What is the salary of Product Manager Intern in 2024?

The salary for product manager interns is a matter of interest for agencies and aspiring professionals, as the demand for certified experts inside the field of product management is growing. In 2024, with the business and technological landscapes converting swiftly, knowing the developments in product manager intern pay, offers beneficial information about the capacity and marketplace dynamics for individuals looking for entry-level roles on this enterprise.

Who is the Product Manager Intern?

An individual doing an internship in an enterprise’s product management branch is referred to as a “product manager intern.” These individuals are frequently students or recent graduates. Assisting product managers with a work associated with the creation, introduction, and preservation of the business’s items and services is the responsibility of this role.

The intern might work on tasks that improve the product and increase its value to customers, consisting of function prioritization, competition analysis, marketplace studies, and consumer testing. Under the direction of seasoned professionals, it’s an opportunity for people to get practical experience in product management while contributing to actual projects.

Salary of a Product Manager Intern in India

• Pay Range: A Product Manager Intern in India may expect to make between ₹20,000 and ₹50,000 a month.
• Company Size and Reputation: Compared to startups or smaller businesses, larger, more established corporations may pay greater payment.
• Location: Depending on the Indian city or region, salaries may vary. In comparison to smaller cities or towns, metropolitan areas like Bangalore, Mumbai, and Delhi typically provide higher incomes.
• Industry: Pay might also differ based on the sector. For example, compared to internships in traditional businesses, those in the technology or e-commerce sectors could pay more.
• Education and Experience Level: Applicants with advanced degrees or relevant work experience may be paid more than those with less education or experience.
• Benefits and Perks: Companies may provide stipends, performance bonuses, or other perks in addition to the base pay, such as lunch vouchers or transportation allowances.
• Duration: The length of the internship, whether it’s a short- or long-term position, may have an effect on the pay that is given.
• Salary and Benefits Negotiations: It may be possible for candidates, depending on their background, abilities, and overall worth to the internship position.

Average Salary of Product Manager in India

1. Entry-level Product Manager: ₹6,00,000 to ₹10,00,000 per annum.
2. Mid-level Product Manager: ₹10,00,000 to ₹20,00,000 per annum.
3. Senior-level Product Manager: ₹20,00,000 to ₹40,00,000 per annum.
4. Director/Head of Product: ₹40,00,000 and above per annum.

Average Salary of Product Manager in US

1. Entry-level Product Manager: $70,000 to $100,000 per year.
2. Mid-level Product Manager: $100,000 to $150,000 per year.
3. Senior-level Product Manager: $150,000 to $200,000+ per year.

Skills Required to Become a Product Manager Intern

• Communication Skills: Presenting product strategy, recognizing user demands, and sharing ideas with the team all depend on effective communication. Clear thinking is a requirement for interns, both in writing and speaking.
• Analytical Skills: To make smart judgements, product managers have to examine user conduct, market traits, and product metrics. Strong analytical skills are necessary for interns to assess records and derive insightful conclusions.
• Project Management Skills: Product managers are responsible for dealing with complex projects that involve several stakeholders and strict deadlines. To ensure timely shipping, interns should be organized, careful, and capable of manipulate obligations well.
• Business Knowledge: Making strategic product decisions requires an understanding of business principles like revenue models, competitive analysis, and marketplace positioning. Interns should be capable of connecting product projects with broader corporate desires and recognize essential business ideas.
• Collaboration and Teamwork: Product managers collaborate and work in teams with engineers, designers, marketers, and sales representatives from various departments. It is expected of interns to be cooperative members of a team who can create a positive team atmosphere and solid working connections.

Product Manager Intern- Roles and Responsibilities

• Supporting Product Creation: Work with cross-functional teams, collect user input, and conduct market research to help in the creation of new features or products.
• Project Coordination: Help with project management duties consist of making plans, monitoring, and arranging activities among numerous groups to guarantee the timely delivery of product milestones.
• User Research: To learn more about the needs, problems, and preferences of users, conduct usability testing, surveys, and user interviews. Prioritize features and make decisions about products based on data analysis.
• Data Analysis: To assess product performance, focus on the areas for improvement, and provide records-driven tips for product enhancements, analyze user information and product metrics.
• Contributing to a Positive Team Culture: Encourage a cooperative and welcoming team atmosphere by exchanging ideas, encouraging team members, and actively engaging in team meetings.
• Competitive Analysis: To recognize market dynamics, spot possibilities, and set the organization’s products apart from the opposition, research rival merchandise and industry developments.
• Supporting Product Launches: Provide assistance with customer communication and support, promotional material preparation, marketing coordination, and product launch support.
• Helping with Product Planning: Work together with Product Managers to design feature requirements, set release dates, and create product roadmaps. Assist in setting feature priorities according to user input and corporate goals.
• Problem-Solving Skills: Product managers face a variety of difficulties while creating product roadmaps, setting feature priorities, and settling disputes. These skills are related to problem-solving. In order to address problems and come up with novel solutions, interns should have creative problem-solving abilities.

How to Become a Product Manager Intern?

1. Acquire Relevant Education

A background in business, computer science, engineering, or design can be helpful, while it’s not necessary to have a specific degree to work as a product manager intern. A bachelor’s degree in a relevant field might be pursued, or you could sign up for classes or get certified in project management, business analysis, or product management.

2. Acquire Experience

Seek for chances to work as a product manager through freelance projects, or internships. Positions in marketing, project management, or business research might offer useful experience, even if they aren’t specifically labelled as product manager internships.

3. Develop Soft Skills

It’s important to develop soft skills including leadership, teamwork, communication, and problem-solving. Product managers must be adept at navigating challenging situations, working with cross-functional teams, and communicating ideas properly. Look for chances to acquire these abilities through leadership roles, volunteer work, and extracurricular activities.

4. Create a Portfolio

Use a portfolio or personal projects to highlight your experiences and abilities. These should highlight your capacity for problem analysis, product strategy development, and effective communication of ideas. Case studies, project summaries, or other relevant work examples that demonstrate your accomplishments and contributions should be included.

5. Apply for Internships

Look for firms that offer Product Manager internships that match your interests and professional objectives. Make sure that your cover letter and CV highlight your enthusiasm for product management as well as your relevant experiences and talents. Use your network to get recommendations or referrals from recruiters and hiring managers. Be proactive in your communication with them.

6. Develop Your Technical Skills

As Product Manager Interns frequently collaborate directly with developers and engineers, it can be helpful to have a understanding of technical ideas. Learn about the software development processes, platforms, and tools that are frequently used in product management, such as JIRA, Agile, Scrum, and product analytics tools.

7. Preparation for Interviews

Interview preparation involves practicing standard questions for product management positions and being ready to talk about your experiences, methods to problem-solving, and interest in the company’s offerings. Display your energy, curiosity, and capacity to pick things up quickly and adjust to new situations.

8. Seek Feedback and Iterate

To keep refining your techniques and methods, ask mentors, colleagues, and business experts for their opinions. Embrace constructive feedback and utilize it to improve your tactics and objectives as you advance in your pursuit of being an intern product manager.

Conclusion: Salary of Product Manager Intern

The competitive nature of the employment market and the continued need for skills in the product management field are reflected in the salary of intern product managers in 2024. Prospective product managers could expect different pay packages depending on industry, geography, firm size, and individual credentials. Product manager interns can have a fulfilling career path and support the expansion and innovation of businesses in a variety of industries if they have the proper mix of knowledge, experience, and market awareness.

FAQs on salary of Product Manager Intern in 2024?

Q.1 What is the average salary of a Product Manager Intern?

The average salary for Product Management Intern is ₹84,000 per month in the India.

Q.2 Who earns more SDE or product manager?

Product Manager generally earns more than SDE.

Q.3 In 2024, how can I demand for a higher pay as an intern product manager?

As a product management intern in 2024, negotiating your pay require learning about industry standard, appreciating your own worth and abilities, and clearly expressing your expectations to the interviewer. It’s critical to be ready to talk about your background, experiences, and what you can offer the position.