Product management is the general business practice within a company that supports and directs all the activities related to planning, developing, marketing, and launching a product. Product managers (PMs) own the product road map, working alongside stakeholders across an organization.
Which Industries Use PMs
Tech companies are best known for using PMs for launching new products, but service firms also call on PMs in the process of innovating:
- Consulting
- Banking
- Insurance
- Analytics
- Law
For example, Deloitte has begun using AI in its tax and audit work. A product management team builds that kind of automation. And Vanguard has a team of more than a thousand people building out its website and app with digital tools, with PMs leading cross-functional efforts to enhance user experience, drive innovation, and deliver customer-centric solutions.
The Importance of Technical Fluency
Technical fluency is essential for PMs, which is why many come from fields such as engineering, computer science, information management, and product design. However, this does not mean you must hold a major in one of these areas.
Demonstrating industry expertise through relevant experience is equally valuable. In addition, you could take supplementary coursework to rapidly develop the necessary skills.
Strong Skills for Product Management
Candidates considering a career in product management should focus on developing the following skills:
- Product sense: Defining a clear product vision, prioritizing features effectively, and making thoughtful trade-offs
- Technical fluency: Understanding how software and hardware are built, which enables informed decision-making
- Communication skills: The ability to align stakeholders, effectively present road maps, and navigate conflicts
- Road map management: Successful execution of strategic plans
- Data literacy: A solid command of analytics to drive well-reasoned decisions
Evaluating MBA Programs for Product Management
When you are researching business schools, consider several key factors. With respect to curriculum, look for programs that offer a product management-focused specialization, along with coursework in innovation, design, and strategy, and experiential learning opportunities that allow for real-world application. Strong job placement, particularly in the tech industry, and a well-connected alumni network are also crucial indicators of a program’s value. In addition, assess the strength of the school’s clubs and associations; these resources can significantly expand your knowledge, help you build your professional network, and offer valuable opportunities to connect with peers and industry professionals who share your career interests.
Top MBA Programs for Product Management
Northwestern Kellogg
The MMM Program is a dual-degree program that combines an MBA from Kellogg with an MS in Design Innovation from the McCormick School of Engineering. This program emphasizes fostering innovation and cultivating a holistic mindset that spans business, technology, and design.
The, which offers a joint degree from Kellogg and the McCormick School of Engineering, includes courses in subject areas such as machine learning, data science, computational thinking for business, and artificial intelligence to develop professionals who will be working at the intersection of business and technology.
The full-time MBA program has a that lets students pick from a comprehensive array of courses to build skills to become a PM. Course examples include “Introduction to Software Development,” “New Venture Discovery,” and “Product Management for Technology Companies.”
MIT Sloan
As part of its full-time MBA program, MIT Sloan offers a nine-month that emphasizes the unique challenges and opportunities presented by digital products and covers topics such as data analytics, product design and development, marketing innovation, and entrepreneurship. Real-life project involvement is available through the Digital Product Management Lab.
Cornell Tech
This one-year MBA program first provides students with foundational business teachings, then assigns them to a semester-long Product Studio in which they work in teams to develop a new tech product or service in response to a challenge faced by a real company.
NYU Stern
Through Stern’s full-time MBA program, students can pursue the , which includes such courses as “Design Thinking for Managers,” “Digital Disruption: Creating and Capturing Value,” “Tech Innovation Strategy,” and “High Tech Entrepreneurship.”
The school is an accelerated one-year option that covers business fundamentals, builds students’ technology acumen and understanding, provides experiential learning through the Stern Solutions hands-on curriculum, and offers wide-ranging tech-focused electives.
Stanford Graduate School of Business
Given its location in Silicon Valley, Stanford is always popular among tech-focused applicants. Opportunities to take classes across the university, including at the d.school, in addition to the robust offerings at the business school make this option stand out. The “Product Management ALP 305” course, part of the school’s Action Learning Program, takes students through the important facets of being a PM.
Carnegie Mellon Tepper School of Business
Tepper’s full-time MBA program offers a Management of Innovation and Product Development MBA track. Through its capstone project, the program prepares students to identify and define complex business problems, design processes that foster innovation, and facilitate the development of groundbreaking products.
Berkeley Haas
The five-day Product Management program at Berkeley Haas incorporates frameworks, hands-on learning, and insights from the school’s full-time MBA program to develop strategic, customer-focused product leaders. Participants gain the skills to drive innovation, elevate team performance, and lead transformative initiatives.
Texas McCombs
The ten-week at McCombs equips participants with both traditional and modern tools, methodologies, and leadership skills to manage complex projects.
UPenn Wharton
UPenn Wharton’s Product Management and Strategy executive education course is a six-week online program that offers in-depth training in advanced product management practices and strategic implementation.
If you need help identifying the business schools at which you would be competitive or have questions about your application essays, sign up for a free 30-minute consultation with an mbaMission consultant.
