 Hi, I'm Nancy. What do you do for work? I am a product manager. I am a product owner. You must have seen the job openings between product managers and product owner. You're quite confused. What are the differences between those two roles and which offer should you choose? In this video, I'm going to share with you what are the differences between product managers and product owners in terms of the hierarchy, responsibilities, and the salary differences. Make sure to stay until the end of this video. I'm going to share with you the secret salary differences between these two roles. And it's also the first video I filmed since I'm returning from the maternity leave. I'm very excited to come back. Let's get started. Hey guys, this is Dr. Nancy Lee, a director product from drnancy.com. I help people transition from worker B to product manager and business leader. If you want to learn the most effective way to become a product manager, please subscribe to the channel, hit the bell button, so be notified every time I post a new video every Wednesday. Recently, a lot of student mind got offers as product manager and product owner. They use the following methodology to understand their differences and help them to make decisions on which offer to accept. Step number one, you need to understand the hierarchy differences between product manager and product owner. Generally speaking, product owner is at the end of the totem pole. If you line up all the different titles of product management career, it looks like this. Product owner, product manager, senior product manager, group product manager, direct product, we peer product or chief product officer. If a company gives you a title as product owner and they also give another person title as a product manager, it's very likely product managers will manage the product owner or mentor the product owners. For some companies, they don't have those two titles, they merge both of them into the same title, which is product owner. In that case, you need to play the both role of product owner and product manager for your current company. The title in different companies are very confusing. Let me give you some examples. They really vary based on each company. In Microsoft, they do not have a product owner title and their entry level product manager are considered as product manager. However, the same type of people, if you get a job in Google or Facebook, their title will be associate product manager. For some other companies, if you're entry level product manager, they might give you a title as product owner. However, those roles are very transferable. If you're a product manager, you really need to master the skills as a product owner in order to succeed in corporate America and continue to climb up your career ladder. If you want to understand the in-depth description of different career paths of product managers, please make sure to check out this video where I describe in details what are the roles and responsibilities and title differences that's coming from the entry level product manager all the way to the cheap product officer. I'm going to link the video in the description of this video. Number two, product owner and product manager have different responsibilities. In general, product manager has a bigger scope of responsibility. Their differences are mainly laid within three aspects. They are the size of the team, the scope of work, and the business impact. Now let's learn about the responsibilities as a product owner. Product owner is a term that's invented in the agile product management development process. In the agile process, there are three key people, product owner, scrum master, and the developers. They are inside of the golden triangle and their relationship are very critical with each other. It is the responsibility of the product owner to ensure that they are delivering the most value. The business is represented by the product owner who tells developers what is important to deliver and the trust between these two parties are very critical. And there are five different kinds of responsibilities that product owners need to do. Number one, manage product backlog and stakeholders needs. Product backlog is a specific term inside of the scrum and spring process. You can learn more about the agile product development in my upcoming video. Number two, product owner prioritize user stories in scrum. Number three, product owners manage the release of product features through the end to end process to make sure it's delivered on time and on quality. Number four, product owner manage the stakeholder expectations. Number five, product owner leads the engineering team to execute on the product vision. On the other hand, the product manager is responsible for guiding a product to success. They lead a cross-functional team that works on a product and improve its features. Product managers also have the following five responsibilities. Number one, product manager decides the why and what and when to launch a product from concept to execution. They set the vision of the team and lead the whole team to execute on the grand vision. Number two, product manager manage the product roadmap from success, product launch. So they're mainly responsible for understanding the concept and involving with the business and technical part until the end to end product launch and bring it to the hand of customers. Number three, product manager also prioritize product features and user stories. This is very similar responsibilities as a product owner. Number four, product manager manage a much wider business aspect of product management. For example, product manager will work with sales and marketing team to launch and sell the product. It will also design the pricing model, business model. It will also conduct market research and competitive analysis. Number five, product manager manage both the internal and external stakeholders, especially from the external stakeholder aspect. Product managers are responsible for managing the relationship with customers, maybe do some customer demos and also train the sales and engineering team to sell the product to customers. This is mainly lacking in the product owner's responsibilities. By now, you must be excited about the product owners and product management role. If you want to know how to best package your prior experience and turn into a product manager and product owner resume, feel free to download the teeter product manager resume where it helps hundreds of product managers to land a job as a product manager in the tech industry. I will link the cheat sheet in the description of this video. Number three, let's also talk about money. The salary differences between product owner and product manager is not significant but it's very obvious. Product manager in general are getting paid about 10% higher than the product owner, which is very similar to what I described earlier that product owner is an lower part of total pool compared with the product manager. Let me give you some specific examples. If you look up the general product manager salary in San Francisco area, the product manager base salary is about $140,000 per year and the product owner's base salary is about $127,000 per year. And this salary doesn't include the stake, the stock options and equity. To be honest, if you work for Google and Amazon, those big tech companies, the stock option is going to make sure your salary is going to double or go through the roof. As a product manager, sometimes your salary can go all the way up to half million dollars. I made a specific video telling you the detailed example what the salary differences at different levels of product management and what the differences between different locations and different companies in terms of fan companies and the startup unicorn. Feel free to check out this video and download the salary cheat sheet in the description of the video. Now let's also think about which offer would you choose if you get both per manager and product owner offer. Here's the thing, I wouldn't see the big salary differences as a deal breaker because if I were you, I would focus on how can I negotiate higher salary and getting a better offer in better company. I published many negotiation videos, check out those videos right here, which helps hundreds of product managers to get higher salary over there. Now, if you have both offers, I would really consider product owner at the entry level to product management career path. If you're able to land a product manager title with very good team culture and you love the kind of product you're going to build, I would definitely take the product manager offer. Of course, product owner offer is also something I highly recommend for the entry level product management positions so that you can kick off your product management career very quickly. If you have made the decision to become a product manager or product owner, you should check out this free webinar where I teach you how to land a product manager job very quickly. And on top of that, learn about the product manager accelerator where I have helped hundreds of product managers to land their dream job in the tech industry. I'm going to link the webinar in the description of this video. If you want to continue to inspire more product managers, please make sure to like and comment on this video so that more aspiring product managers will be able to hear about this organic content. This is Dr. Nancy Lee. I'm going to see you next time. Bye.