In this video, I share honest realities of salaries, work profile, exit opportunities, and work satisfaction of a product manager from Amazon, PayTM, Flipkart, and Netflix and compare that to a management consultant from BCG, Mckinsey
The numbers and experiences as a Product Manager come from my own exposure in this field and also from innumerable informal chats I have had with friends from Amazon, PayPal, and Tesla over a "chai break". Look forward to hearing your views.
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Have you ever compared management consulting and product management? Or have you ever wondered which of 2 has better job satisfaction and exit opportunities? In this career insight, we will explore all the aspects of management consulting and product management one by one.
Product Management
1.1 Work Profile
It is famously said that the product manager is the CEO of the product. As a product manager, you are the builder of the product. Going back in history, you will realise that humans have always been creators and builders.
Due to this, you have higher work satisfaction as a product manager. The obvious results and impacts give us a lot of validation. In addition to this, you do a lot of inter-departmental influencing without authority.
A classic product manager sits at the intersection of the user interface, technology and business. The worst mistake you can do as a product manager is asking the user for problems and solutions. In this aspect, Steve Jobs was an excellent creator, as he understood the users' needs without them even mentioning them.
With my long history of working as a product manager, I would give it a rating of 2.5/3 in terms of job satisfaction.
1.2 Exit Opportunities
Product managers typically have promising exit opportunities. Taking the example of Sundar Pichai, who used to be the chief product manager and eventually became the CEO.
1.3 Salary
So the range of average CTC packages would be 23-28 Lakhs. Amazon, Flipkart and other leading organisations would be at the higher end of the spectrum and companies like Oyo and Meeshow and the lower end.
Ofcourse these numbers could change based on the designations. Sometimes there are senior product managers or associate managers. I am taking the context of product managers after their MBA or a formal degree.
Management Consulting
2.1 Work Profile
Consultants have a wider sphere of influence. Product management just happens to be one of them.
The skill requirements for both job profiles are quite similar. As a consultant, you have to spend a lot of time influencing your teammates, team leader and client. You are supposed to know about finance, marketing, business acumen, operation, etcetera. In terms of hard skills, you need to be proficient with Microsoft excel and Microsoft presentation.
As a former BCG consultant, I would rate management consulting 2/3 in terms of job satisfaction. The reason behind the lower score is that I like implementing, not just advising.
Негізгі бет Management Consulting vs. Product Management (Thoughts From A Former BCG Consultant & CPO!) 🤯
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