institutions are maintaining certain standards of education. Many employers require their employees to have a degree from an accredited institution.
Specialization
If you are enrolling in an MBA program, you should check the specialization offered by it. An MBA program may provide specialization in supply chain management, business analytics, or product management. You can choose your specialization as per your needs.
Career Services
Career support services can help students prepare for the job market. You should choose a university that can help you build a strong portfolio and teach you how to write a resume from scratch. Some universities also conduct mock interviews to help students face the challenges of real-job interviews.
What Is the Most Affordable Product Management Master’s Degree?
University of Wisconsin offers the most affordable product management master’s degree. The university offers a Master of Business Administration in Technology Strategy and Product Management. The total cost of the degree for residents is $23,634. The university also levies segregated fees, program fees, books and supplies charges, and room and computer fees. This can bring the total to $49,588.24.
In addition, the university has different tuition fees for resident and non-resident students. Non-resident students have to pay $47,013.12, which is twice the resident tuition fee amount. After adding all the expenses for non-resident students, the cost of attendance is $73,236.72.
Salary and Job Outlook for Product Management Master’s Degree Graduates
If you want to study product management, you should know about the many career options you can pursue. Your position can be a technical or managerial role, depending on the type of company you’re in. We’ve prepared a list of the best jobs, growth outlook, and salaries to help you with the research.
How Hard Is It to Get a Job With a Product Management Master’s Degree?
It is not hard to get a job with a product management master’s degree. Product management is an emerging field. Almost every organization requires a product manager to optimize business operations and work on go-to-market product strategy.
The US Bureau of Labor Statistics does not track the job outlook for product managers. That said, other popular job portals like Glassdoor have ranked product management roles in America’s best jobs of 2022.
The demand for product managers is also reflected by the high salaries employers pay. In the US, product managers can earn $125,000 on average. Product managers can also work as freelancers and enjoy other benefits.
What’s the Average Product Management Master’s Degree Salary?
You can make $94,000 on average per year with a Master of Science in Product Management, according to PayScale estimates. This is a general salary estimate for a product manager. However, the salary of a product manager depends on the job responsibilities.
A software product manager can earn over $100,000 per year, while a consumer product manager makes $60,000. Product managers who possess technical skills are likely to earn higher than those who do not.
What Types of Jobs Can You Get With a Product Management Master’s Degree?
The type of jobs you can get with a Master’s in Product Management include product manager, technical project manager, consumer product manager, product marketing manager, and group product manager. You can also explore the job of a project manager, program manager, account manager, business analyst, marketing manager, and sales manager.
Product Management Degree Jobs
- Group Product Manager
- Technical Product Manager
- Software Product Manager
- Product Marketing Manager
- Product Manager
Potential Careers With a Product Management Degree
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How Much Money Can You Make With a Master’s Degree in Product Management?
According to PayScale, you can earn $97,000 with a Master of Science in Product Management. A product management master’s degree makes you eligible for various business roles. Therefore, your salary will depend on the type of degree you are enrolled in and the type of job you take after you graduate.
For instance, if you have a Master of Engineering Management, you can make $81,000 in the US. In addition, if you get a product management certification and sharpen your skills, you can earn over $100,000 a year.
Highest-Paying Product Management Master’s Degree Jobs and Salaries: Overview
| Product Management Master’s Degree Jobs | Average Salary |
|---|---|
| Group Product Manager | $149,899 |
| Technical Product Manager | $109,741 |
| Software Product Manager | $100,544 |
| Product Marketing Manager | $93,866 |
| Product Manager | $88,544 |
Best Jobs for Product Management Master’s Degree Grads
With a master’s degree, there are a lot of product management jobs you can explore. Product management is a new field, hence the Bureau of Labor Statistics (BLS) hasn’t specified its job outlook yet. BLS has categorized it under similar management roles.
To help you start your research, we’ve listed the top-paying product management positions you can get after graduation. You will also find the average salaries, top-paying states, and job growth.
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Group Product Manager
A group product manager (GPM) is an experienced professional who leads a team of product managers. The primary responsibility of a GPM is to oversee all the operations of a product lifecycle. A GPM envisions the long-term strategy and directs the team to design and launch a product. In a way, a GPM manages people and products together.
- Average Salary: $149,899
- Job Outlook: 9% job growth from 2020 to 2030
- Number of Jobs: 42,400
- Highest-Paying States: California, Texas, New York, Florida, Massachusetts
Technical Product Manager
Technical product managers have a solid technical education background. They are responsible for analyzing the customer’s needs and helping engineers and developers deliver a great product. They examine new products and ensure a smooth user experience and assess technical risks attached to the product.
- Average Salary: $109,741
- Job Outlook: 9% job growth from 2020 to 2030*
- Number of Jobs: 42,400**
- Highest-Paying States: California, Texas, New York, Florida, Massachusetts**
Software Product Manager
Software product managers are responsible for overseeing the entire software development cycle. They closely work with engineering and management teams to ensure product development matches the product vision. They also analyze industry trends to help formulate business strategies.
- Average Salary: $100,544
- Job Outlook: 9% job growth from 2020 to 2030*
- Number of Jobs: 42,400*
- Highest-Paying States: California, Texas, New York, Florida, Massachusetts**
Product Marketing Manager
A product marketing manager develops effective promotion and marketing strategies for a particular product. They are responsible for positioning and branding a product among the masses. They work with different teams, including sales, engineering, and marketing, to ensure business growth.
Product Manager
Product managers are highly skilled professionals who research, design, develop, and launch a product, software, or service. They have many responsibilities, including relationship management, user experience, product design, and business strategy.
- Average Salary: $88,544
- Job Outlook: 9% job growth from 2020 to 2030*
- Number of Jobs: 31,100**
- Highest-Paying States: California, Texas, New York, Florida, Massachusetts**
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* Information taken from BLS statistics on Management Occupations
** Information taken from BLS statistics on Computer and Information Systems Managers
Best Jobs According to Your Major
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Is a Master’s Degree in Product Management Worth It?
Yes, a Master’s Degree in Product Management is worth it. There’s immense demand for product management in the country and worldwide. If you are passionate about designing and managing a product cycle, you should pursue product management.
Product management programs can teach you the most in-demand tech and business skills required to get a high-paying job. During the program, you will get a chance to work on a capstone project and get internship experience. Due to the high demand, you are likely to get a competitive salary as you gain more experience.
Additional Reading About Product Management
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Product Management Master’s Degree FAQ
To start a career in product management you first need to gain relevant business and technical skills. You can develop the skillset by enrolling in a program or a bootcamp. It would help if you wrote an excellent resume and built a portfolio. You can start networking with other professionals in the industry to get a job.
Yes, you can become a product manager without a degree by gaining relevant skills through bootcamps or certifications. Product management bootcamps are career-focused intensive programs that can make you job-ready. Bootcamps are usually shorter and more affordable than most degree programs.
A degree that includes fundamentals of product management, economics, and marketing for managers is the best product management degree. If you don’t have a technical background, an MBA in product management can be an ideal degree for you.
You can get an online product management master’s degree from Indiana University (Kelley), the University of Southern California, Saint Vincent College, and Boston University. Alternatively, you can enroll in product management bootcamps offered by accreditated institutions like Columbia University.
The post Best Product Management Master’s Degree Programs, Jobs, and Salaries appeared first on Career Karma.
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Preeti Soni
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