Project Manager vs. Product Manager

Many elements go into the process of creating and completing organizational initiatives. Project managers and product managers both play important roles in ensuring these initiatives are completed in alignment with organizations’ goals.

While these positions may sound similar, comparing project manager vs. product manager jobs reveals that a product manager’s role is more strategic, and a project manager’s job is more logistical and tactical.

What Is a Project Manager?

Project managers begin their work during the planning stages of a project, and they continue working through each logistical step. This includes planning and defining the scope of a project, establishing schedules, bringing in staff and other needed resources and communicating with team members and stakeholders.

These professionals stay with a project from the beginning stages until completion, making sure everything goes according to plan.

Project Manager Role and Responsibilities

Project managers work on projects through all stages, so they have set responsibilities from beginning to end to make sure their projects succeed. Project managers’ responsibilities include the following.

• Establish parameters and manage each logistical element of a project. This may include planning, defining the project’s scope, managing resources, executing various steps and bringing the project to a close.
• Monitor a project from start to finish to anticipate potential challenges ahead of time and solve problems as soon as they occur.
• Ensure that a project stays on budget. In doing this, project managers may need to reallocate funds to make sure the funds are used effectively.
• Maintain effective communication with those involved in the project.

Requirements to Become a Project Manager

Becoming a project manager requires in-depth knowledge of all the logistical aspects involved in completing projects effectively and efficiently. As a prospective project manager, you need to invest your time, energy and money in a good training program so you can learn the foundational elements of the field.

Earning a project management certification is the best way to demonstrate your qualifications as a project manager. The Project Management Institute (PMI) administers the most common project management certifications.

PMI provides the Project Management Professional (PMP)® and Certified Associate in Project Management (CAPM)® designations. When comparing CAPM vs. PMP, note that CAPM is a more entry-level credential, and PMP serves seasoned project managers.

Most project manager certification training programs require candidates to hold a high school diploma, an associate degree or a bachelor’s degree. Most also call for a few or several years of experience working in project management. To earn your certification, you must ultimately pass a comprehensive exam covering project management principles.

Benefits of Project Manager Certification

Increased Income Potential

Is PMP certification worth it? For starters, earning PMP certification puts you in a higher income bracket compared to project management specialists who are not PMP-certified. In fact, PMI conducted a salary survey and found that globally, PMP certification salary is 16% higher than the median annual salary of non-certified project managers. In the U.S., this salary difference jumps to 32%.

Advanced Job Opportunities

Project management certification can qualify you for higher-level jobs, as many advanced positions in project management require PMP or another professional certification in project management. Certification serves as proof of your knowledge and skills in the field. This demonstration of skill can create opportunities for well-paying jobs.

Improved Project Management Skills

Project management certification programs can teach in-depth project management principles and advanced methodologies to help you improve your skills in the profession. The more you learn, the more effective you become as a project manager.

What Is a Product Manager?

Product managers play a strategic role in product development as they develop a vision for the product and ensure that it effectively meets customers’ needs. These professionals establish guidelines to determine a project’s success. They also monitor updates to make sure progress aligns with the organization’s original goals and vision.

Product Manager Role and Responsibilities

Product managers take on a broad but high-level role in product development. They ensure that a product develops according to its vision and meets the needs of customers who will use it. Product managers’ responsibilities are as follows.

• Create a roadmap for a product by determining what users need. Establish priorities to determine when elements of the project should be built.
• Set defining metrics to help determine a product’s success.
• Monitor performance, changes and new features to ensure that the project stays within the set parameters for success.
• Conduct research and market analysis to maintain a high-quality product.
• Work with cross-functional teams to implement strategies that result in a successful product.

Requirements to Become a Product Manager

If you want to become a product manager, start by learning as much as you can about the field. You should also expect to engage in some type of formal training as you prepare for a product management career.

Product managers come from a variety of educational backgrounds. A college degree is not required to work as a product manager, but many of these professionals have bachelor’s degrees in product management or similar fields. Some also have master’s degrees in product management or business administration.

Many types of product manager training programs are available both online and in person. Some specifically cater to those who are just launching their product management careers. You can even attend a product manager bootcamp, which is an intensive, comprehensive, short-term training program.

A product manager training program may culminate in a certificate of completion or certification. You don’t necessarily need this type of credential, but if you want to build a successful career as a product manager, you should plan to earn certification eventually.

Common product manager certifications include the Association of International Product Marketing and Management’s Certified Product Manager® credential and the Product Development and Management Association’s New Product Development professional certification.

Benefits of Working as a Product Manager

Optimistic Employment Outlook

If you choose a product management career, you’re choosing a bright job outlook. Product manager jobs are in high demand. A 2021 survey from Product School revealed that 43% of companies were hiring more product managers, and 26% of product managers were planning to leave their jobs within the next year. These stats point to strong demand for product managers in the coming years.

Income Growth Potential

As a product manager, you can substantially increase your income as you gain experience. The average annual salary for product managers is just over $100,000, but salaries range from around $83,000 for someone with less than one year of experience to over $116,000 for someone with more than 10 years of experience.

Varied Scope of Work

Product managers take on a variety of professional responsibilities and work with many different groups of people. They have regular interaction with teams and individuals in engineering, research, design, analytics, marketing and sales.

Product management may be a great career option for you if you enjoy working with other people and tackling an array of tasks each day. In other words, you are unlikely to get bored in this position.

Product Manager vs. Project Manager: Similarities and Differences

How Are They Similar?

Product managers and project managers both work with teams and individuals to complete tasks to create the best outcome for organizations and their products. Both roles work toward reaching goals according to objectives set forth by an organization.

How Are They Different?

A product manager focuses on the overall scope of a product, such as establishing the product’s vision and ensuring that it meets users’ needs. A project manager focuses more on logistical elements of a project, such as scheduling, budgeting and managing resources.

A successful product meets a target audience’s needs or solves a common problem. A product can be anything from computer software to household items. A project, on the other hand, entails a series of individual steps and tasks. A completed project should result in new methods, processes or systems.

Which One is Right for You?

There are several factors to consider when evaluating project manager vs. product manager career options. If you like the idea of taking on responsibility for establishing the parameters of new products and making sure the products align with specific visions and goals from beginning to end, you might enjoy a career as a product manager. If you prefer working with day-to-day logistical activities, project management might be a better career path for you.