Product management is an interesting and well-paying job. It involves the process of product conceptualization, development and marketing of the finished product.
Every company that develops and markets products or services needs a product manager to guide the product development process. This means that product management is a career path with plenty of employment opportunities.
To enhance your career in product management, you should consider pursuing an MBA (Master in Business Administration) degree. There is a wide variety of programs available that suit most needs and circumstances.
What a PM needs to be good at The most important skills of a pm are research, an ability to work with different types of people and understanding marketing. This will help you create a product definition, work on it with design and engineering, define its value to consumers and explain it to management.
Besides just being focused on a new product, PMs often also take care of existing products. This is often referred to as product life-cycle management and it involves opening up new sales channels and minor product refreshes.
As you can see, a PM needs to be a jack-of-all-trades and this means learning a broad set of skills. A relatively quick way of acquiring these different skills is by getting an MBA education.
Why you need an MBA From marketing to managerial economics, to organizational behavior, an MBA education covers a wide range of business topics. Usually courses are taught with both theory and case studies for both theoretical and a practical skill building. This is what gives MBAs an edge in the job market.
Especially for those with a technology background and an affinity for business, an MBA degree can be the ticket they needed to move into more business oriented roles such as product management.
Can anyone enter an MBA program? Different programs have different requirements, but generally you need multiple years of work experience and a Bachelor's degree or equivalent work experience. Usually, lower entry criteria mean weaker schools.
Case study based learning is an essential part of MBA programs and is one reason why you need work experience to join an MBA program. By sharing their real-life experiences on top of the academic theories, students can learn from each-other.
Many companies understand the value of an MBA degree and prefer candidates that hold the degree for business related roles, like product management.
Variations of the product management MBA Product management MBA courses vary from one institution to the other. The most common courses involve brand and marketing management.
Market research, consumer behavior and product positioning are all important topics for PMs and are usually covered in marketing courses. Brand management is useful because it deals with the identity of the company and that identity supports and needs to be supported by the product shipping under it's brand.
MBA degrees can be pursued at well-regarded business schools around the world, so you do not have necessarily have to leave your home country for one.
MBA study options
Full-time You may opt to quit your present job or take study leave in order to complete an MBA course. The advantage of this is that you will do it in a shorter period of time. This is often a financially straining option as you will be without a significant source of income for the duration of your studies and you will have the additional costs of the course itself and the study materials. Studies typically take 2 years.
Part-time People who are not willing to let go of their jobs may opt for part time classes. These may be evening classes, weekend and holidays. While it is convenient in terms of finances, it will take a considerable longer period of time to accomplish and makes it very hard to take a break for multiple years. You will be spending a lot of your free time on the MBA, so make sure that your family is ok with that. Studies typically take 4 years.
Online programs Over the last few years a variety of online MBA programs have sprung up. While these programs are convenient, it is harder to build a network with and learn from your fellow students. Hence these programs are primarily good for obtaining new theoretical skills.
Every company that develops and markets products or services needs a product manager to guide the product development process. This means that product management is a career path with plenty of employment opportunities.
To enhance your career in product management, you should consider pursuing an MBA (Master in Business Administration) degree. There is a wide variety of programs available that suit most needs and circumstances.
What a PM needs to be good at The most important skills of a pm are research, an ability to work with different types of people and understanding marketing. This will help you create a product definition, work on it with design and engineering, define its value to consumers and explain it to management.
Besides just being focused on a new product, PMs often also take care of existing products. This is often referred to as product life-cycle management and it involves opening up new sales channels and minor product refreshes.
As you can see, a PM needs to be a jack-of-all-trades and this means learning a broad set of skills. A relatively quick way of acquiring these different skills is by getting an MBA education.
Why you need an MBA From marketing to managerial economics, to organizational behavior, an MBA education covers a wide range of business topics. Usually courses are taught with both theory and case studies for both theoretical and a practical skill building. This is what gives MBAs an edge in the job market.
Especially for those with a technology background and an affinity for business, an MBA degree can be the ticket they needed to move into more business oriented roles such as product management.
Can anyone enter an MBA program? Different programs have different requirements, but generally you need multiple years of work experience and a Bachelor's degree or equivalent work experience. Usually, lower entry criteria mean weaker schools.
Case study based learning is an essential part of MBA programs and is one reason why you need work experience to join an MBA program. By sharing their real-life experiences on top of the academic theories, students can learn from each-other.
Many companies understand the value of an MBA degree and prefer candidates that hold the degree for business related roles, like product management.
Variations of the product management MBA Product management MBA courses vary from one institution to the other. The most common courses involve brand and marketing management.
Market research, consumer behavior and product positioning are all important topics for PMs and are usually covered in marketing courses. Brand management is useful because it deals with the identity of the company and that identity supports and needs to be supported by the product shipping under it's brand.
MBA degrees can be pursued at well-regarded business schools around the world, so you do not have necessarily have to leave your home country for one.
MBA study options
Full-time You may opt to quit your present job or take study leave in order to complete an MBA course. The advantage of this is that you will do it in a shorter period of time. This is often a financially straining option as you will be without a significant source of income for the duration of your studies and you will have the additional costs of the course itself and the study materials. Studies typically take 2 years.
Part-time People who are not willing to let go of their jobs may opt for part time classes. These may be evening classes, weekend and holidays. While it is convenient in terms of finances, it will take a considerable longer period of time to accomplish and makes it very hard to take a break for multiple years. You will be spending a lot of your free time on the MBA, so make sure that your family is ok with that. Studies typically take 4 years.
Online programs Over the last few years a variety of online MBA programs have sprung up. While these programs are convenient, it is harder to build a network with and learn from your fellow students. Hence these programs are primarily good for obtaining new theoretical skills.
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