Average Banking Product Manager Salary in United Kingdom for 2024

In this article, we will look at the average Banking Product Manager salary for 2024 in United Kingdom 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 British pound. To keep things simple, we are using the GBP currency code instead of the currency symbol £.

How Much Does a Banking Product Manager Make in United Kingdom?

A Banking Product Manager working in United Kingdom will typically earn around 94,900 GBP per year, and this can range from the lowest average salary of about 46,700 GBP to the highest average salary of 148,300 GBP.

Average Annual Salary
94,900 GBP
Average Monthly Salary
7,908 GBP

Lowest Annual Salary
46,700 GBP
Lowest Monthly Salary
3,891 GBP

Highest Annual Salary
148,300 GBP
Highest Monthly Salary
12,358 GBP

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

Banking 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 Banking Product Manager Salaries in United Kingdom

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

Salary ranges

We already know that a Banking Product Manager can earn between 46,700 GBP and 148,300 GBP on average in United Kingdom. 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 Banking Product Manager in United Kingdom is 96,600 GBP. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 96,600 GBP, and 50% of the population earn more than 96,600 GBP.

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 Banking Product Manager salary in United Kingdom, 25% of the population are earning less than 65,200 GBP while 75% of the population earn more than 65,200 GBP.

75% of the population earn less than 125,400 GBP, and 25% of the population earn more than 125,400 GBP.

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.

Banking Product Manager Salary by Experience Level in United Kingdom

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 banking 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 Banking Product Manager in United Kingdom that has less than two years of experience can expect to earn somewhere in the region of 55,100 GBP.
  • 2 - 5 Years Experience. With two to five years of experience the average Banking Product Manager salary would increase to 70,000 GBP.
  • 5 - 10 Years Experience. From five to ten years of experience as a Banking Product Manager, the average salary would be 95,400 GBP.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 119,700 GBP.
  • 15 - 20 Years Experience. A Banking Product Manager with 15 to 20 years of experience can earn an average of 130,500 GBP.
  • 20+ Years Experience. For a Banking Product Manager with more than 20 years, the expected average salary increases to 138,700 GBP.

Average Salary by Experience Chart

0-2 Years
55,100 GBP
2-5 Years +29%
70,000 GBP
5-10 Years +38%
95,400 GBP
10-15 Years +24%
119,700 GBP
15-20 Years +7%
130,500 GBP
20+ Years +7%
138,700 GBP

Banking Product Manager Salary by Education Level in United Kingdom

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 Banking Product Manager in United Kingdom 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 Banking Product Manager in United Kingdom with a bachelor's degree education can earn an average salary of 69,700 GBP.

  • Master's Degree. A Banking Product Manager in United Kingdom with a master's degree education can earn an average salary of 108,200 GBP.

Average Salary by Education Chart

Bachelor's Degree
69,700 GBP
Master's Degree +60%
108,200 GBP

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 United Kingdom is around 29,600 to 88,700 GBP 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.

Banking 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 United Kingdom, a male banking product manager will earn an average of 94,300 GBP, while a female banking product manager will earn around 92,100 GBP.

This means that a male banking product manager earns approximately 2% more than a female banking product manager for performing the same job.

Average Salary by Gender Chart in United Kingdom

Male
94,300 GBP
Female -2%
92,100 GBP

Banking Product Manager Average Pay Raise in United Kingdom

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 Banking Product Manager in United Kingdom is around 13% every 14 months.

The national average pay raise across all professions and industries in United Kingdom is around 9% every 15 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 = ( 13 ÷ 14 ) × 12  = 11%

What this means is that a Banking Product Manager in United Kingdom can expect to receive an average pay raise of around 11% every 12 months.

Annual Pay Raise by Industry in United Kingdom for 2024

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

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

Banking
3%
Energy
6%
Information Technology
9%
Healthcare
3%
Travel
6%
Construction
9%
Education
3%

Banking Product Manager Bonus and Incentive Rates in United Kingdom

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 Banking Product Manager is a high bonus based job, with 84% of employees reporting at least one bonus in the last 12 months.

16% 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 5% to 9%.

Received Bonus
84%
No Bonus
16%

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 United Kingdom earn approximately 7% more than private sector employees in the same role.

Public Sector
72,700 GBP
Private Sector -7%
68,200 GBP

Salaries for Jobs Similar to a Banking Product Manager

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

Job Title Category Salary
AML Analyst Banking 111,700 GBP
Assistant Bank Branch Manager Banking 95,100 GBP
Assistant Bank Manager Banking 130,500 GBP
ATM Manager Banking 100,700 GBP
ATM Service Technician Banking 29,900 GBP
Bank Accounts Analyst Banking 44,300 GBP
Bank Accounts Collector Banking 24,800 GBP
Bank Accounts Controller Banking 57,800 GBP
Bank Accounts Executive Banking 78,100 GBP
Bank Accounts Manager Banking 91,500 GBP
Bank Auditing Manager Banking 96,000 GBP
Bank Branch Manager Banking 123,800 GBP
Bank Branch Operations Coordinator Banking 54,100 GBP
Bank Clerk Banking 23,300 GBP
Bank Client Service Associate Banking 34,000 GBP
Bank Collector Banking 22,800 GBP
Bank Compliance Specialist Banking 66,200 GBP
Bank Manager Banking 146,900 GBP
Bank Operational Risk Manager Banking 142,300 GBP
Bank Operations Head Banking 158,900 GBP
Bank Operations Officer Banking 61,500 GBP
Bank Operations Specialist Banking 94,400 GBP
Bank Process Manager Banking 86,100 GBP
Bank Product Manager Banking 95,300 GBP
Bank Programme Manager Banking 102,700 GBP
Bank Project Manager Banking 114,300 GBP
Bank Propositions Manager Banking 111,700 GBP
Bank Quantitative Analyst Banking 72,700 GBP
Bank Regional Manager Banking 160,600 GBP
Bank Regional Risk Officer Banking 82,300 GBP
Bank Relationship Manager Banking 108,200 GBP
Bank Relationship Officer Banking 54,600 GBP
Bank Teller Banking 26,200 GBP
Banker Banking 50,600 GBP
Banking Business Analyst Banking 80,800 GBP
Banking Business Development Officer Banking 49,700 GBP
Banking Business Planning Executive Banking 115,600 GBP
Banking Reference Data Manager Banking 81,700 GBP
Banking Risk Analyst Banking 83,700 GBP
Banking Technical Analyst Banking 44,800 GBP
Bankruptcy Coordinator Banking 58,200 GBP
Bill and Account Collector Banking 26,500 GBP
Budget Analyst Banking 80,700 GBP
Capital Risk Manager Banking 142,300 GBP
Cards Marketing Manager Banking 102,700 GBP
Cash Management Manager Banking 141,000 GBP
Check Processing Manager Banking 107,300 GBP
Commercial Vault Associate Banking 79,800 GBP
Corporate Banker Banking 57,800 GBP
Corporate Dealer Banking 83,300 GBP
Credit Analyst Banking 63,900 GBP
Credit and Collections Manager Banking 112,700 GBP
Credit Card Fraud Investigator Banking 79,000 GBP
Credit Portfolio Manager Banking 152,700 GBP
Credit Risk Analyst Banking 89,300 GBP
Credit Risk Associate Banking 87,700 GBP
Direct Bank Sales Representative Banking 57,800 GBP
Exchange Control Consultant Banking 81,300 GBP
Executive Account Analyst Banking 75,400 GBP
Financial Bank Planning Consultant Banking 102,700 GBP
Financial Banking Analysis Manager Banking 112,700 GBP
Financial Banking Assistant Banking 35,600 GBP
Financial Banking Systems Manager Banking 108,200 GBP
Foreign Exchange Manager Banking 119,700 GBP
Fraud Analyst Banking 81,600 GBP
Fraud Detection Associate Banking 54,100 GBP
Fraud Detection Manager Banking 118,900 GBP
Fraud Detection Supervisor Banking 68,400 GBP
Internal Bank Audit Manager Banking 139,100 GBP
Internal Bank Auditor Banking 77,000 GBP
Internal Private Banker Banking 58,200 GBP
International Banking Manager Banking 163,500 GBP
Investment Banking Analyst Banking 116,400 GBP
Loan Analyst Banking 74,900 GBP
Loan Area Manager Banking 100,700 GBP
Loan Audit Team Leader Banking 92,600 GBP
Loan Branch Manager Banking 86,100 GBP
Loan Business Development Officer Banking 46,700 GBP
Loan Clerk Banking 27,700 GBP
Loan Collection and Recovery Manager Banking 92,200 GBP
Loan Collection Manager Banking 91,200 GBP
Loan Collector Banking 25,800 GBP
Loan Examiner Banking 35,000 GBP
Loan Officer Banking 30,800 GBP
Loan Processing Manager Banking 83,400 GBP
Loan Processor Banking 35,500 GBP
Loan Quality Assurance Auditor Banking 80,500 GBP
Loan Quality Assurance Manager Banking 85,400 GBP
Loan Quality Assurance Representative Banking 58,200 GBP
Loan Review Manager Banking 88,700 GBP
Loan Team Leader Banking 83,800 GBP
Loans Manager Banking 109,700 GBP
Mortgage Advisor Banking 54,600 GBP
Mortgage Collection Manager Banking 94,100 GBP
Mortgage Collector Banking 25,800 GBP
Mortgage Credit Analyst Banking 41,300 GBP
Mortgage Credit Manager Banking 84,800 GBP
Mortgage Development Manager Banking 103,600 GBP
Mortgage Document Reviewer Banking 36,000 GBP
Mortgage Funding Manager Banking 97,600 GBP
Mortgage Operations Manager Banking 138,700 GBP
Mortgage Payment Processing Clerk Banking 32,900 GBP
Mortgage Processing Manager Banking 89,200 GBP
Mortgage Processor Banking 36,400 GBP
Mortgage Quality Assurance Auditor Banking 75,500 GBP
Mortgage Quality Assurance Manager Banking 86,800 GBP
Mortgage Servicing Clerk Banking 28,900 GBP
Mortgage Servicing Manager Banking 84,800 GBP
Mortgage Underwriter Banking 33,000 GBP
Online Banking Manager Banking 142,300 GBP
Payment Processing Clerk Banking 26,900 GBP
Personal Banker Banking 59,100 GBP
Personal Banking Advisor Banking 59,700 GBP
Phone Banker Banking 36,400 GBP
Private Banker Banking 56,800 GBP
Reconciliation and Investigation Specialist Banking 65,900 GBP
Tax Officer Banking 47,400 GBP
Teller Banking 27,300 GBP
Trade Officer Banking 34,000 GBP
Trade Product Manager Banking 87,900 GBP
Trader Banking 39,100 GBP
Treasury Operations Officer Banking 69,100 GBP

Salary Comparison by City

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

City Average Salary
Aberdeen 96,000 GBP
Abingdon 89,200 GBP
Armagh 101,100 GBP
Bangor 88,000 GBP
Belfast 100,700 GBP
Birmingham 115,600 GBP
Bradford 107,700 GBP
Brighton 100,900 GBP
Bristol 114,600 GBP
Cambridge 93,800 GBP
Canterbury 91,700 GBP
Cardiff 105,800 GBP
Chester 91,500 GBP
Coventry 102,700 GBP
Derby 107,700 GBP
Derry 97,400 GBP
Dundee 100,900 GBP
Durham 90,300 GBP
Edinburgh 107,700 GBP
Exeter 100,700 GBP
Glasgow 114,300 GBP
Gloucester 95,200 GBP
Hartlepool 88,700 GBP
Inverness 89,900 GBP
Kingston upon Hull 109,700 GBP
Kirkwall 81,300 GBP
Leeds 111,700 GBP
Leicester 102,700 GBP
Lincoln 100,200 GBP
Lisburn 88,500 GBP
Liverpool 109,000 GBP
London 115,600 GBP
Manchester 108,200 GBP
Newcastle 100,700 GBP
Newport 100,700 GBP
Newry 100,300 GBP
Norwich 99,100 GBP
Nottingham 105,200 GBP
Oxford 102,700 GBP
Peterborough 99,700 GBP
Plymouth 98,900 GBP
Poole 101,400 GBP
Portsmouth 97,900 GBP
Ripon 90,900 GBP
Salisbury 91,200 GBP
Sheffield 107,300 GBP
Somerset 107,300 GBP
Southampton 105,800 GBP
St Davids 86,400 GBP
Stirling 95,000 GBP
Stromness 83,300 GBP
Strontian 89,800 GBP
Swansea 97,100 GBP
Truro 85,800 GBP
Wakefield 86,100 GBP
Wells 86,600 GBP
Winchester 88,400 GBP
Wolverhampton 107,700 GBP
York 97,900 GBP

Salary Comparison by State

The table below includes links to the average salary for each state in United Kingdom.

City Average Salary
England 191,500 GBP
Northern Ireland 92,900 GBP
Scotland 134,700 GBP
Wales 88,300 GBP

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