Gain valuable insights into the elements that shape product analysts’ pay, along with some vital details about the skills and qualifications that can boost your earning potential.
Understanding customers’ needs is a prerequisite for developing successful products. By examining customer data and analyzing industry trends, product analysts assist companies in formulating impactful strategies for their product development process. Their primary goal is to ensure the product is well-suited to meet the company's present and future needs, resulting in increased profitability and customer satisfaction.
Read on to learn more about product analysts' work duties, pay prospects, and industry trends for product analyst salary figures.
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A product analyst leverages data analysis software to inform product decisions and evaluate a product's sales potential and profitability. They bridge product development and business operations by ensuring a product or service meets customer and company needs. Product analysts also aid in reviewing and rating products. Other everyday responsibilities of a product analyst include the following:
Establishing clear goals and evaluating metrics for a product
Creating and updating comprehensive product documentation
Coordinating developed and enhanced product launch
Assessing the efficacy of product upgrades
According to data from multiple job listing sites, the average annual income for a product analyst ranges from just over $70,000 to more than $100,000. The following table lists the base salary ranges provided by Payscale, Glassdoor, Zippia, Indeed, and Salary.com.
*All salary data as of December 2024
Various factors, including your education and skill set, can affect your potential wages. The following list offers information about critical determinants impacting your salary and job prospects as a product analyst.
Having an advanced degree can increase your earnings. According to Zippia, product analysts with a master's degree earn an average annual salary of $87,293. Those holding a bachelor's degree earn an average of $79,941 per year, while project analysts with a doctorate can expect an average annual income of $91,669 [6].
The majority of product analysts, around 73 percent, have a bachelor's degree. The second most common qualification is a master's, held by 15 percent of professionals in the field. Among product analysts, the preferred major is business, chosen by 29 percent of professionals. Finance, marketing, and economics are other popular major options for product analysts [6].
Product analysts excel in data analysis, product management, SQL, and business analysis. These and additional skills can boost your pay by the following percentages [1]:
Python: 31%
Data modeling: 20%
Tableau software: 40%
Statistical analysis: 7%
SQL: 79%
Business strategy: 4%
Software development: 4%
Requirements analysis: 13%
Obtaining certifications is an excellent way to substantiate and expand your skill set. Here are two certifications that you may want to consider to enhance your skills and pay as a product analyst:
IIBA Certified Business Analysis Professional (CBAP): $99,000 [7]
ScrumAlliance Certified Scrum Product Owner (CSPO): $117,000 [8]
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As you gain more experience, you can usually expect a rise in your annual earnings. The following figures, sourced from Glassdoor, provide an estimation of average base compensation at different experience levels [2]:
0–1 year: $82,760
1–3 years: $91,593
4–6 years: $94,362
7–9 years: $95,195
10–14 years: $96,236
15+ years: $101,428
Pay can vary significantly based on geographical location. The cost of living and regional demand for specific skills, among other factors, can influence your potential earnings as a product analyst.
A few of the top-paying cities for product analysts, based on data compiled by Indeed, include [4]:
Oakland, CA: $155,827
San Francisco, CA: $127,241
New York, NY: $111,749
Durham, NC: $113,279
Boston, MA: $83,830
Chicago, IL: $96,038
Conducting thorough research and assessing market trends can help you identify sectors where your skills are in high demand. For instance, industries such as information technology offer attractive compensation for product analysts at an average of $102,874 annually [2].
Product analyst roles are also typical for driving product success and business growth in the finance and retail industries. The earnings offered by the industries mentioned earlier are as follows [2]:
Personal consumer services: $89,045
Financial services: $104,885
Retail and wholesale: $96,717
A firm's financial health and performance can impact its ability to offer competitive salaries. Firms that are experiencing rapid growth typically offer higher pay.
The following list highlights top-paying companies, according to median total pay, for product analysts:
Google: $219,000
Meta: $204,000
Pinterest: $197,000
Dropbox: $191,000
Uber: $167,000
Indeed: $161,000
Thumbtack: $145,000
Bloomberg: $140,000
*All of the above company salaries include base salary data and additional pay, such as commission and benefits, offered by each company as sourced from Glassdoor as of December 2024.
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Should you wish to pursue a career as a product analyst, the following job titles can serve as pathways for your career growth:
Average annual base salary: $126,492 [9]
As a product insights manager, your duties encompass overseeing the product insights process, gaining an extensive understanding of the customer experience to improve products and anticipating future requirements.
Average annual base salary: $131,704 [10]
Your role as a product consultant would include educating businesses about product management responsibilities. You’ll typically help an organization better connect its product management teams to business needs.
Average annual base salary: $78,717 [11]
As a market research analyst, your work would entail analyzing market trends and data to support marketing and product initiatives. You may collect this data through various techniques, such as surveys, interviews, and automated polling tools.
The demand for product analysts is on the rise. According to the US Bureau of Labor Statistics (BLS), employment opportunities for market research analysts who perform similar roles to product analysts will grow 8 percent between 2023 and 2033. The forecast translates to an estimated average of around 88,500 new job openings annually [12].
Product analysts observe market trends and customer experiences to develop strategies and product recommendations. Factors such as education level and skills contribute to a product analyst's earning potential.
Get the foundational knowledge and practical skills needed to excel as a product analyst by enrolling in the IBM Product Manager Professional Certificate on Coursera. In this program, you’ll prepare for a career as a product manager, gaining the in-demand skills and hands-on experience to get job-ready in less than 3 months.
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Get on the fast track to a career in cybersecurity. In this certificate program, you'll learn in-demand skills, and get AI training from Google experts. Learn at your own pace, no degree or experience required.
4.8
(39,371 ratings)
843,463 already enrolled
Beginner level
Average time: 6 month(s)
Learn at your own pace
Skills you'll build:
Python Programming, Security Information and Event Management (SIEM) tools, SQL, Linux, Intrusion Detection Systems (IDS), Packet Analyzer, Security Hardening, Network Security, Transmission Control Protocol / Internet Protocol (TCP/IP), Network Architecture, Cloud Networks, escalation, resume and portfolio preparation, stakeholder communication, Job preparedness, integrity and discretion, Cybersecurity, Information Security (INFOSEC), Ethics in cybersecurity, NIST Cybersecurity Framework (CSF), Historical Attacks, Computer Programming, Coding, PEP 8 style guide, NIST Risk Management Framework (RMF), Security Audits, Incident Response Playbooks, Authentication, vulnerability assessment, Cryptography, asset classification, threat analysis, Command line interface (CLI), Bash
Payscale. “Average Product Analyst Salary, https://www.payscale.com/research/US/Job=Product_Analyst/Salary.” Accessed December 19, 2024.
Glassdoor. “Product Analyst Salaries, https://www.glassdoor.com/Salaries/product-analyst-salary-SRCH_KO0,15.htm.” Accessed December 19, 2024.
Zippia. “Product Analyst Salary, https://www.zippia.com/product-analyst-jobs/salary/.” Accessed December 19, 2024.
Indeed. “Product analyst salary in United States, https://www.indeed.com/career/product-analyst/salaries.” Accessed December 19, 2024.
Salary.com. “Product Analyst Salary in the United States, https://www.salary.com/research/salary/listing/product-analyst-salary.” Accessed December 19, 2024.
Zippia. “Best colleges and majors for product analysts, https://www.zippia.com/product-analyst-jobs/education/?src=chatbot_popout_displayed.” Accessed December 19, 2024.
Payscale. “Salary for Certification: Certified Business Analysis Professional (CBAP), https://www.payscale.com/research/US/Certification=Certified_Business_Analysis_Professional_(CBAP)/Salary.” Accessed December 19, 2024.
Payscale. “Salary for Certification: Certified Scrum Product Owner (CSPO), https://www.payscale.com/research/US/Certification=Certified_Scrum_Product_Owner_(CSPO)/Salary.” Accessed December 19, 2024.
Glassdoor. “Manager product insights salaries, https://www.glassdoor.com/Salaries/manager-product-insights-salary-SRCH_KO0,24.htm.” Accessed December 19, 2024.
Glassdoor. “Product consultant salaries, https://www.glassdoor.com/Salaries/product-consultant-salary-SRCH_KO0,18.htm.” Accessed December 19, 2024.
Glassdoor. “Market research analyst salaries, https://www.glassdoor.com/Salaries/market-research-analyst-salary-SRCH_KO0,23.htm.” Accessed December 19, 2024.
US Bureau of Labor Statistics. “Market research analysts, https://www.bls.gov/ooh/business-and-financial/market-research-analysts.htm.” Accessed December 19, 2024.
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