Product Management vs Project Management: Which Earns More?

Product Management vs Project Management collaborates closely, yet each has distinct responsibilities. Hence, the Product Manager defines the product’s vision, goals, and strategies, while the Project Manager job is to look at multiple projects to ensure the successful achievement of those objectives.

As a result, we may conclude that product management helps various projects in achieving project management goals, whereas project management is just a performer. 

Make sure to check: Project Management Salary: Is it a high-paying job?

Product Management vs Project Management

Here are the comparison chart that shows the difference between Product Management vs Project Management:

S. No:	Product Management	Project Management
1.	It is concerned with prioritizing user needs in order to effectively design a market-competitive product.	Project management focuses on project planning, executing, and closing of the project.
2.	Aims to build a successful and useful product that fits the needs of customers.	Aims to meet specified project goals within limitations such as time, budget, and scope.
3.	Market research, customer feedback, and long-term product goals are used to make decisions.	Project requirements, timelines, and resource availability are used to make decisions.
4.	Work with a variety of team, customers and stakeholders	Manages project stakeholders
5.	Market fit, changing user wants, and competition are all factors to consider in product management.	Risks associated with scope, money, and timelines are managed.

In the comparison of Product Management vs Project Management: Product Management involves creating market-driven goods through research, development, and lifecycle management while Project Management focuses on planning, executing, and completing projects within schedule and budget.

Tasks of Product Manager

The following are the responsibilities of a project manager:

• Provide essential measures for the success of the project
• Recognize and convey customer requirements to the product team
• Collaborates with cross-functional teams such as engineering, design, and marketing to develop and implement product strategy
• Do market analysis and other research in order to enhance or expand a product
• Monitors product performance
• Track competitors

Task of Project Manager

The following are the responsibilities of a project manager:

• Track task and scheduled through project management software
• Establish essential standards such as project’s scope, scheduled, and expected cost
• In order to project modification they develop and maintain processes
• Make sure teams work well together
• Keep everyone motivated and on scheduled
• Work closely with leadership and stakeholders, and communicate regularly

Product Manager vs Project Manager: Who earns more?

According to talent.com the average salary of a Product Manager is $147,674 per year or $75.73 in Canada while Project Manager earns $90,000 or $46.15 in Canada.

Therefore, a Product Manager earns more than Project Manager in Canada.

Salaries Per Region 

Here are the salaries of product managers and project managers in each region of Canada:

Regions	Product Manager (per year)	Project Manager (per year)
Manitoba	$147,783	$123,197
Saskatchewan	$146,286	$122,527
Ontario	$140,999	$123,530
Quebec	$138,918	$123,867
British Columbia	$137,909	$122,449
Alberta	$122,459	$123,510
New Brunswick	$144,482	$123,240
Nova Scotia	$122,374	$105,614

Required Skills for Product Manager or Project Manager

Product Manager:

Product Manager must possess soft skills and technical skills such as:

Soft Skills	Technical Skills
Leadership	Knowledge of Microsoft Excel
Critical Thinking and Analytical Thinking	A/B Testing
Flexibility	Data Analysis Skills
Problem-Solving	Software Development Skills
Time Management	Product Planning
Communication	Knowledge of Agile Methodologies
Developing Empathy	Market Research

Project Manager:

Project Manager must possess soft skills and technical skills such as:

Soft Skills	Technical Skills
Communication	Knowledge of project management software like Asana, Trello, Microsoft Project and Jira
Management	Quality Control
Leadership	Risk Management
Problem-Solving	Data Analysis Tools such as Microsoft Excel and Google Sheet
Planning and Coordinating	Knowledge of Agile Methodologies
Operations	Technical Writing Skills
Customer Services	Stakeholder Management

Required Certifications

There are various certifications that will enhance your skills and credibility in these fields. Here are some recognized certifications: 

Product Management Certifications

• Product School – Product Manager Certificate
• Pragmatic Institute – Certified Product Manager 
• AIPMM Certified Product Manager Credential

Project Management Certification

• Project Management Professional (PMP)
• Certified Associate in Project Management (CAPM)
• Certified ScrumMaster (CSM)
• Professional Scrum Master (PSM)
  

You may also check: Project Management Salary: Is it a high-paying job?

Frequently Asked Questions