What is the average Product Manager salary for Chicago, IL?
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As of May 01, 2026, the average Product Manager salary in Chicago, IL is $160,783. The chart below represents localized salaries for some of our most popular Product Manager job titles in Chicago, IL. Salaries can vary greatly depending on numerous factors, including position, location, years of experience, and level of education. Salary.com’s team of Certified Compensation Professionals analyzed survey data collected from thousands of HR departments at companies of all sizes and industries to compile a range of salaries for various Product Manager job titles in Chicago, IL. Apply your personal criteria to one of the job titles below to get your personalized salary estimate.
Product Manager Salaries in Chicago, IL
| Job Title | Salary | Hourly Rate | Location | Date Updated |
| Product Manager III | $139,423 | $67.03 | Chicago, IL | May 01, 2026 |
| Product Manager II | $109,605 | $52.69 | Chicago, IL | May 01, 2026 |
| Product Manager I | $88,500 | $42.55 | Chicago, IL | May 01, 2026 |
| Product Manager VI | $226,608 | $108.95 | Chicago, IL | May 01, 2026 |
| Product Manager IV | $167,066 | $80.32 | Chicago, IL | May 01, 2026 |
| Product Manager V | $198,395 | $95.38 | Chicago, IL | May 01, 2026 |
| Scrum Product Ownership Manager | $158,270 | $76.09 | Chicago, IL | May 01, 2026 |
| Financial Services Product Manager | $100,370 | $48.25 | Chicago, IL | May 01, 2026 |
| Financial Services Senior Product Manager | $98,949 | $47.57 | Chicago, IL | May 01, 2026 |
| Product Management Manager | $164,885 | $79.27 | Chicago, IL | May 01, 2026 |
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Guides and manages the lifecycle of new technology products or feature enhancements. Develops product concepts and designs to facilitate market needs and user requirements. Conducts research and develops a good understanding of the customer's needs, new technologies, trends in the market, and competitors. Develops requirements documents, functional specifications, and mock-ups to clearly illustrate product ideas and concepts. Participates in all phases of the product development lifecycle, including analysis, design, testing, and integration of products and introducing products to the market. Requires a bachelor's degree. Typically reports to a manager. Work is generally independent and collaborative in nature. Contributes to moderately complex aspects of a project. Typically requires 4-7 years of related experience. Product Manager III Salaries in Chicago, ILAlternate Job Titles:Software Product Manager III, Technical Product Manager III, Web Product Manager III, Product Manager III
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Guides and manages the lifecycle of new technology products or feature enhancements. Develops product concepts and designs to facilitate market needs and user requirements. Conducts research and develops a good understanding of the customer's needs, new technologies, trends in the market, and competitors. Develops requirements documents, functional specifications, and mock-ups to clearly illustrate product ideas and concepts. Participates in all phases of the product development lifecycle, including analysis, design, testing, and integration of products and introducing products to the market. Requires a bachelor's degree. Typically reports to a manager. Occasionally directed in several aspects of the work. Gaining exposure to some of the complex tasks within the job function. Typically requires 2-4 years of related experience. Product Manager II Salaries in Chicago, ILAlternate Job Titles:Software Product Manager II, Technical Product Manager II, Web Product Manager II, Product Manager II
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Guides and manages the lifecycle of new technology products or feature enhancements. Develops product concepts and designs to facilitate market needs and user requirements. Conducts research and develops a good understanding of the customer's needs, new technologies, trends in the market, and competitors. Develops requirements documents, functional specifications, and mock-ups to clearly illustrate product ideas and concepts. Participates in all phases of the product development lifecycle, including analysis, design, testing, and integration of products and introducing products to the market. Requires a bachelor's degree. Typically reports to a manager. Work is closely managed. Works on projects/matters of limited complexity in a support role. Typically requires 0-2 years of related experience. Product Manager I Salaries in Chicago, ILAlternate Job Titles:Software Product Manager I, Technical Product Manager I, Web Product Manager I, Product Manager I
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Guides and manages the lifecycle of new technology products or feature enhancements. Develops product concepts and designs to facilitate market needs and user requirements. Conducts research and develops a good understanding of the customer's needs, new technologies, trends in the market, and competitors. Develops requirements documents, functional specifications, and mock-ups to clearly illustrate product ideas and concepts. Participates in all phases of the product development lifecycle, including analysis, design, testing, and integration of products and introducing products to the market. Requires a bachelor's degree. Typically reports to a manager. Typically requires 12+ years of related experience. Achievement and depth of knowledge of specialization or field is the main differentiator. Advisory role on complex and challenging projects and initiatives. Recognized for deep technical and industry knowledge and innovative thinking. Provides thought leadership and guidance to a functional area and the organization. Product Manager VI Salaries in Chicago, ILAlternate Job Titles:Software Product Manager VI, Technical Product Manager VI, Web Product Manager VI, Product Manager VI
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Guides and manages the lifecycle of new technology products or feature enhancements. Develops product concepts and designs to facilitate market needs and user requirements. Conducts research and develops a good understanding of the customer's needs, new technologies, trends in the market, and competitors. Develops requirements documents, functional specifications, and mock-ups to clearly illustrate product ideas and concepts. Participates in all phases of the product development lifecycle, including analysis, design, testing, and integration of products and introducing products to the market. Requires a bachelor's degree. Typically reports to a manager. Work is highly independent. May assume a team lead role for the work group. A specialist on complex technical and business matters. Typically requires 7+ years of related experience. Product Manager IV Salaries in Chicago, ILAlternate Job Titles:Software Product Manager IV, Technical Product Manager IV, Web Product Manager IV, Product Manager IV
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Guides and manages the lifecycle of new technology products or feature enhancements. Develops product concepts and designs to facilitate market needs and user requirements. Conducts research and develops a good understanding of the customer's needs, new technologies, trends in the market, and competitors. Develops requirements documents, functional specifications, and mock-ups to clearly illustrate product ideas and concepts. Participates in all phases of the product development lifecycle, including analysis, design, testing, and integration of products and introducing products to the market. Requires a bachelor's degree. Typically reports to a manager. Works autonomously. Goals are generally communicated in "solution" or project goal terms. May provide a leadership role for the work group through knowledge in the area of specialization. Works on advanced, complex technical projects or business issues requiring state of the art technical or industry knowledge. Typically requires 10+ years of related experience. Product Manager V Salaries in Chicago, ILAlternate Job Titles:Software Product Manager V, Technical Product Manager V, Web Product Manager V, Product Manager V
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Manages and communicates the product vision to Agile development teams utilizing the Scrum framework. Collaborates with stakeholders to define product requirements into user stories and acceptance criteria and to produce a clearly defined backlog. Evaluates customer needs to prioritize requirements and manage project lifecycle to deliver the best value to the customer and the business. Acts as a bridge between stakeholders and development teams to remove roadblocks, resolve conflicts, and decide actions. Reviews and documents feedback to help improve processes, workflow, or product development. Oversees development to ensure requirements are implemented effectively within the required timelines. Manages and evaluates project budgets. Requires a bachelor's degree. Typically requires Certified Scrum Product Owner (CSPO). Typically reports to a director. Manages subordinate staff in the day-to-day performance of their jobs. True first level manager. Ensures that project/department milestones/goals are met and adhering to approved budgets. Has full authority for personnel actions. Typically requires 5 years experience in the related area as an individual contributor. 1-3 years supervisory experience may be required. Extensive knowledge of the function and department processes. Scrum Product Ownership Manager Salaries in Chicago, ILAlternate Job Titles:Agile Scrum Product Manager, Agile Scrum Product Ownership Manager, Scrum Product Ownership Manager
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Acts as the subject matter expert for assigned financial services products. Works directly with clients to answer questions, conduct product demonstrations, and introduce new features or products. Collaborates with teams across the organization to prioritize initiatives and align product development with business goals. Requires a bachelor's degree. Typically reports to a manager. Occasionally directed in several aspects of the work. Gaining exposure to some of the complex tasks within the job function. Typically requires 2-4 years of related experience. Financial Services Product Manager Salaries in Chicago, ILAlternate Job Titles:Banking Product Strategy Manager, Financial Services Product Manager
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Acts as the subject matter expert for assigned financial services products. Works directly with clients to answer questions, conduct product demonstrations, and introduce new features or products. Collaborates with teams across the organization to prioritize initiatives and align product development with business goals. Requires a bachelor's degree. Typically reports to a manager. Work is generally independent and collaborative in nature. Contributes to moderately complex aspects of a project. Typically requires 4-7 years of related experience. Financial Services Senior Product Manager Salaries in Chicago, ILAlternate Job Titles:Senior Banking Product Strategy Manager, Financial Services Senior Product Manager
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Manages the lifecycle of new technology products or feature enhancements. Researches and develops the roadmap for new products or feature enhancements and plans and oversees the product lifecycle. Gathers insights from customers and the marketplace to understand needs, new technologies, and trends in the market. Guides the conceptualization, requirements gathering, specification creation, release, and implementation processes. Ensures that product delivery schedules and tasks related to all aspects of product development are coordinated with stakeholders to successfully release new products on time and within budget. Requires a bachelor's degree. Typically reports to a director. Manages subordinate staff in the day-to-day performance of their jobs. True first level manager. Ensures that project/department milestones/goals are met and adhering to approved budgets. Has full authority for personnel actions. Typically requires 5 years experience in the related area as an individual contributor. 1 - 3 years supervisory experience may be required. Extensive knowledge of the function and department processes. Product Management Manager Salaries in Chicago, ILAlternate Job Titles:Manager of Strategic Web Product Management, Software Product Management Manager, Technical Product Management Manager, Product Management Manager