A 2022 Gartner report suggests that product management skills are evolving rapidly. For instance, the skills needed in 2020 are most likely to be redundant by 2025. Hence, there is an urgent need for product managers to learn new skills and grow their careers. Keeping in mind the importance of upskilling, pursuing online product management courses is the best way to build your career. They offer theoretical as well as practical knowledge of product management. Let’s thus understand how product management courses impact earning potential.
This blog covers the following topics:
- Are Product Management Courses Worth the Investment?
- How do Product Management Courses Enhance Career Prospects?
- Which Product Management Courses are Highly Recommended for Increasing Earning Potential?
- Can Taking Product Management Courses Lead to Promotions and Higher Salaries?
- What Skills and Knowledge do Employers Look for in Product Managers Who Have Taken Relevant Courses?
- How a Kellogg Product Management Course on Emeritus Added Value to a Product Manager’s Career
Are Product Management Courses Worth the Investment?
“We are currently living in the golden age of product management,” states the 2021 Product Manager Hiring Report on account of product managers who are in high demand and well-compensated. However, the compensation fairly depends on a product manager’s skill set and practical experience. As product management courses teach product design, development, innovation, customer mapping, analytics, leadership, and other skills, they are certainly worth the investment.
How do Product Management Courses Enhance Career Prospects?
Product management is a highly competitive field. Hence, “How to improve earning potential in product management?” is a common question. Here are some ways to boost career growth through product management courses and increase earning potential.
1. Imparting New Skills
The obvious answer to how product management courses impact earning potential is teaching new skills. Product management is becoming a strategic function as an increasing number of organizations are focusing on product-led growth. Hence, the focus is shifting from only product features and innovation to making products the highlight of businesses. Product managers must take greater accountability and learn the latest in-demand product management skills like Artificial Intelligence (AI), machine learning, data analysis, leadership, and strategic thinking. Moreover, these skills will evolve as new technologies are introduced.
2. Helping to Build a Professional Network
Product management courses are among the best ways to build a professional network. Learners can connect with other product managers enrolled in the course and the course instructors, who are mostly industry leaders. It helps in career growth by allowing one to seek mentorship, discuss ideas, and ask for job referrals.
3. Increasing Chances of a Promotion
As discussed earlier, the role of a product manager is dynamic and requires various skills, especially problem-solving and critical thinking. In product management courses, professionals work on various case studies and practical projects that equip them with a diverse skill set, increasing their chances of getting promoted.
4. Enhancing Entrepreneurial Skills
Product managers can make excellent entrepreneurs as they possess overlapping skill sets as executive leaders. In fact, they are commonly referred to as “the CEO of the product”. They supervise the entire product lifecycle and successfully deliver the end product. Product management courses train product managers and help them acquire entrepreneurial skills. Thanks to such courses, product managers can even pivot to entrepreneurial roles.
5. Offering Career Coaching Opportunities
One of the best benefits of product management classes is expert career coaching. Quality product management courses offer career guidance to learners, helping them identify and leverage their core skill set. They assist learners in interview preparation, thus enabling them to secure better career opportunities.
ALSO READ: How to Become a Product Manager in 7 Steps
Which Product Management Courses are Highly Recommended for Increasing Earning Potential?
Product management is one of the highest-paying careers today. However, if you are still wondering how product management courses impact earning potential, here is what you should know.
Emeritus’ short-term and advanced product management courses can help you gain relevant skills and practical experience. One of the best benefits of taking product management classes with Emeritus is that the courses are taught by industry leaders. You learn directly from other product managers, their techniques, strategies, and how they navigate through various challenges to develop successful products. This is one example of how product management courses impact earning potential.
Can Taking Product Management Courses Lead to Promotions and Higher Salaries?
Yes, there is a significant impact of product management education on salaries, leading to promotions and higher salaries. Product management training and higher incomes have a direct relationship.
What organizations look for while hiring product managers is how much value they can add. Product managers who understand customer experience and the competitive landscape and know why their organization converts leads are valuable assets for their organization. Their compensation is directly proportional to the value they add. NUS Customer Centric Solutions with Design Thinking & Innovation on Emeritus helps identify customer needs and innovation opportunities. It also teaches how to develop a customer persona and map customer journeys to enhance their experiences. These courses make professionals a valuable asset to an organization, helping them earn a higher salary.
Product management courses also teach product methodologies and strategies, design and innovation, and how to implement various techniques and tools to build better products and help organizations grow. Thus, product management courses increase earning potential by offering comprehensive knowledge and practical experience.
Furthermore, the Product Owner & Product Manager Salary Report 2022 states that most product managers only have a bachelor’s degree instead of a master’s. It further explains that practical experience is more beneficial for product managers to get a higher salary than traditional university courses. Hence, such courses are suitable for professionals to grow their careers as product managers. They offer the latest insights and gain practical experience and skills by working on multiple industry-relevant projects. This, in a nutshell, is how product management courses impact earning potential.
To conclude, the answer to how to improve earning potential in product management and the impact of product management education on salaries is that overall skills and expertise in product management courses assist in getting higher-paying product management roles.
What Skills and Knowledge do Employers Look for in Product Managers Who Have Taken Relevant Courses?
The following are the most important product manager skills and knowledge for hiring purposes. These skills also explain how product management courses impact earning potential.
Josh Fechter, CEO and co-founder of Squibler, says: “All things aside, there is one role that all product managers play, and that is of a problem solver. That’s what the product manager role is all about.” Employers mainly look for product managers who can solve problems and add value to the business.
Empathy is another crucial skill that helps professionals become better product managers because it is essential to understand customer experiences better.
3. Product Analytics
The 2021 Product Manager Hiring Report reveals that the average annual salary of product managers who don’t have analytical skills is $130,371. However, product analytics skills help managers earn an average annual salary of $148,608, 14% higher than managers who lack them. Thus, product analytics is another crucial skill employers look for in product managers.
Many companies are now focusing on product-length growth by optimizing their customer experience. Therefore, a product manager must have skills to acquire, convert, and retain customers. Moreover, a product manager’s job is not only to ask customers about their experience but also to observe their behavior and improve the product accordingly.
How a Kellogg Product Management Course on Emeritus Added Value to a Product Manager’s Career
A variety of product management courses in the market make it difficult for professionals to choose the most suitable one. However, the learning outcome should be the key criterion for selecting the course. Interested professionals should compare the courses and choose the one whose learning outcome aligns with their career goals because such courses offer the best Return on Investment (ROI). To help make an informed choice, here is a real-life example of how an Emeritus learner succeeded in her product management career.
Deepthi Prabhakar was working as a people’s manager at Pearson’s enterprise systems, leading the digital transportation at the organization. However, she moved from that role to senior product manager at TTEC after pursuing the Kellogg Product Management Course on Emeritus. The course taught her how to create a product strategy, a product roadmap, and a Minimum Viable Product (MVP). Furthermore, Emeritus career coaching helped Prabhakar identify her core skill set and secure a product management job.
Essentially, the answer to how product management courses impact earning potential is that expert product management training and higher incomes are directly proportional. The better skills you acquire, the higher the chances of securing the highest-paying product management jobs. So don’t think twice if you want to boost your career growth. Sign up for product management courses from Emeritus now!
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