What does an MBA education have to do with becoming a product manager? The role of a product manager has evolved largely over the last few years. The broad term product management now has specificities attached to it. Let's explore some product manager roles, what they involve and how does the ISB MBA fit.
We analysed the trends of ISB Placements in product management function in the recent years we find that product management is definitely a strongly represented career option at ISB.
In the year 2017 the mid 80% CTC for product management function was INR 28 Lacs (approx), in 2018 it was INR 24.78 Lacs, in 2019 it was INR 22.15 lacs, in 2020 it was INR 26.25 Lacs, in 2021 it was INR 27.44 Lacs, in 2022 it was INR 34.37 Lacs, in 2023 it was INR 34 Lacs.
If you are considering a career as a Product Manager post ISB MBA get a profile evaluation with our ISB admission consultant at GOALisB.
How is the Product Management Career Evolving in 2024?
Product management is changing rapidly and drastically. It is important for both emerging and experienced product managers to keep up with the trends. These are some of the key things that will shape careers in this industry:
Data-oriented Decision Making: The days of depending on instincts are over. Product managers today use data analysis tools, including user insights at all stages of the product lifecycle. There is, however, an increasing need for skills such as mastery of metrics.
Integration of AI and Machine Learning: Artificial intelligence (AI) and machine learning (ML) have changed everything concerning product development. From predicting user actions through AI driven personalization characteristics, product managers are employing these technologies to enable their users get a better experience.
Customer-Centricity Takes Center Stage: In this era characterized by limitless alternatives, consumer-centricity takes precedence above anything else. This has necessitated deep user research investments persona building and customer journey mapping so that products can really resonate with their intended customers.
Emphasis on Agile and Lean Methodologies: Several firms have adopted agile techniques in managing their products while others have opted to use lean framework; thus enabling teams’ quick response to feedbacks leading to assumptions validation at its initial stage thereby speeding up the launching process.
Growth of Product-Led Growth (PLG): PLG is a business model where the product itself drives customer acquisition, activation, and retention. More often than not Product Managers lately are tasked with coming up with intuitive as well as organic products capable of acquiring and retaining customers without much struggle.
Focus on Sustainability and Ethical Practices: Increasingly consumers and stakeholders want sustainable products that do not compromise ethical standards when made or used. This involves considering sustainability in every aspect from material selection to manufacturing processes by each Product Manager’s strategy formulation.
Rise of Specialized Product Roles: With complex nature of products, there is a need for specialized product roles. Examples of these new positions include Growth Product Managers and Technical Product Managers as well as AI/ML Product Managers.
Remote Work and Distributed Teams: Remote work has opened up new frontiers for global companies where PMs have been required to work with different teams from various locations. This calls for effective communication and collaboration tools.
Continuous Learning and Upskilling: The dynamic nature of technology and customer needs requires product managers to be lifelong learners. Acquiring new skills and keeping abreast with industrial developments is crucial in order to develop one’s career.
Career Opportunities for Product Managers post ISB:
Demand for skilled product managers has surged across the globe in nearly every industry. Some of the best future jobs include:
Technical Product Manager: They are known as technical product managers who are acting as a bridge between engineering and business operations by understanding technology as it relates to the creation of innovative products.
Growth Product Manager: By relying on data and experimentation, they focus on user acquisition, activation, retention, driving growth through their products.
AI/ML Product Manager: These PMs develop smart products that learn from users’ behaviors by leveraging artificial intelligence (AI) and machine learning (ML).
Data Product Manager: Resposible for managing data driven products/services, enabling business value generation using data analytics techniques.
Check trends of ISB Consulting, ISB Healthcare placements, ISB Ecommerce Placements as well.
What This Means for You:
If you want a job in product management or want to grow your current position, these trends bring both opportunities and challenges. Being successful in this exciting field therefore necessitates developing solid foundations in data analysis, adopting emerging technologies as well as perfecting your skills that put customers first.
Top seven traits to identify if you are made for Product Management:
Do you want to be a mini CEO?
Do you possess a growth mindset?
Can you imagine a new future and deliver it?
Can you identify opportunities?
Are you comfortable interacting with customers?
Are you a problem solver? Are you creative and an innovator?
Do you understand the EQ parts of of your product?
What are the different kind of Product Management Roles? There are largely three categories of Product Manager roles today:
Growth Product Manager
Technical Product Manager
Core Product Manager
If you are considering to shift to a product manager role, consider the ISB application process.
What are some companies which offer Product Manager roles at ISB?
Jio
Deloitte USI
Honeywell
Microsoft
Razorpay
Cisco
Flipkart
Innovacer
Amazon
Myntra
Get in touch with an MBA admission consultant at GOALisB for assistance on your ISB application.
What are the different Product Manager roles offered to MBA graduates?
Product Analyst
Product Manager
Consultant Product Manager
Senior Product Manager
Head of Product
1. Product Management Role: Product Analyst Usual Entry level: A professional with around two years of experience in a data analytics role and strong working knowledge of analytics technologies like Google Analytics, Clevertap, Adobe analytics. In addition to having great analytical skills to work as a product analyst one must posses Advanced Excel knowledge, shortcuts, lookups, pivot table, macros, and be well versed with SQL queries, R Python, SPSS, Excel at the least. 2. Product Management Role: Product Manager Usual Entry Level: 5 - 8 years of work experience depending on the organisation with atleast 1-3 years of software engineering work experience. To become a successful product manager experience with Agile and lean processes is a plus. A product manager is expected to demonstrate traits of a good leader and be efficient in stakeholder management. Great interpersonal skills are essential tools for a product manager to achieve shared goals. A great product manager must have excellent quantitative and business analysis skills along with the ability to excel in an ambiguous decision making environment. These are skills that you gain at an impactful ISB MBA program. 3. Product Management Role: Consultant Product Manager Usual Entry Level: This is a relatively more prevalent role in the International scenario than Indian. Dell Technologies internationally is currently hiring for multiple positions for this role.
Who is a consultant product manager? Someone with 5 to 8 years' experience in technical product management with a strong entrepreneurial mindset. A consultant product manager is someone who can handle product strategy, vision, implementation end to end in different client scenarios. This is a role for which a top tier MBA like the ISB MBA is almost a must. 4. Product Management Role: Senior Product Manager Usual Entry Level: Depending on the recruiting organisation the senior product manager role is offered to professionals with 3- 5 years of product management experience and overall work experience of 5 - 10 years. This is a role essentially offered to management graduates so a program like the ISB MBA is definitely helpful. Software engineering, agile development, strong domain knowledge and leadership skills are an absolute must to professionals seeking this role. 5. Role: Head of Product Usual Entry Level: This is a role for a professional who has the ability to lead the growth of the organisation through amplifying existing products to introducing new products. Knowledge of the domain, experience in software development environments, excellent business skills, team management, stakeholder management, business strategy are all key to this role. Organisations look for professionals with 8 - 15 years of product management experience to hire for this role. Top tier MBA program graduates with the potential to steer business growth are the best fit. Get in touch with an ISB admission consultant at GOALisB to chart out your plan for career growth. Who is a Product Manager?
You almost qualify for being a product manager if you are someone who is:
Entrepreneurial,
Innovator,
Collaborator,
Manager,
Have deep operations knowledge
Combined with a technical product development background
Life of a Product Manager
Speaking about a day in the life of a Product Manager, let us tell you it’s never the same as the previous one – Every single day is filled with unique challenges and progresses. Their day-to-day responsibilities encompass intense interactions with engineers, tech leads, customers, designers, legal experts, finance people, and the marketing/sales team. A Product Manager’s role displays a wide level of variance depending on the size of the company, size of the product, stage in the lifecycle of the product, and also the level of seniority. However, ultimately, the basic and crucial role of all PMs encompasses a collaborative interaction with several development teams to accomplish pre-set goals of product design, development, and customer satisfaction. What does a Product Manager do?
Undertaking core product activities such as making sound Product Requirement Documents (PRD), and contribute to the vision, ideation, and usability testing.
Colluding with the design, engineering, and cross-functional teams.
Resolving conflicts and disagreements between different teams working on a product.
Strong relationship management with the customer and customer support teams.
Working with multiple teams.
Extensive insights on industry trends, competitor intelligence, and academics.
Skills you require to become a product manager?
For most organisations you qualify to become a product manager is you have 5-10 years of experience in the specific domain.
Prior work experience as a project manager adds value to the product manager role.
Clear and strong sense of ownership and excellent communication skills are a must for being a successful product manager.
It is a role which requires you to extensively communicate your ideas and work across the organisation not only the specific department that you deal with.
The role of a product manager requires one to have a good understanding of technology.
These are closely followed by the expertise you develop through an MBA course like an ISB MBA.
A Comprehensive Guide to Excelling in Your ISB and
Tips for Product Management Interview Preparation:
Practice Active Listening: During interviews, pay close attention to the interviewer's cues and questions. This will help you tailor your responses to align with the specific focus of the interview.
Stay Up-to-Date: Keep yourself informed about the latest industry trends, technologies, and market dynamics. Being knowledgeable about the current landscape showcases your dedication and commitment to the role.
Be Curious: Ask insightful questions about the company, team, and product. This not only displays your genuine interest but also demonstrates your analytical thinking.
Showcase Problem-Solving: Emphasize how you approach challenges by breaking down complex problems into manageable steps, leveraging data and user insights.
Stay Positive: Even if you face challenging questions, maintain a positive attitude. Interviewers often value candidates who can handle pressure with grace.
Practice, Practice, Practice: Regularly conduct mock interviews with peers, mentors, or interview coaches. This helps you refine your answers and build confidence.
Be Honest About Your Knowledge: If you're unsure about a topic, it's okay to admit it. Interviewers appreciate candidates who are honest and willing to learn.
Maintain Professionalism: Treat everyone you encounter during the interview process with respect and professionalism, from the receptionist to the interviewers.
Stay Confident: Remember that you've prepared thoroughly and have valuable experiences to share. Confidence in your abilities can make a significant difference.
As you gear up for your ISB interview, remember that preparation is your greatest ally. Take advantage of the expertise of GOALisB ISB admission consultants to elevate your interview performance.
Get in touch to discuss your profile and get application assistance for applying to MBA programs in Singapore with an MBA admission consultant at GOALisB. Email us at contact@goalisb.com or Call us at +91 7719497187.