Product Manager VS Product Owner’s Differences In Responsibilities, Hierarchy, and Salary

Summary

In this informative video, Dr. Nancy, a director product from doctornancy.com, explains the distinctions between product managers and product owners, focusing on hierarchy, responsibilities, and salary differences. She outlines the career progression and clarifies the varying titles across companies like Microsoft, Google, and Facebook. Dr. Nancy provides insights into the roles and responsibilities of each, emphasizing the product owner's focus on delivering value and the product manager's broader scope, including team leadership and business strategy. She also discusses salary expectations and offers advice on choosing between job offers, highlighting the importance of negotiation and company culture over salary alone.

Takeaways

• 📈 The hierarchy in product management roles typically goes from Product Owner to Product Manager and up to Chief Product Officer.
• 🔍 There's often confusion between the roles of Product Manager and Product Owner due to varying titles across companies.
• 🏢 Companies like Microsoft do not use the title 'Product Owner', whereas others like Google or Facebook do, indicating the need to understand the specific role within each company's context.
• 🛠 The Product Owner's role in agile development is critical, focusing on delivering the most value to the business and managing the product backlog.
• 📝 Product Owners have five main responsibilities including managing the product backlog, prioritizing user stories, managing product releases, managing stakeholder expectations, and leading the engineering team.
• 🚀 Product Managers have a broader scope of responsibilities, including setting the vision, managing the product roadmap, prioritizing features, managing business aspects, and handling both internal and external stakeholders.
• 💰 The salary difference between Product Managers and Product Owners is not significant, but Product Managers generally earn about 10% more.
• 💼 The base salary for a Product Manager in the San Francisco area is around $140,000 per year, while a Product Owner's base salary is about $127,000 per year, excluding stock options and equity.
• 📈 Stock options can significantly increase the total compensation, especially at big tech companies like Google and Amazon.
• 🤝 When choosing between offers, consider the role's potential for growth, team culture, and product alignment rather than just the salary.
• 📚 Dr. Nancy provides resources such as a salary cheat sheet and webinars to help aspiring product managers and product owners understand their career paths and negotiate better offers.

Q & A

What is the main topic of the video?

The main topic of the video is to explain the differences between the roles of a product manager and a product owner, including hierarchy, responsibilities, and salary differences.

Who is the speaker in the video?

The speaker in the video is Dr. Nancy, a director product from doctornancy.com who helps people transition to product management roles.

What is the significance of the title 'Product Owner' in the hierarchy of product management roles?

The title 'Product Owner' is typically at the lower end of the hierarchy, with roles like Product Manager, Senior Product Manager, and Chief Product Officer above it.

According to the video, how does the title 'Product Owner' vary across different companies?

The title 'Product Owner' can vary significantly across companies. For instance, Microsoft does not use this title, while Google or Facebook might use it for similar roles that Microsoft would call a Product Manager.

What are the key responsibilities of a Product Owner in the Agile development process?

Key responsibilities of a Product Owner include managing the product backlog, prioritizing user stories, managing the release of product features, managing stakeholder expectations, and leading the engineering team to execute on the product vision.

What are the five main responsibilities of a Product Manager as outlined in the video?

The five main responsibilities of a Product Manager are: defining the why, what, and when to launch a product; managing the product roadmap; prioritizing product features and user stories; managing a wider business aspect of product management; and managing both internal and external stakeholders.

How does the video suggest one should approach a job offer as a Product Owner versus a Product Manager?

The video suggests that one should not focus on the salary differences as a deal breaker but rather on how to negotiate a higher salary and getting a better offer in a good company. It also recommends considering the Product Owner role as an entry-level position to product management career paths.

What is the general salary difference between a Product Manager and a Product Owner according to the video?

The video states that Product Managers generally earn about 10% more than Product Owners, with specific examples given for the San Francisco area.

What additional compensation can be expected beyond the base salary for these roles, as mentioned in the video?

In addition to the base salary, compensation can include stock options and equity, which can significantly increase total earnings, especially at large tech companies like Google and Amazon.

How can viewers learn more about becoming a Product Manager or Product Owner?

Viewers can subscribe to Dr. Nancy's channel, hit the bell button for notifications, and check out the linked videos and resources in the description for more information on career paths, salary details, and negotiation tips.

What is the role of the 'scrum master' in the Agile development process mentioned in the video?

While not the main focus of the video, the scrum master is one of the three key roles in the Agile development process, working closely with the Product Owner and developers to facilitate the process and remove any impediments.