Everyone knows the difference between a firefighter and a barista. But certain job titles sound deceptively similar — and have similar enough functions — that people regularly get confused. That’s certainly the case with product management and product management. So, what’s the difference between a product manager and project manager?
While both positions require management skills and aim to make a company operate more efficiently, they’re actually quite different. Product managers help create a company’s product and then enhance it based on innovations and customer feedback. In contrast, project managers oversee a diverse range of projects at a company, handling budgets, timelines, communications and more.
Here’s everything you need to know about product management and project management, including how to land these kinds of roles.
What Is Product Management?
Every company has a product they’re selling and many also have a product manager to ensure the product is as good as it possibly can be. Product managers are involved with ideating a product, determining what it should be, how it should be built and how it should be sold. This can be any type of product, from a piece of tech to a media program to a kitchen appliance. They assist with every element along the way, from the product’s construction to its marketing.
A product manager’s job isn’t done once the product is built and released. They also carefully monitor the product’s performance and the feedback it receives from customers and users, so they can make important tweaks, add updates and ideate entirely new products to meet customers’ needs and desires.
Do You Need a Degree to Become a Product Manager?
Most product manager positions require applicants to have earned at least a bachelor’s degree. However, many different kinds of bachelor’s degrees can help you land a product manager job. People who have studied business administration, digital media, marketing, software engineering, data science or design usually have the skills and knowledge to thrive as a product manager.
A master’s degree can also help, equipping candidates with additional skills, knowledge and training to outshine their competition. A master’s degree can also set candidates up to earn a higher salary.
Ultimately, the most important ingredients for becoming a product manager are communication skills, the flexibility to tackle diverse problems, an interest in leadership and a creative eye.
Is Product Management a Good Career Choice?
Product management is a growing career field that can lead to a high salary and job stability. (Of course, salary and job outlook varies based on where you live and your years of experience.) Plus, product managers are needed across many different industries, which means you have more flexibility when it comes to the job hunt.
If you’re pulled toward design, engineering, management or marketing, becoming a product manager may be the ideal role for you.
What is Project Management?
Project managers are tasked with overseeing projects at a company from start to finish and making sure everything unfolds according to plan. It’s up to the project manager to work across teams to ensure projects are on schedule and budget.
This begins with defining a project’s goals and extends to building timelines, determining costs and delegating tasks. Once the project is underway, the project manager will keep an eye on progress, communicating with all the stakeholders involved and making necessary tweaks — or even major changes — when issues arise. The project manager’s role is not over once the project has been completed, either. When a project wraps up, the project manager must analyze the results, gauge the project’s success and determine what can be learned.
“[Project managers] actually are the ones who are the movers and the shakers, the ones who make everything happen,” said John Jones, a USC Bovard College faculty member, in a 2023 interview with USC Online. “They’re not necessarily decision makers, but they communicate all the different aspects of whatever the endeavor is to all the various stakeholders.”
Do You Need a Degree to Become a Project Manager?
As with many positions, you’ll likely need a bachelor’s degree to become a project manager. It doesn’t have to be in project management, though — you could study subjects like business, design, marketing and data science during your undergrad.
A master’s degree isn’t required for most project manager roles, but it certainly helps with career advancement. For example, the Master of Science in Project Management online program at USC Bovard College is tailored to both project managers looking to climb the career ladder as well as professionals interested in making the switch from another industry.
The program acquaints students with the building blocks of business relationships, from effective communication to negotiation to conflict resolution. It also dives into essential management processes like performance, quality, risk, cost and budget, applying these concepts to real-world projects. Most importantly, the program prepares students to be skilled leaders, an essential skill for any successful project manager.
Being a project manager is not just about your performance — it’s also about inspiring everyone involved in a project to reach their full potential. If you’re a strong communicator, work well with others, don’t shy away from handling problems and can think creatively, you might make a good project manager.
Is Project Management a Good Career Path?
Project managers are wanted in almost every field: tech, media, government, education, entertainment, business, fashion and more. This means there are plenty of roles and more opportunities to work in an industry you’re passionate about.
The job outlook for project managers is predicted to remain strong throughout this decade. Project managers’ employment is projected to grow 7 percent between 2023 and 2033, which is above average compared to other occupations, according to the U.S. Bureau of Labor Statistics.
The pay for project managers is also competitive. The median pay for a project manager is $94,000 a year, according to the U.S. Bureau of Labor Statistics. But salaries can be much higher depending on where you live — and how much education you have. A master’s degree like the Master of Science in Project Management from USC Bovard College, for example, can set someone up to earn a more competitive salary.
What Is the Difference Between a Product Manager and a Project Manager?
Project managers and product managers may have titles that are easy to mix up, but the two perform very different roles at a company. Both act as leaders and are focused on maintaining quality, but the roles take different skills and have different day-to-day needs: A product manager directly develops something the company is building, while project managers ensure a project is properly finished.
Still, project managers and product managers are often equally vital for a company’s success and needed across industries, with strong career outlooks and competitive salaries. You just need to decide which job function best meets your skills, background and interests. You can’t go wrong with either position!
Learn more about the Master of Science in Project Management online program today.