2024 Insight: Navigating Product Analyst Salary Expectations

Product analyst salaries are among the highest in the field of data analytics. Product analysts earn more than data analysts, marketing analysts, and business intelligence analysts. Salaries for product analysts can vary widely, with factors like the size and industry of the company, the city of employment, and the amount of work experience/seniority all having a significant impact on starting pay. Here are the latest numbers on salaries for product analysts:

Product analysts help companies understand how their products are performing. They use data to analyze customer behavior, sales data, market trends, and product features in order to provide recommendations on how to improve the product.

Product analysts work closely with product managers and other stakeholders to ensure that the product is meeting expectations from all parties. They also monitor the performance of their companies’ products over time and help ensure that the product remains competitive in the market. Product analysts are often tasked with performing many of the following responsibilities:

• Collect and analyze data related to a company’s products, such as sales numbers, customer feedback, and market trends.
• Use data to identify opportunities for product improvement and growth.
• Develop and present reports on product performance to stakeholders, including product managers and company executives.
• Collaborate cross-functionally with other teams, including engineering, design, or marketing, to ensure that products meet customer needs and are aligned with the company’s overall strategy.
• Monitor and track product performance over time and make recommendations for adjustments as needed.
• Stay up-to-date on industry trends and best practices, and apply this knowledge to product analysis and recommendations.
• Participate in product development and testing, providing insights and recommendations based on data analysis.

Product Analyst Job Outlook

Demand for product analysts is already high, with demand for the role expected to increase. According to data from the Bureau of Labor Statistics, openings for product analysts will grow by 19% over the next decade, which is “much faster than average” than the growth for other positions nationwide. Many product analysts become product managers after they’ve gained experience in the industry, another position which is expected to see greater demand in the future.

In the United States, the reported salaries for product analysts are highest in San Francisco, Seattle, and Portland.

However, cost of living impacts earning potential. Product analyst salaries in Chicago, for example, are about $\$25,000$ less than product analyst salaries in New York, but wages go further in Chicago.

Work experience and seniority are important factors in determining the salary of product analysts. Generally, there’s a significant bump in salary for senior product analysts, as the broader skill set and advanced knowledge that senior product analysts possess add more value to a company.

Ultimately, seniority’s effect on the pay of a product analyst depends on many factors, including the company, location, and skills. Taking a broad look, here’s how you can expect your salary to change at different career levels:

Entry Level: Pay for entry level product analysts starts around $\$90,000$ in the U.S.

Mid-Level: After 2-3 years, product analysts experience a bump in earnings. Mid-level product analysts earn about $\$112,000$.

Senior Level: At the higher levels, the bump in pay isn’t as significant. On average, senior product analysts earn $\$115,000$ in the U.S.

Product analyst salaries can vary widely by company. Generally, companies in the tech and finance industries pay the highest (with Google product analyst salaries among the top). The top-paying companies for product analysts include:

This is based on salary data submitted by Interview Query members. Several other companies like Walmart ($\$116,000$), Uber ($\$110,000$), Bloomberg ($\$104,000$), and Salesforce ($\$103,000$) also offer some of the best wages for product analysts. Keep in mind again that the cities both you or the company are located in can have a big impact on how far each dollar will go.

Beyond seniority, company, and location, there are other factors that can impact the salary of product analysts.

For candidates who are recent graduates, a project, internship, or volunteer experience can have an impact on starting salary, while for more advanced positions it will be specialized skills or knowledge that can result in increased pay. Some of the top things you can do to command a higher salary include:

• Developing specialized skills, such as expertise in a particular industry, expertise in a particular type of product, or knowledge of specific data analysis tools or techniques.
• Pursuing additional education or certifications, such as a master’s degree in business administration (MBA), a master’s degree in data analytics, or a certification in product management. Often, companies will offer education stipends of hundreds to thousands of dollars to current employees that you can utilize.
• Showing a track record of success in improving product performance, which can demonstrate your value to the company.
• Seeking out opportunities for career advancement, such as taking on more responsibility or leading a team of product analysts. Even informal leadership roles (serving on committees, internal focus groups) can make you more marketable.
• Negotiating your salary during the hiring process or during performance reviews. Back up your compensation request with market research on industry standards for product analyst salaries in your area.

You might also try Interview Query’s data analytics learning path or product metrics learning paths to prepare for interviews!