Manufacturing product managers administer the production line and staff to create goods in an industrial setting. Production managers must meet targeted daily, weekly and monthly production and quality goals to ensure products keep up with demand on a set budget. Industrial product managers typically work long hours -- but can earn more than $145,000 per year.
Product Manager Salary Ranges:
Salaries vary for manufacturing product managers based upon product industry, experience and education. The median annual wage listed by the U.S. Bureau of Labor Statistics for all product managers is $88,190, or $42.40 per hour as of May 2011. According to bureau statistics, top earners garnered an annual salary of $148,670, while those in the bottom 10 percentile only earned $53,130, with the mean annual wage listed at $96,370 for the same period.
Salaries also vary based upon the state in which the product manager works. For instance, in California the annual mean wage for manufacturing product managers listed at $103,580 in 2011. Michigan product managers earned an annual mean wage of $104,830, while those in Ohio earned $95,500 and product managers in Indiana earned a mean annual salary of $86,670. According to the bureau, manufacturing product managers made the largest mean annual wages when they worked in New Jersey, $118,680; Texas, $112,000; Delaware, $108,080; Rhode Island, $106,420 and Wyoming, $106,370. Most salary differences by state are because of the variances in the cost of living by state.
Manufacturing product managers must have a thorough understanding of the manufacturing process, including knowledge of raw materials used in production, quality control, staffing management, budgets and purchasing. Most managers have a Bachelor of Science degree in industrial management or business administration, but many product managers climb up through the ranks after several years of experience. Product managers might also receive training in other areas of the company, such as purchasing and accounting, as these functions help them predict raw material needs, costs and budgeting.
According to the bureau, manufacturing product manager jobs are not expected to grow as fast as the average through 2020, averaging only 9 percent. The reason for slow growth is the increasing competition from foreign companies. Fabricated metal product manufacturing, however, is expected to grow by 19 percent during the same period, according to statistics listed by the bureau. Job openings are expected to occur, in spite of the decline, due to retirement of many product managers. Those with bachelor's degrees in business administration or industrial management and experience can expect to obtain the best jobs.