If you are looking to specialize as a product manager during your management master’s degree course, you might just have chosen a highly prospective educational path. To make more sense of that claim, let’s dive straight into the very reasons that always make higher education in product management a good idea to consider first.
You Don’t Have to Take Time Off Work
Ever since Covid-19 broke out, attending fulltime courses has become a dangerous proposition, allowing for online education to truly usher in its new era of dominance. However, Merrimack’s product management program has been online for a long time now, and they were already offering accredited engineering management courses across multiple fields, long before the pandemic broke out. These are strictly online courses, designed specifically for professionals to become experts, so they are flexible enough to easily accommodate busy, full-time engineers and executives. As a result, you do not need to go on an extended study leave and lose out on the job experience in the process.
You Will Become a Highly Sought-After and Better Paid Professional
It is quite possible that you already enjoy such a position, but it’s not unless you complete your graduation in the subject that you truly begin to realize how much more your contributions to the company, and their consequent reparations made to you can be. For example, the average salary of a general product manager is roughly $97,108 per year, according to PayScale. Once you complete your MS in Product Management and assume a befitting role such as that of a senior product manager, the average salary gets a bump up to $125,000+ per year. Then there are even higher paid jobs as you slowly climb the ladder, all of it beginning with your decision to pursue higher education in product management.
Your Chances of Unemployment Will be Lowered Drastically
When an organization is looking for a product manager, they generally have a product in mind, but to the professional itself, the products always vary in degree and/or kind, with each different project. They can freelance, or they can work simultaneously with multiple departments of a large conglomerate. In other words, it’s never not busy when you are a product manager, and that’s a good thing, if secured employment is a priority to you. In a company, you could be handling the software development project, which will be running on the hardware being developed in another one of your projects. Of course, priority will be given to relevant experience, but that still makes the job of a product manager one of the most diverse executive roles in any industry.
It has been found that in comparison to a product which was developed without a product manager to guide it through its various stages of development, products developed with a product manager perform roughly 10 times better on an average! With such a quantifiable metric attributed to good product managers, it’s not even a surprise that highly qualified product managers are indeed some of the most valued management professionals in the industry today.