2023 Best MBA Programs in Product Management

What is an MBA in Product Management?

Product management is an increasingly sought after field with many organizations looking for talented individuals to fill the role. Product managers are responsible for the development, launch, and maintenance of products, which requires a range of skills. They must have a deep understanding of the market and customer needs, as well as the ability to develop strategies and execute on them. Product managers also need excellent communication and organizational skills, as well as strong leadership abilities. To gain these skills, many professionals opt to pursue an MBA in product management, which is designed to provide the necessary knowledge and skills to succeed in this field.

100 Best MBAs in Product Management

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What is an MBA in Product Management?

An MBA in Product Management is a specialized degree program designed to provide students with the necessary skills and knowledge to become successful in the field of product management. This program typically combines business management courses with courses focusing on product development and marketing.

Students learn the fundamentals of product design, pricing, market research, strategy formation, and customer service. They gain an understanding of the principles of product lifecycle management and how to effectively manage the entire product lifecycle. Additionally, students explore topics such as business analytics, data-driven decision making, and project management. With an MBA in Product Management, graduates are prepared to lead product teams and contribute to business success in dynamic organizations.

What is the Career Outlook for Product Management MBAs?

The career outlook for Product Management MBAs is highly promising. According to the US Bureau of Labor Statistics, the job outlook for product managers is expected to grow by more than 10 percent in the next decade. Product management is an essential and ever-evolving role in the technology industry, and MBAs with a specialization in product management are in high demand.

Companies are looking for professionals with a deep understanding of the product development process and an ability to anticipate customer needs. With an MBA in Product Management, graduates can expect to find positions as product managers, product strategists, or product owners in tech companies, startups, and other organizations.

Employment for Product Management MBAs is projected to grow -5.5% percent nationwide from 2018 to 2028, with an average annual need for 16,800 new Product Managers a year until 2028, according to the US Department of Labor.

Area	2018	2028	Change	%Change	Avg. Annual Openings
United States	263,200	248,800	-14,400	-5.5	16,800
Alabama	2,390	2,270	-120	-5	150
Alaska	1,700	1,830	130	7.6	140
Arizona	2,950	3,020	70	2.4	220
Arkansas	3,250	3,250	0	0	230
California	43,300	41,500	-1,800	-4.2	2,830
Colorado	810	840	30	3.7	60
Connecticut	1,490	1,420	-70	-4.7	100
Florida	27,070	27,300	230	0.8	1,960
Georgia	7,920	7,900	-20	-0.3	560
Hawaii	1,430	1,330	-100	-7	90
Idaho	2,870	3,130	260	9.1	30
Illinois	12,070	11,060	-1,010	-8.4	720
Indiana	5,340	5,020	-320	-6	340
Iowa	3,700	3,430	-270	-7.3	230
Kansas	5,020	4,720	-300	-6	320
Louisiana	670	690	20	3	0
Maine	1,220	1,090	-130	-10.7	70
Maryland	4,520	4,320	-200	-4.4	420
Massachusetts	10,480	9,700	-780	-7.4	640
Michigan	4,430	4,020	-410	-9.3	260
Minnesota	6,940	6,480	-460	-6.6	430
Mississippi	1,250	1,290	40	3.2	0
Missouri	6,010	5,650	-360	-6	380
Montana	570	540	-30	-5.3	40
Nebraska	1,330	1,300	-30	-2.3	90
Nevada	1,220	1,250	30	2.5	90
New Hampshire	820	790	-30	-3.7	50
New Jersey	840	800	-40	-4.8	50
New York	14,480	14,290	-190	-1.3	1,000
North Carolina	5,040	4,890	-150	-3	340
North Dakota	2,360	2,210	-150	-6.4	150
Ohio	5,650	5,160	-490	-8.7	340
Oklahoma	5,110	4,760	-350	-6.8	320
Oregon	1,450	1,400	-50	-3.4	100
Pennsylvania	9,500	8,880	-620	-6.5	590
Rhode Island	420	390	-30	-7.1	30
South Carolina	4,020	4,020	0	0	290
South Dakota	1,300	1,320	20	1.5	90
Tennessee	8,970	8,850	-120	-1.3	620
Texas	7,220	7,440	220	3	540
Utah	6,340	7,220	880	13.9	570
Vermont	1,210	1,120	-90	-7.4	70
Virgin Islands	160	160	0	0	10
Virginia	7,620	7,330	-290	-3.8	500
Washington	4,120	4,810	690	16.7	460
West Virginia	1,280	1,220	-60	-4.7	80
Wisconsin	6,880	6,370	-510	-7.4	420

What is the Starting Salary for Product Management MBAs?

Average starting salary for MBA students from universities that offer an MBA in Product Management today is $93,156.55 with the lowest of starting of $60,514.00 and the highest reported starting salary of $132,453.00.

Product Management Earnings by State and Experience

According to data collected by the U.S. Bureau of Labor Statistics, top executives pay and employment in 2021 is listed in the table below.

State	Employment	1 to 4 Years	5 to 9 Years	10 to 15 Years	15 to 20 Years	20+ Years
Alabama	1,160	$49,480	$97,930	$161,290	$266,129	$401,854
Alaska	1,080	$66,800	$104,970	$143,070	$228,912	$345,657
Arizona	3,290	$67,640	$100,710	$158,440	$253,504	$382,791
Arkansas	1,950	$30,140	$65,020	$112,360	$171,690	$259,252
California	30,150	$88,330	$137,840	$137,840	$220,544	$333,021
Colorado	660	$86,040	$129,080	$182,030	$291,248	$439,784
Connecticut	570	$148,670	$181,520	$181,520	$290,432	$438,552
District of Columbia	1,570	$138,960	$184,850	$184,850	$295,760	$446,598
Florida	22,030	$57,340	$103,170	$182,900	$292,640	$441,886
Guam	300	$30,510	$64,050	$103,580	$152,580	$230,396
Hawaii	560	$80,740	$137,090	$137,090	$219,344	$331,209
Illinois	9,430	$99,230	$151,350	$151,350	$242,160	$365,662
Indiana	2,270	$50,330	$95,850	$145,770	$233,232	$352,180
Kansas	3,160	$33,570	$96,530	$144,060	$230,496	$348,049
Kentucky	2,710	$64,060	$96,460	$135,720	$217,152	$327,900
Louisiana	710	$83,240	$134,570	$194,250	$310,800	$469,308
Maine	1,130	$73,320	$91,400	$116,270	$196,060	$296,051
Maryland	–	$70,650	$127,700	$197,770	$316,432	$477,812
Massachusetts	7,190	$103,100	$147,440	$231,481	$370,369	$559,258
Michigan	2,710	$92,190	$138,280	$138,280	$221,248	$334,084
Minnesota	5,420	$91,430	$129,540	$181,550	$290,480	$438,625
Mississippi	740	$41,780	$84,850	$114,160	$158,090	$238,716
Missouri	4,540	$44,860	$97,760	$157,430	$251,888	$380,351
Montana	360	$36,530	$74,810	$121,250	$193,900	$292,789
Nebraska	1,580	$73,510	$110,460	$187,180	$299,488	$452,227
Nevada	1,370	$64,400	$125,530	$191,430	$306,288	$462,495
New Hampshire	630	$87,210	$107,680	$150,470	$240,752	$363,536
New Jersey	980	$128,090	$185,350	$233,350	$373,359	$563,772
New York	7,280	$94,670	$126,250	$198,213	$317,140	$478,881
North Carolina	3,070	$81,520	$135,660	$212,986	$340,778	$514,575
North Dakota	220	$84,420	$109,350	$129,040	$206,330	$311,558
Ohio	4,940	$67,380	$110,020	$175,520	$280,832	$424,056
Oklahoma	2,870	$41,400	$78,220	$125,880	$201,408	$304,126
Oregon	970	$98,870	$160,210	$251,530	$402,448	$607,696
Pennsylvania	7,010	$110,390	$149,680	$234,998	$375,996	$567,754
Puerto Rico	2,940	$42,520	$63,830	$97,490	$150,530	$227,300
Rhode Island	330	$124,390	$165,010	$259,066	$414,505	$625,903
South Carolina	3,460	$24,630	$100,450	$169,500	$271,200	$409,512
South Dakota	470	$151,970	$197,130	$309,494	$495,191	$747,738
Tennessee	9,450	$26,360	$76,640	$151,960	$243,136	$367,135
Texas	6,730	$115,500	$165,290	$259,505	$415,208	$626,965
Utah	5,470	$34,430	$81,720	$146,930	$235,088	$354,983
Vermont	630	$57,410	$90,940	$131,090	$209,744	$316,713
Virginia	6,480	$98,060	$177,980	$279,429	$447,086	$675,099
Washington	2,660	$138,120	$180,100	$282,757	$452,411	$683,141
West Virginia	990	$73,990	$100,970	$139,330	$207,810	$313,793
Wisconsin	3,230	$88,360	$112,090	$160,130	$256,208	$386,874
Wyoming	110	$28,240	$40,560	$123,790	$198,064	$299,077

What is the Difference Between a Product Manager and a Project Manager?

Product Managers and Project Managers are both responsible for the success of products, but they have very different roles. Product Managers are responsible for the idea, strategy, and roadmap of a product. They focus on understanding customer needs and creating a plan for product development. Project Managers, on the other hand, are responsible for executing on the product roadmap.

They manage the day-to-day tasks and ensure that each step of the product development process is completed on time and within budget. An MBA in Product Management provides skills in both product management and project management to give graduates an edge in their careers.

What Can I Do With an MBA in Product Management?

An MBA in Product Management can open up a variety of opportunities for aspiring professionals. Individuals with a degree in product management can find roles in both the private and public sectors, from startups to established organizations. These roles could include product management in technology, health care, finance, or consulting.

Product management MBAs may have the chance to work at top tech companies like Amazon and lead key initiatives in product development and strategy. Additionally, MBAs who specialize in product management can also participate in workshops such as the Tech Product Management and Product Marketing Management Workshop, sponsored by the Chicago Booth Technology Group and the Kilts Center for Marketing. By attending workshops like these, product management MBAs can stay up to date on the latest industry trends and develop their skills further.

What Skills Do I Need to be Successful In Product Management?

It’s important to have the right skills to be successful in product management. Product managers need to have a good understanding of the product or service they are managing, as well as a strong understanding of their target market and how to reach them.

They also need to have strong technical skills, be able to think strategically, and have excellent communication and collaboration skills. Product managers must also be able to manage multiple projects at once, prioritize tasks, and be able to make decisions in a timely manner. Additionally, having a good understanding of data analysis is essential for any successful product manager. An MBA in Product Management can provide students with the tools and knowledge they need to develop these important skills.

How Much is Tuition for MBA Product Management Programs

The average Tuition for an MBA in Product Management is $54,669.26 with a highest of $141,812.00 and the lowest of $11,851.00

GMAT Scores Needed for an MBA in Product Management?

The lowest GMAT score needed for a Product Management MBA is 400 and the highest is 687 with an average GMAT score to be accepted in a Product Management MBA program is 553.

Student / Faculty Ratio for MBA Programs in Product Management

The lowest student faculty ratio from a Product Management MBA program is 1:16 while the highest ratio is 9:1, and the average from all MBA programs is 3:1.

Student Enrollment Information for MBA Programs in Product Management

The MBA program with the lowest student enrollment that offers an MBA in Product Management is 68 from Oklahoma State University. The MBA program with the highest student enrollment offering an MBA in Product Management is Highest: 1,300 from University of Utah. The average student enrollment from all universities that offer an MBA in Product Management is 333.

100 Best MBA Programs in Product Management