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The differences between new product managers and senior product managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 8-10 years to become both a new product manager and a senior product manager. Additionally, a senior product manager has an average salary of $133,868, which is higher than the $117,459 average annual salary of a new product manager.
The top three skills for a new product manager include market research, product management and project management. The most important skills for a senior product manager are product management, cloud, and product strategy.
| New Product Manager | Senior Product Manager | |
| Yearly salary | $117,459 | $133,868 |
| Hourly rate | $56.47 | $64.36 |
| Growth rate | 10% | 10% |
| Number of jobs | 112,426 | 119,025 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 72% |
| Average age | 39 | 39 |
| Years of experience | 10 | 10 |
A new product manager's role is to determine the needs and desires of a customer. They do complex tasks in line with the production and introduction of new products with the help of the sales director. They forecast the current and future product lines by reviewing product specifications and requirements, appraising new product ideas and/or product or packaging changes. The role also includes an assessment of product market data by reaching out to customers with the help of field salespeople and evaluating sales call results.
A senior product manager oversees the workflow and workforce involved in product and service development, ensuring a high return for its investments. They are primarily responsible for assessing and providing recommendations, producing review and reference documents, and obtaining feedback from consumers and high-ranking company personnel. Furthermore, as a senior product manager, they must lead a group of product managers, motivating and supervising them in their joint effort to accomplish goals according to the company's standards and policies.
New product managers and senior product managers have different pay scales, as shown below.
| New Product Manager | Senior Product Manager | |
| Average salary | $117,459 | $133,868 |
| Salary range | Between $79,000 And $174,000 | Between $98,000 And $182,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | California | California |
| Best paying company | Meta | Roku |
| Best paying industry | Retail | Start-up |
There are a few differences between a new product manager and a senior product manager in terms of educational background:
| New Product Manager | Senior Product Manager | |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Georgia | University of Georgia |
Here are the differences between new product managers' and senior product managers' demographics:
| New Product Manager | Senior Product Manager | |
| Average age | 39 | 39 |
| Gender ratio | Male, 70.2% Female, 29.8% | Male, 68.5% Female, 31.5% |
| Race ratio | 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% | 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 | 10% | 10% |