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The differences between management consultants and product managers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a management consultant, becoming a product manager takes usually requires 8-10 years. Additionally, a product manager has an average salary of $111,729, which is higher than the $99,360 average annual salary of a management consultant.
The top three skills for a management consultant include healthcare, project management and portfolio. The most important skills for a product manager are product management, QA, and product strategy.
| Management Consultant | Product Manager | |
| Yearly salary | $99,360 | $111,729 |
| Hourly rate | $47.77 | $53.72 |
| Growth rate | 11% | 10% |
| Number of jobs | 153,045 | 125,678 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 72% |
| Average age | 44 | 39 |
| Years of experience | 4 | 10 |
A management consultant's responsibility focuses on conducting an in-depth analysis of a company or business, including its target market. Through their findings, they can devise strategies that will help the business grow and attain a significant profit. There are also instances when a management consultant must solve particular issues that will require them to investigate the problem, assess damages, identify risks, and recommend the best solutions to take. Furthermore, a management consultant must adhere to the company's vision, mission, and policies at all times.
A product manager is responsible for ensuring product development, providing the best marketing strategies, and effectively handling the sales and marketing team. Product managers' duties include monitoring the market trends and conditions, identifying business opportunities and plan initiatives, and collaborating the product launch process with the appropriate departments. A product manager is also responsible for generating ideas on improving product features, determining timetables and reasonable pricing, and analyzing product sales. A product manager must have excellent strategic and decision-making skills to contribute to its growth and profitability.
Management consultants and product managers have different pay scales, as shown below.
| Management Consultant | Product Manager | |
| Average salary | $99,360 | $111,729 |
| Salary range | Between $72,000 And $136,000 | Between $81,000 And $152,000 |
| Highest paying City | Jersey City, NJ | San Francisco, CA |
| Highest paying state | New Jersey | California |
| Best paying company | Apple | Meta |
| Best paying industry | Technology | Retail |
There are a few differences between a management consultant and a product manager in terms of educational background:
| Management Consultant | Product Manager | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | Northwestern University | University of Georgia |
Here are the differences between management consultants' and product managers' demographics:
| Management Consultant | Product Manager | |
| Average age | 44 | 39 |
| Gender ratio | Male, 65.9% Female, 34.1% | Male, 65.3% Female, 34.7% |
| Race ratio | Black or African American, 8.1% Unknown, 4.5% Hispanic or Latino, 8.9% Asian, 13.6% White, 64.8% American Indian and Alaska Native, 0.2% | Black or African American, 3.0% Unknown, 5.3% Hispanic or Latino, 8.7% Asian, 8.2% White, 74.6% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 12% | 10% |