Average Bank Product Manager Salary in Russia for 2024

In this article, we will look at the average Bank Product Manager salary for 2024 in Russia and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Russian ruble. To keep things simple, we are using the RUB currency code instead of the currency symbol โ‚ฝ.

How Much Does a Bank Product Manager Make in Russia?

A Bank Product Manager working in Russia will typically earn around 1,678,300 RUB per year, and this can range from the lowest average salary of about 852,600 RUB to the highest average salary of 2,579,200 RUB.

Average Annual Salary
1,678,300 RUB
Average Monthly Salary
139,858 RUB

Lowest Annual Salary
852,600 RUB
Lowest Monthly Salary
71,050 RUB

Highest Annual Salary
2,579,200 RUB
Highest Monthly Salary
214,933 RUB

These are average salaries for a Bank Product Manager in Russia and include benefits such as housing and transport. It's also possible for a Bank Product Manager to earn more or less than the average salaries shown above.

Bank Product Manager salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Bank Product Manager Salaries in Russia

So we've looked at the average salaries a Bank Product Manager will earn in Russia. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Bank Product Manager can earn between 852,600 RUB and 2,579,200 RUB on average in Russia. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Bank Product Manager in Russia is 1,645,600 RUB. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 1,645,600 RUB, and 50% of the population earn more than 1,645,600 RUB.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Bank Product Manager salary in Russia, 25% of the population are earning less than 1,122,900 RUB while 75% of the population earn more than 1,122,900 RUB.

75% of the population earn less than 2,065,400 RUB, and 25% of the population earn more than 2,065,400 RUB.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Bank Product Manager Salary by Experience Level in Russia

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average bank product manager salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Bank Product Manager in Russia that has less than two years of experience can expect to earn somewhere in the region of 955,800 RUB.
  • 2 - 5 Years Experience. With two to five years of experience the average Bank Product Manager salary would increase to 1,249,900 RUB.
  • 5 - 10 Years Experience. From five to ten years of experience as a Bank Product Manager , the average salary would be 1,751,700 RUB.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 2,100,900 RUB.
  • 15 - 20 Years Experience. A Bank Product Manager with 15 to 20 years of experience can earn an average of 2,281,800 RUB.
  • 20+ Years Experience. For a Bank Product Manager with more than 20 years, the expected average salary increases to 2,460,900 RUB.

Average Salary by Experience Chart

0-2 Years
955,800 RUB
2-5 Years +31%
1,249,900 RUB
5-10 Years +40%
1,751,700 RUB
10-15 Years +20%
2,100,900 RUB
15-20 Years +9%
2,281,800 RUB
20+ Years +8%
2,460,900 RUB

Bank Product Manager Salary by Education Level in Russia

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Bank Product Manager in Russia based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. A Bank Product Manager in Russia with a bachelor's degree education can earn an average salary of 1,180,700 RUB.

  • Master's Degree. A Bank Product Manager in Russia with a master's degree education can earn an average salary of 2,100,900 RUB.

Average Salary by Education Chart

Bachelor's Degree
1,180,700 RUB
Master's Degree +77%
2,100,900 RUB

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Russia is around 519,000 to 1,560,000 RUB and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Bank Product Manager Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Russia, a male bank product manager will earn an average of 1,751,700 RUB, while a female bank product manager will earn around 1,606,100 RUB.

This means that a male bank product manager earns approximately 9% more than a female bank product manager for performing the same job.

Average Salary by Gender Chart in Russia

Male
1,751,700 RUB
Female -9%
1,606,100 RUB

Bank Product Manager Average Pay Raise in Russia

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Bank Product Manager in Russia is around 12% every 17 months.

The national average pay raise across all professions and industries in Russia is around 8% every 17 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 12 ÷ 17 ) × 12  = 8%

What this means is that a Bank Product Manager in Russia can expect to receive an average pay raise of around 8% every 12 months.

Annual Pay Raise by Industry in Russia for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Russia.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
8%
Energy
7%
Information Technology
6%
Healthcare
5%
Travel
4%
Construction
3%
Education
2%

Bank Product Manager Bonus and Incentive Rates in Russia

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Bank Product Manager is a high bonus based job, with 80% of employees reporting at least one bonus in the last 12 months.

20% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 6% to 8%.

Received Bonus
80%
No Bonus
20%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Russia earn approximately 6% more than private sector employees in the same role.

Public Sector
1,283,600 RUB
Private Sector -6%
1,212,800 RUB

Salaries for Jobs Similar to a Bank Product Manager

In the table below, we have salary information for jobs that are similar to a Bank Product Manager in Russia.

Job Title Category Salary
AML Analyst Banking 1,930,500 RUB
Assistant Bank Branch Manager Banking 1,570,900 RUB
Assistant Bank Manager Banking 2,124,400 RUB
ATM Manager Banking 1,765,300 RUB
ATM Service Technician Banking 472,100 RUB
Bank Accounts Analyst Banking 675,200 RUB
Bank Accounts Collector Banking 442,300 RUB
Bank Accounts Controller Banking 882,400 RUB
Bank Accounts Executive Banking 1,283,600 RUB
Bank Accounts Manager Banking 1,606,100 RUB
Bank Auditing Manager Banking 1,500,800 RUB
Bank Branch Manager Banking 2,184,900 RUB
Bank Branch Operations Coordinator Banking 917,200 RUB
Bank Clerk Banking 397,900 RUB
Bank Client Service Associate Banking 581,300 RUB
Bank Collector Banking 430,000 RUB
Bank Compliance Specialist Banking 1,184,200 RUB
Bank Manager Banking 2,519,500 RUB
Bank Operational Risk Manager Banking 2,423,000 RUB
Bank Operations Head Banking 2,688,800 RUB
Bank Operations Officer Banking 1,021,800 RUB
Bank Operations Specialist Banking 1,547,500 RUB
Bank Process Manager Banking 1,417,600 RUB
Bank Programme Manager Banking 1,716,600 RUB
Bank Project Manager Banking 2,086,500 RUB
Bank Propositions Manager Banking 1,728,900 RUB
Bank Quantitative Analyst Banking 1,259,300 RUB
Bank Regional Manager Banking 2,748,900 RUB
Bank Regional Risk Officer Banking 1,369,700 RUB
Bank Relationship Manager Banking 1,980,600 RUB
Bank Relationship Officer Banking 858,400 RUB
Bank Teller Banking 454,300 RUB
Banker Banking 885,000 RUB
Banking Business Analyst Banking 1,345,400 RUB
Banking Business Development Officer Banking 852,900 RUB
Banking Business Planning Executive Banking 1,967,000 RUB
Banking Product Manager Banking 1,583,700 RUB
Banking Reference Data Manager Banking 1,440,700 RUB
Banking Risk Analyst Banking 1,249,900 RUB
Banking Technical Analyst Banking 680,100 RUB
Bankruptcy Coordinator Banking 899,100 RUB
Bill and Account Collector Banking 476,600 RUB
Budget Analyst Banking 1,273,300 RUB
Capital Risk Manager Banking 2,566,100 RUB
Cards Marketing Manager Banking 1,594,500 RUB
Cash Management Manager Banking 2,327,100 RUB
Check Processing Manager Banking 1,693,600 RUB
Commercial Vault Associate Banking 1,296,900 RUB
Corporate Banker Banking 962,300 RUB
Corporate Dealer Banking 1,333,900 RUB
Credit Analyst Banking 1,050,100 RUB
Credit and Collections Manager Banking 1,788,300 RUB
Credit Card Fraud Investigator Banking 1,345,400 RUB
Credit Portfolio Manager Banking 2,485,800 RUB
Credit Risk Analyst Banking 1,537,500 RUB
Credit Risk Associate Banking 1,369,700 RUB
Direct Bank Sales Representative Banking 899,900 RUB
Exchange Control Consultant Banking 1,380,400 RUB
Executive Account Analyst Banking 1,235,600 RUB
Financial Bank Planning Consultant Banking 1,728,900 RUB
Financial Banking Analysis Manager Banking 1,980,600 RUB
Financial Banking Assistant Banking 627,900 RUB
Financial Banking Systems Manager Banking 1,765,300 RUB
Foreign Exchange Manager Banking 1,835,700 RUB
Fraud Analyst Banking 1,380,400 RUB
Fraud Detection Associate Banking 988,600 RUB
Fraud Detection Manager Banking 2,124,400 RUB
Fraud Detection Supervisor Banking 1,166,500 RUB
Internal Bank Audit Manager Banking 2,339,200 RUB
Internal Bank Auditor Banking 1,212,800 RUB
Internal Private Banker Banking 929,700 RUB
International Banking Manager Banking 2,782,600 RUB
Investment Banking Analyst Banking 1,835,700 RUB
Loan Analyst Banking 1,345,400 RUB
Loan Area Manager Banking 1,524,300 RUB
Loan Audit Team Leader Banking 1,428,800 RUB
Loan Branch Manager Banking 1,537,500 RUB
Loan Business Development Officer Banking 810,200 RUB
Loan Clerk Banking 464,400 RUB
Loan Collection and Recovery Manager Banking 1,655,500 RUB
Loan Collection Manager Banking 1,537,500 RUB
Loan Collector Banking 445,100 RUB
Loan Examiner Banking 581,300 RUB
Loan Officer Banking 499,300 RUB
Loan Processing Manager Banking 1,405,700 RUB
Loan Processor Banking 571,300 RUB
Loan Quality Assurance Auditor Banking 1,391,600 RUB
Loan Quality Assurance Manager Banking 1,510,400 RUB
Loan Quality Assurance Representative Banking 991,000 RUB
Loan Review Manager Banking 1,464,200 RUB
Loan Team Leader Banking 1,283,600 RUB
Loans Manager Banking 1,693,600 RUB
Mortgage Advisor Banking 953,200 RUB
Mortgage Collection Manager Banking 1,570,900 RUB
Mortgage Collector Banking 430,000 RUB
Mortgage Credit Analyst Banking 684,900 RUB
Mortgage Credit Manager Banking 1,405,700 RUB
Mortgage Development Manager Banking 1,751,700 RUB
Mortgage Document Reviewer Banking 582,700 RUB
Mortgage Funding Manager Banking 1,693,600 RUB
Mortgage Operations Manager Banking 2,254,400 RUB
Mortgage Payment Processing Clerk Banking 485,200 RUB
Mortgage Processing Manager Banking 1,464,200 RUB
Mortgage Processor Banking 623,200 RUB
Mortgage Quality Assurance Auditor Banking 1,369,700 RUB
Mortgage Quality Assurance Manager Banking 1,524,300 RUB
Mortgage Servicing Clerk Banking 472,100 RUB
Mortgage Servicing Manager Banking 1,464,200 RUB
Mortgage Underwriter Banking 558,300 RUB
Online Banking Manager Banking 2,314,800 RUB
Payment Processing Clerk Banking 462,300 RUB
Personal Banker Banking 932,000 RUB
Personal Banking Advisor Banking 932,000 RUB
Phone Banker Banking 615,700 RUB
Private Banker Banking 922,300 RUB
Reconciliation and Investigation Specialist Banking 1,083,500 RUB
Tax Officer Banking 761,400 RUB
Teller Banking 453,200 RUB
Trade Officer Banking 522,700 RUB
Trade Product Manager Banking 1,621,400 RUB
Trader Banking 663,200 RUB
Treasury Operations Officer Banking 1,198,300 RUB

Salary Comparison by City

If you want to compare salaries with different cities in Russia, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Chelyabinsk 1,846,200 RUB
Izhevsk 1,500,800 RUB
Kazan 1,765,300 RUB
Krasnodar 1,510,400 RUB
Krasnoyarsk 1,621,400 RUB
Moscow 1,930,500 RUB
Nizhny Novgorod 1,846,200 RUB
Omsk 1,751,700 RUB
Rostov-on-Don 1,728,900 RUB
Saint Petersburg 1,846,200 RUB
Samara 1,741,800 RUB
Saratov 1,464,200 RUB
Volgograd 1,524,300 RUB
Yekaterinburg 1,825,000 RUB

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