Average Product Manager Salary in United Kingdom for 2024

In this article, we will look at the average 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 Product Manager Make in United Kingdom?

A Product Manager working in United Kingdom will typically earn around 105,800 GBP per year, and this can range from the lowest average salary of about 55,700 GBP to the highest average salary of 160,700 GBP.

Average Annual Salary
105,800 GBP
Average Monthly Salary
8,816 GBP

Lowest Annual Salary
55,700 GBP
Lowest Monthly Salary
4,641 GBP

Highest Annual Salary
160,700 GBP
Highest Monthly Salary
13,391 GBP

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

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 Product Manager Salaries in United Kingdom

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

Salary ranges

We already know that a Product Manager can earn between 55,700 GBP and 160,700 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 Product Manager in United Kingdom is 100,700 GBP. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 100,700 GBP, and 50% of the population earn more than 100,700 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 Product Manager salary in United Kingdom, 25% of the population are earning less than 68,200 GBP while 75% of the population earn more than 68,200 GBP.

75% of the population earn less than 123,800 GBP, and 25% of the population earn more than 123,800 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.

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 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 Product Manager in United Kingdom that has less than two years of experience can expect to earn somewhere in the region of 61,700 GBP.
  • 2 - 5 Years Experience. With two to five years of experience the average Product Manager salary would increase to 83,800 GBP.
  • 5 - 10 Years Experience. From five to ten years of experience as a Product Manager, the average salary would be 109,000 GBP.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 130,500 GBP.
  • 15 - 20 Years Experience. A Product Manager with 15 to 20 years of experience can earn an average of 142,300 GBP.
  • 20+ Years Experience. For a Product Manager with more than 20 years, the expected average salary increases to 151,800 GBP.

Average Salary by Experience Chart

0-2 Years
61,700 GBP
2-5 Years +34%
83,800 GBP
5-10 Years +30%
109,000 GBP
10-15 Years +21%
130,500 GBP
15-20 Years +9%
142,300 GBP
20+ Years +5%
151,800 GBP

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 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.

  • High School. A Product Manager in United Kingdom with a high school education can earn an average salary of 73,700 GBP.

  • Certificate or Diploma. A Product Manager in United Kingdom with a certificate or diploma education can earn an average salary of 84,800 GBP.

  • Bachelor's Degree. A Product Manager in United Kingdom with a bachelor's degree education can earn an average salary of 119,700 GBP.

  • Master's Degree. A Product Manager in United Kingdom with a master's degree education can earn an average salary of 147,900 GBP.

Average Salary by Education Chart

High School
73,700 GBP
Certificate or Diploma +14%
84,800 GBP
Bachelor's Degree +41%
119,700 GBP
Master's Degree +21%
147,900 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.

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 product manager will earn an average of 107,700 GBP, while a female product manager will earn around 102,700 GBP.

This means that a male product manager earns approximately 5% more than a female product manager for performing the same job.

Average Salary by Gender Chart in United Kingdom

Male
107,700 GBP
Female -5%
102,700 GBP

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 Product Manager in United Kingdom is around 11% every 18 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 = ( 11 ÷ 18 ) × 12  = 7%

What this means is that a Product Manager in United Kingdom can expect to receive an average pay raise of around 7% 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%

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 Product Manager is a high bonus based job, with 81% of employees reporting at least one bonus in the last 12 months.

19% 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
81%
No Bonus
19%

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 Product Manager

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

Job Title Category Salary
Assembly Foreman Factory and Manufacturing 18,900 GBP
Assembly Line Worker Factory and Manufacturing 22,000 GBP
Assembly Supervisor Factory and Manufacturing 30,800 GBP
Assistance Maintenance Manager Factory and Manufacturing 77,400 GBP
Assistant Shipping Manager Factory and Manufacturing 66,000 GBP
Chemical Equipment Controller Factory and Manufacturing 48,600 GBP
Chemical Technican Apprentice Factory and Manufacturing 38,700 GBP
CNC Machinist Factory and Manufacturing 45,600 GBP
CNC Operator Factory and Manufacturing 44,900 GBP
CNC Programmer Factory and Manufacturing 49,800 GBP
Colour Technologist Factory and Manufacturing 27,400 GBP
Contracts Manager Factory and Manufacturing 87,300 GBP
Data Collection Coordinator Factory and Manufacturing 31,400 GBP
Demand Planner Factory and Manufacturing 30,100 GBP
Derrick Operator Factory and Manufacturing 20,400 GBP
Director of Manufacturing Factory and Manufacturing 119,700 GBP
Dock Worker Factory and Manufacturing 17,100 GBP
Drying Technician Factory and Manufacturing 19,200 GBP
Equipment Operator Factory and Manufacturing 18,600 GBP
Export Sales Coordinator Factory and Manufacturing 58,800 GBP
Factory Superintendent Factory and Manufacturing 32,900 GBP
Factory Worker Factory and Manufacturing 20,000 GBP
Failure Analysis Technician Factory and Manufacturing 31,700 GBP
Fiberglass Laminator Factory and Manufacturing 20,000 GBP
Food Technologist Factory and Manufacturing 36,900 GBP
Forklift Driver Factory and Manufacturing 23,000 GBP
Forklift Operator Factory and Manufacturing 19,100 GBP
Forming Machine Operator Factory and Manufacturing 20,700 GBP
Furnace Operator Factory and Manufacturing 18,200 GBP
Gas Appliance Repairer Factory and Manufacturing 20,000 GBP
General Warehouse Associate Factory and Manufacturing 32,600 GBP
Heavy Equipment Operator Factory and Manufacturing 27,300 GBP
HSE Manager Factory and Manufacturing 87,900 GBP
Industrial Engineer Factory and Manufacturing 68,900 GBP
Industrial Machinery Mechanic Factory and Manufacturing 40,900 GBP
Industrial Production Manager Factory and Manufacturing 116,400 GBP
Industrial Safety and Health Engineer Factory and Manufacturing 63,700 GBP
Intake Operator Factory and Manufacturing 24,800 GBP
Key Account Manager Factory and Manufacturing 94,300 GBP
Lift Truck Operator Factory and Manufacturing 22,000 GBP
Loading Supervisor Factory and Manufacturing 34,800 GBP
Logistic Coordinator Factory and Manufacturing 51,800 GBP
Logistics Clerk Factory and Manufacturing 23,600 GBP
Machine Operator Factory and Manufacturing 20,200 GBP
Machinist Factory and Manufacturing 21,200 GBP
Maintenance Manager Factory and Manufacturing 79,500 GBP
Maintenance Store Clerk Factory and Manufacturing 20,100 GBP
Manufacturing Engineer Factory and Manufacturing 65,900 GBP
Manufacturing Engineering Manager Factory and Manufacturing 100,200 GBP
Manufacturing Engineering Technologist Factory and Manufacturing 72,300 GBP
Manufacturing Manager Factory and Manufacturing 109,000 GBP
Manufacturing Operative Factory and Manufacturing 35,500 GBP
Manufacturing Production Technician Factory and Manufacturing 26,900 GBP
Manufacturing Supervisor Factory and Manufacturing 52,300 GBP
Manufacturing Technician Factory and Manufacturing 26,400 GBP
Materials Manager Factory and Manufacturing 87,400 GBP
Materials Supervisor Factory and Manufacturing 56,400 GBP
Mechanical Fitter Engineer Factory and Manufacturing 66,400 GBP
Mechanical Foreman Factory and Manufacturing 20,900 GBP
Merchandise Planner Factory and Manufacturing 36,000 GBP
Metrology Engineer Factory and Manufacturing 63,800 GBP
Operations Engineer Factory and Manufacturing 58,000 GBP
Operations Manager Factory and Manufacturing 100,200 GBP
Order Management Coordinator Factory and Manufacturing 49,300 GBP
Order Processing Manager Factory and Manufacturing 85,800 GBP
Order Selector Factory and Manufacturing 23,600 GBP
Package Handler Factory and Manufacturing 20,200 GBP
Packaging Manager Factory and Manufacturing 65,500 GBP
Packer Factory and Manufacturing 20,900 GBP
Packing Deputy Supervisor Factory and Manufacturing 52,000 GBP
Planning Manager Factory and Manufacturing 88,300 GBP
Plant Manager Factory and Manufacturing 108,200 GBP
Precision Instrument Repairer Factory and Manufacturing 29,100 GBP
Process Technician Factory and Manufacturing 24,200 GBP
Production Analyst Factory and Manufacturing 88,700 GBP
Production Director Factory and Manufacturing 128,200 GBP
Production Engineer Factory and Manufacturing 68,900 GBP
Production Engineering Supervisor Factory and Manufacturing 92,900 GBP
Production Inspector Factory and Manufacturing 74,000 GBP
Production Laborer Factory and Manufacturing 19,300 GBP
Production Manager Factory and Manufacturing 115,600 GBP
Production Operator Factory and Manufacturing 29,900 GBP
Production Scheduler Factory and Manufacturing 47,200 GBP
Production Supervisor Factory and Manufacturing 64,300 GBP
Production Technician Factory and Manufacturing 29,000 GBP
Production Worker Factory and Manufacturing 25,800 GBP
Quality Control Analyst Factory and Manufacturing 87,300 GBP
Quality Control Inspector Factory and Manufacturing 65,800 GBP
Quality Control Manager Factory and Manufacturing 97,400 GBP
Service Technician Factory and Manufacturing 25,800 GBP
SHEQ Officer Factory and Manufacturing 30,800 GBP
Shipping Manager Factory and Manufacturing 94,000 GBP
Small Engine Mechanic Factory and Manufacturing 34,800 GBP
Spray Painter Factory and Manufacturing 20,200 GBP
Sterile Processing Technician Factory and Manufacturing 25,400 GBP
Structural Welder Factory and Manufacturing 16,300 GBP
Supply Chain Operative Factory and Manufacturing 58,100 GBP
Technical Operator Factory and Manufacturing 27,300 GBP
Technology Development Manager Factory and Manufacturing 112,700 GBP
Testing Technician Factory and Manufacturing 46,100 GBP
Toolmaker Factory and Manufacturing 29,600 GBP
Warehouse Forklift Operator Factory and Manufacturing 20,000 GBP
Warehouse Operative Factory and Manufacturing 23,800 GBP
Warehouse Worker Factory and Manufacturing 21,400 GBP
Warranty Handler Factory and Manufacturing 39,600 GBP
Welder Factory and Manufacturing 19,100 GBP
Workshop Manager Factory and Manufacturing 72,700 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 106,450 GBP
Abingdon 91,450 GBP
Armagh 102,050 GBP
Bangor 91,700 GBP
Belfast 111,800 GBP
Birmingham 120,450 GBP
Bradford 115,250 GBP
Brighton 110,700 GBP
Bristol 115,650 GBP
Cambridge 101,400 GBP
Canterbury 97,000 GBP
Cardiff 112,200 GBP
Chester 96,700 GBP
Coventry 111,200 GBP
Derby 105,200 GBP
Derry 101,700 GBP
Dundee 105,200 GBP
Durham 100,050 GBP
Edinburgh 114,300 GBP
Exeter 103,350 GBP
Glasgow 119,300 GBP
Gloucester 99,400 GBP
Hartlepool 100,050 GBP
Inverness 92,500 GBP
Kingston upon Hull 111,200 GBP
Kirkwall 88,400 GBP
Leeds 120,900 GBP
Leicester 113,050 GBP
Lincoln 105,200 GBP
Lisburn 97,400 GBP
Liverpool 114,300 GBP
London 114,600 GBP
Manchester 121,350 GBP
Newcastle 113,300 GBP
Newport 103,650 GBP
Newry 101,700 GBP
Norwich 101,300 GBP
Nottingham 109,500 GBP
Oxford 105,650 GBP
Peterborough 108,750 GBP
Plymouth 109,250 GBP
Poole 106,250 GBP
Portsmouth 108,150 GBP
Ripon 89,600 GBP
Salisbury 95,800 GBP
Sheffield 119,300 GBP
Somerset 118,350 GBP
Southampton 108,700 GBP
St Davids 93,300 GBP
Stirling 104,400 GBP
Stromness 90,600 GBP
Strontian 88,000 GBP
Swansea 108,700 GBP
Truro 91,250 GBP
Wakefield 93,600 GBP
Wells 95,650 GBP
Winchester 97,000 GBP
Wolverhampton 106,700 GBP
York 107,750 GBP

Salary Comparison by State

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

City Average Salary
England 197,100 GBP
Northern Ireland 95,850 GBP
Scotland 144,400 GBP
Wales 98,150 GBP

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