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Product management is an organizational job that oversees every aspect of a product’s life cycle, from development to positioning and pricing, by putting the product and its users first. Product management is a diverse and ever-changing discipline that has a substantial impact on businesses and their stakeholders. To generate outstanding product outcomes, product managers mix user focus, business knowledge, and technical skills. Keep reading this blog if you want to know more about the Master in product management application details, eligibility, career and much more!
| Course | Master’s in Product Management |
| Level | Masters |
| Duration | 1-2 years |
| Average Fees | INR 10,00,000 to INR 30,00,000 |
| Average Salary | INR 13 – 15 LPA |
About Masters in Product Management
The Masters in Product Management program can help you better understand your customer’s history, design products that meet their demands, improve management skills, develop exceptional communication skills, and improve the effectiveness of your team. This program is for students who want to learn about product marketing, how to create physical or virtual products, how to think beyond the box, or how to manage a product portfolio. If you’re thinking about getting a master’s degree in product management, don’t worry; you’ll find a variety of job titles under it, including Product Managers, Project and Program Managers, Director and Vice Presidents of Product Management, and General Managers who oversee product portfolios and strategies.
Must Read: Product Specialist
Why Study Masters in Product Management
The role of a Product Manager has a lot of room for growth because you’ll be working with numerous cross-functional teams. Your subject expertise and experience will be enhanced by working with engineering, design, research, marketing, business, analytics, sales, support, and content teams. The abilities you’ll gain via everyday partnerships, communications, difficulties, and regular decision-making will help you become a great leader in the future.
Solving users’ problems, watching how the product you produced is used by your end-users, and seeing how it affects someone’s life will be addictive.
You will also get the opportunity to communicate with the organization’s top leadership, which will help you better understand the organization’s vision. Having a broader perspective will help you make the best decisions for your product and business. You will find the role to be adaptable because you will be the one making the decisions and prioritizing the duties.
Syllabus
- Product Portfolio Analysis
- Market Research
- Advertising and Channel Management
- Strategic Brand Management
- User Experience Design and Innovation
- Pricing and Promotion
- New Product Planning
- Business models- designing, storyboarding, and wireframing
- Customization and innovation in the digital domain
- User Experience design
- Financial Theories and Fundamentals of Business
- Communication and presentation practices
- Product Marketing and Strategy
- Testing and validation techniques and implementation
- Elimination Strategies
- Customer development
- Consumer Behavior
Must Read: MBA in Product Management
Top Universities for Masters in Product Management
| INSTITUTE | ANNUAL FEES (INR) |
| The University of Liverpool – Management School | 22,30,800 |
| Carnegie Mellon University | 52,03,090 |
| Aston University | 9,47,363 |
| Poznan University of Economics and Business | 1,73,872 |
| New York University | 17,37,370 |
| University of Wisconsin | 37,12,518 |
| The University of California, Berkeley, Haas School of Business | 6,08,471 |
Top Colleges in India
- University of Technology, Jaipur
- Institute of Product Leadership, Bangalore
- Vikramajit Singh Sanatan Dharma College, Kanpur
- Shiv Nadar University
- Institute of Business Management and Research
- Bharatiya Vidya Bhavan Royal Institute of Management
- Indian Institute of International Business
Cost of Studying Masters in Product Management
According to a National Center for Education Statistics survey from 2018 to 2019, the average tuition for a graduate public institution in the United States is $12,171. The cost of a Master’s Degree in Product Management varies depending on the institution.
For example, if you attend a non-profit private university, you may have to pay extra. According to the NCES, the average cost would then be $27,776. Furthermore, a for-profit private university would set you back $14,208, but these are not current values. According to the numbers, a master’s degree in product management might cost anywhere between $10,000 and $60,000.
Furthermore, the cost of your programme includes campus facilities, living expenses, meals, transportation, and books. To make an informed selection while selecting a programme, you should examine all costs.
Must Read: Project Management Courses in Canada
Eligibility
- To be eligible for admission to different institutes in this program, candidates must be a graduate. They must hold a degree from a recognized university or board.
- Candidates with a background in science, arts, commerce, business administration, or any other field are eligible to apply to any institute that offers this postgraduate program. They may, however, need to pass the entrance exam.
- Any student who has already completed his or her post-graduation level study in any discipline and is attempting to enrol in this course is welcome to apply.
- Most colleges that offer Product Management degrees, according to reports, accept candidates who have earned a minimum of 50% in their undergraduate studies. Students from the reserved category, on the other hand, do not have to meet any minimum marks requirements in order to be admitted.
- An applicant applying for admission to this course has no upper age limit. He or she must, however, be at least 20 years old to be considered for admission to those institutes.
For abroad, check with the university pages as the criteria differ from institution to institution. However, an overview would include:
- IELTS 6.5 (with no band lower than 6.0)
- International Baccalaureate (Standard Level 5)
- TOEFL iBT (88 or above with minimum scores in components as follows: Listening and Writing 21, Reading – 22, Speaking 23)
- INDIA Standard XII (70% or above from Central and Metro State Boards
- GMAT / GRE – Required, Average GRE – 321, Average GMAT – 691
- LOR and SOP
Application Process
The application process takes place over a period of time and begins months before the commencement of classes. The universities have two main intakes known as the fall intake and winter intake for international students to kickstart their journey. You can call our Leverage Edu experts on 1800 572 000 to find out how the application process can be fast-tracked. Here’s an easy 5-step process to complete your application process:
- Call our experts on 1800 572 000 to shortlist your favourite universities and courses. Start your application to multiple universities through our one dashboard platform.
- Compile all your documents like SOPs, essays, certificates, LORs and exam scores like IELTS, TOEFL, GRE, GMAT, etc.
- Meet all the application deadlines and start the application process for accommodation, students visa, and scholarships/student loans.
- Accept the offer letter and meet your teachers, college mates, and roommates virtually.
- Get your visa approved and fly to your dream university.
Must Read: Here’s a List of Important Documents Required to Study Abroad in 2023
Duration of the Degree
A product management master’s degree might take anything from nine to twenty-four months to complete. The length of your selected master’s degree programme is determined by university requirements. Many institutions allow you to finish your degree programme in as little as a year. These programmes are typically tough and have a hard curriculum.
In contrast, some colleges provide flexible programmes whose duration is determined by the student. If you choose flexible programmes, you can get a professional degree in as little as three years. These programmes are suitable for working people who want to take classes in person.
Career Scope
Master’s in Product Management has excellent future career prospects with salaries normally starting around INR 10 LPA and going as high as INR 40+ LPA for senior profiles in India.
Top Job Profiles & Salary in India
Following are some of the top job profiles after a Master’s in Product Management and their average salary in India.
| JOB PROFILES | AVERAGE SALARY |
| Product Marketing Manager | INR 12 LPA |
| Delivery Manager – Product | INR 24 LPA |
| Product Development Manager | INR 14.3 LPA |
| Assistant Manager – Product | INR 7 LPA |
| Group Product Manager | INR 18 LPA |
Top Countries for Product Managers
Check out the average salary for Product Managers in different countries around the globe.
| Country | Average Salary |
| UK | GBP 53,100 (~INR 50 Lakhs) |
| USA | INR 89,300 (~INR 70.60 Lakhs) |
| Canada | CAD 96,200 (~INR 58.26 Lakhs) |
| Australia | AUD 88,400 (~INR 47.37 Lakhs) |
| New Zealand | NZ$ 79,200 (~INR 38.44 Lakhs) |
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Is the Degree Worth It?
Definitely, a Master of Science in Product Management is worthwhile. Product management is in high demand in the country and around the world. Product management is a good career choice if you enjoy planning and managing product cycles.
Product management programmes can educate you on the most in-demand technological and business skills needed to land a high-paying career. Throughout the programme, you will have the opportunity to work on a capstone project and gain internship experience. Because of the great demand, you will most likely earn a competitive income as you gain more expertise.
Conclusion
If you want to pursue a master’s degree in product management, you need to be aware of the qualifying requirements as well as which universities provide the best programmes. And Leverage Edu can assist you with all of this information. We have explained the eligibility requirements and assessed some of the top universities offering master’s degrees in product management in this blog. So, if you’re eager to advance your career, be sure to visit our blog for additional information!
FAQs
Ans. The following are some of the industries where a candidate might find work: Manufacturing, finance, market research, software, hospitality, advertising, e-commerce firms, personal care product firms, food manufacturing firms, automobile firms, and home product manufacturers are all examples of industries.
Ans. In our country, there are numerous opportunities in the sector of product management. Because the field is not overcrowded, students who are interested in it will have plenty of options in the near future. Because only a small percentage of students choose this path, there are more employment openings in various organizations.
Ans. The ability to solve a problem analytically, leadership, charisma, creative mindset, persuasion abilities, and ability to remain cool in the face of adversity are some of the factors required for this role.
We hope that our blog has provided you with all of the information you require about a Master’s in Product Management. Do you need help deciding which study abroad program is the best fit for you or planning to study? For total assistance in getting admission to your selected college, contact our Leverage Edu consultants. Call us right now at 1800572000 to make an appointment!
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