The average salary for a Product Manager is US$157,536 per year in Chicago, IL, United States. Salaries estimates are based on 71938 salaries submitted anonymously to Glassdoor by a Product Manager employees in Chicago, IL, United States.

The highest salary for a Product Manager in Chicago, IL, United States is US$202,479 per year.

The lowest salary for a Product Manager in Chicago, IL, United States is US$124,169 per year.

Product manager salaries vary widely with experience, education, geography, industry and firm. This pay range reflects the varying career backgrounds of product managers as well as the range of sectors in which they find employment. Candidates with an extensive background in engineering or business, or a graduate degree in a related field, generally receive higher salaries. Pay is expected to grow over the next decade, as the digital transformation pushes new firms to develop complex products which benefit from skilled oversight.

Powered by Glassdoor Economic Research

Approximately 76% of professionals are satisfied with their product manager salaries, according to Glassdoor's anonymous ratings. Factors that help qualify their salaries as good include compensation packages, profit sharing, and bonuses, which provide the potential to earn an additional $36,900.20 in income every year.

The salary range for product manager positions falls between $100,341.36 and $251,885.02, with the average salary landing at $120,636.03 following the average product manager career path. You'll earn more from your role as a product manager once you gain several years of experience and master marketable skills in the industry. As a lead product manager, you can earn significantly more and gain leadership experience.

Cement your professional credibility by getting certified. The Product Management Professional (PMP) certification requires 4,500 hours of experience, so it demonstrates a high level of job-specific knowledge and on-the-job success, leading to a higher salary as a product manager. You also have the option of becoming a Certified Product Marketing Manager through the Association of International Product Marketing & Management (AIPMM). Likewise, consider getting an advanced degree, such as a master's in product development or business management, to stand out among other applicants and cement your reputation as a professional. Gain experience and solid references, and you'll move toward a better product manager salary the longer you stay in the field.

With product manager positions, completing professional certification puts you in a prime place to negotiate. The same applies to advanced education and extensive experience in the field. If you've just received a job offer, use previous professional roles to demonstrate how your education, experience, and skills came into play while you were on the job. While you can reasonably ask for a raise within 20% of your existing product manager salary (if you're bargaining from an established position), ask for solid examples of how you can work toward your goal number, such as demonstrating excellent leadership skills or leading the product development team.

About 76.21% of Product Manager professionals feel satisfied with their salary, according to anonymous Glassdoor ratings. An additional $36,900 in potential pay per year, among other factors, can qualify the annual pay of a Product Manager in Chicago, IL as a good salary.

Product Manager professionals in Chicago, IL have a wide total pay range, between $100,341 and $251,885 depending on experience, with an estimated total pay of $157,536 following the average career path of a Product Manager.