15 Best MBA for Product Management Degrees

An MBA in Product Management is a top consideration for product managers today. Product managers are in high demand these days and their demand is only growing.

The BLS reports that management occupations are expected to grow at a much faster rate than the national average, with 1.1 million new openings projected each year, on average. 

According to The Economic Times, the job of product manager is one of the top career choices due to its high demand and many different types of job opportunities. Business schools are taking notice by offering product management concentrations. 

Investing in a Master of Business Administration (MBA) is a significant financial and time commitment. 

However, an advanced degree can help a professional get their foot in the door in the product management field. By enrolling in an MBA program, they will gain invaluable skills and knowledge in the process.

Who Needs an MBA for Product Management?

Being a product manager means that a professional will become “the CEO of a product.” The professional is responsible for all aspects of the product, from the product’s strategy development to its execution. As a product manager, a professional will need to take the lead in finance, strategy, sales, growth, customer service, marketing, and communications for their product. While a product manager usually has a few years’ worth of management under their belts, getting an MBA with a product management concentration or certificate can often substitute this experience as well as enhancing existing work experiences. An MBA is not required to become a product manager, but it can greatly help open the door to such an opportunity and climb the corporate ladder more quickly.

15 Best Product Management MBAs

Here’s a guide to the 15 best product management MBAs in the United States. If you’d like a look at our ranking methodology, read more here.

1. Massachusetts Institute of Technology 

MIT Sloan’s School of Management sits at the top of our list with a strong legacy in technology and innovation. In the Enterprise Management Track, you’re not just learning by the book; you dive into real-world problems. By graduation, you’ve got a toolbox full of savvy tactics for today’s business world – and that’s something textbooks alone can’t teach.

2. New York University 

At NYU Stern, the Tech MBA equips you with a dynamic fusion of business insight and technical savvy, priming you for success in the tech-driven realm of product management. The program stands out for its strong focus on pioneering ideas and creative problem-solving, offering a wide array of electives that let you tailor your education to fit your unique goals.

3. Northwestern University 

Acknowledging the surge in tech-centric careers post-MBA, Kellogg’s Technology Management Pathway at Northwestern prepares students for pivotal roles in product management. At Kellogg’s, the Technology Management Pathway is stacked with a robust selection of courses and gives you the freedom to tailor your experience by choosing electives across various disciplines.

4. Stanford University 

With its location in the heart of Silicon Valley, Stanford’s School of Business also fosters a tech-savvy environment in its product management MBA. Though the program doesn’t feature set tracks, its broad array of electives lets you zero in on your passions with precision. You’ll graduate with a well-rounded skill set – ready to tackle the innovation conundrums of tomorrow.

5. University of Chicago 

The Booth School of Business at the University of Chicago offers an MBA that’s highly flexible, so students can tailor their experience to their product management aspirations. You’ll sharpen your focus on product management with a toolkit built from data insights and real-world tech-biz challenges.

6. University of California Berkeley

The Haas School of Business stands out for its heavy emphasis on experiential learning. The technology concentration primes students for dynamic careers in product management – ones that can keep up with the ever-changing tides. Whether through its applied innovation electives or the Lean Launchpad, this approach guarantees a well-rounded education.

7. University of California Los Angeles

UCLA runs a top-notch product management track that really digs into how things work on an international scale within the biz. UCLA’s product management grads don’t just have the tech chops – they’ve got a sharp eye for the pulse of markets around the world and how culture plays into it all. 

8. Carnegie Mellon University 

At the Tepper School of Business, students can opt for the Technology Strategy and Product Management track. In doing so, they’ll hone their strategic analytic skills and develop strong leadership chops – both pillars for success in product management roles. Tepper stands out for its integrated approach, blending different fields to give grads a sharp edge in the product management arena.

9. University of Texas at Austin 

Although it doesn’t offer a specific MBA in product management, the McCombs School of Business at UT Austin has an MS in Technology Commercialization that offers a top-notch education. The program packs a punch with a one-year deep dive, arming you with the entrepreneurial know-how and innovative tactics you need to excel in product management.

10. Regent University 

Regent University’s MBA focuses on product management within the context of building products for customer empowerment and financial success. This MBA molds sharp product managers who see through the lens of faith, prepping them to launch standout products worldwide. With no GMAT or GRE requirements, it’s one of the most inclusive.

11. University of Wisconsin 

The Technology Strategy and Product Management concentration within UW-Madison’s MBA program is designed to deeply immerse students in the strategic and technical intricacies essential for steering product life cycles successfully. Graduates from UW-Madison’s MBA with a focus on Technology Strategy and Product Management often land impressive gigs, raking in solid salaries – a clear nod to the program’s success.

12. Syracuse University

Syracuse’s holistic MBA lets you dive into a deep, adaptable study plan without putting your life on hold. Students graduate well-versed in the intricacies of product management and can tap into a large suite of applied and career-oriented modules.

13. Lasell University 

Lasell University’s MBA with a concentration in Product Management for Apparel & Footwear is a unique offering that caters to a specific industry niche. Lasell’s MBA weaves core business smarts with fashion product management know-how, ensuring students shine in the tough world of fashion and retail.

14. University of Oregon

At the University of Oregon, the MBA curriculum in sports product management zeroes in on eco-friendly practices and a strong ethical compass. It creates leaders who not only push for profits, but also prioritize sustainability. 

15. Drexel University

Last but not least, Drexel University’s MBA concentration in Strategic Technology and Innovation Management aligns with PMI credentials, offering the most structured approach possible to learning project planning, execution, and control. Mastering the art of steering intricate product ventures is a must-have for any savvy project manager looking to excel. Drexel’s emphasis on real-world applications is the cherry on top.

MBA for Product Management Admissions Requirements

Getting into a dream MBA program can be challenging, but with some preparation, a professional can be admitted into the school of their choice. However, acceptance rates at top MBA programs are very low, so having a few back up schools is prudent.

Admissions requirements for an MBA generally include a GMAT score (or GRE) and a four-year undergraduate degree. In the application packet, MBA schools will need copies of transcripts, background information, application essays, application fee, letters of recommendation, resume, and TOEFL score (if non-native English speaker). Prospective students can also list their extracurricular and volunteer experiences—in addition to work experiences—because it can help admissions determine if they are a good fit for the program, especially if their experiences show that they are a good team player and have strong communications skills.

Sample Courses

An MBA program has a variety of courses depending on the student’s concentration, but the programs usually have a core curriculum, such as classes in statistics and microeconomics. For project management specifically, some courses that a student in a product management-focused MBA track would take may include:

• Supply Chain Analytics
• Digital Strategy
• Project Management
• Product Management
• Negotiation
• Managerial Accounting
• Change Management

Additionally, MBA coursework may include applied learning classes, where students take classes that involve field visits to companies, hear lectures from product managers, or simulate real-life situations such as making product pitches or testing product tech. While MBA programs do focus heavily on academics, they also understand the importance of developing students for the real-world through internships and applied learning coursework.

MBA for Product Management Salary

Salaries for professionals working in management who have an MBA can have an average base pay of $113,446 per year. The salary range can be from $73,000 to $175,000, depending on the company or area of the country, with a median base salary of $125,317. The titles for these positions include Product Manager, Associate Product Manager, Program Manager, Product Management, or Director of Project Management.

Pros and Cons of an MBA for Product Management

While getting an MBA may be a very attractive option, students should understand the pros and cons of getting an MBA for product management before embarking on this journey.

Pros

• Higher Salary. Having an MBA enables professionals to earn more money. After earning an MBA degree or online degree, professionals can earn an average base salary of $91,372 out of school while those working in consulting can make an average base salary of $152,470. MBA recipients can also earn thousands of dollars in bonuses if the professional succeeds as a product manager. They may even receive sign-on bonuses for joining a company as well as earn performance bonuses or stock options if they meet certain targets throughout the year.
• Network Expanded. By attending an MBA program, a professional can gain a larger network of other professionals within their class years as well as through their professors and business leaders. Also, students gain a network through the school’s alumni and professional networks.
• Improved Credentials. Earning an MBA can immediately boost a professional’s credentials for a job, especially if they lack managerial experience. An MBA is a prestigious degree and very well respected in the business industry.
• New Skills Learned. An MBA program teaches professionals new skills that they may not be able to learn otherwise. The degree curriculum helps students gain the knowledge they need to succeed and advance in their field.
• Preparation for Leadership. MBA programs focus on helping professionals develop their leadership skills so they feel prepared to take leadership roles in organizations.
• Cover More Program Areas. Getting an MBA with a focus on product management will expose the student to a wider variety of courses. Product managers need enhanced knowledge across several different business disciplines.
• Switching Roles. An MBA degree can also enable a professional to switch roles from product management to marketing or another industry more easily.
• Teaching Collaboration. Part of what makes an MBA so attractive is that students have to work in teams and play nicely with each other. Additionally, this team building helps students interact with other students from different backgrounds, thereby strengthening abilities to work with cross-functional teams.
• Finding Excellent Internships. The right MBA program with stellar career services and mentors can help students land that coveted internship in product management. Having work experience through a product management internship will help the student find their dream job when they graduate because they already have a leg up on those who don’t.

Cons

• Time commitment. Most full-time MBA programs take 1-2 years to complete, but it depends on the program, the school, and whether they are online, in-person, or hybrid programs. There are even some excellent one-year Masters programs that are worth checking out.. Part-time MBAs can take 3-4 years to complete.
• Financial cost. MBA programs can be very expensive. The debt accumulated for an MBA program can be anywhere between $100,000-$200,000 for a two-year program. The return on investment for an MBA is not as good as it once was, especially since tuition has increased faster than wages.
• Not an Ideal Hire. Even with an MBA degree, a professional may not be an ideal hire for a position.
• Working in Business. An MBA degree enables a professional to climb the ranks in the business or management fields. If that is not the professional’s ideal direction for their career path, then an MBA may not be worth it.
• Not a Requirement. To work in the product management field, earning an MBA is not a requirement. Many product managers do not have MBA degrees, so it does not guarantee landing a product management job after graduation.
• Certificate Courses May Be Enough. To become a product manager, professionals may only need to complete a product management certificate course or become a certified product manager rather than earning an MBA.
• Limited Pay Increase. Breaking into the product management field with an MBA may not be the ultimate payday. Salaries for product managers have an average base salary of $73,325, which is lower than what other MBA positions make and not much more than an undergraduate would earn.

Many graduate and undergraduate coursework options are available to students these days, either for in-person, online, or hybrid learning—although not all education programs are created equal. Before diving into an MBA, students will need to do their homework to pick the right programs for their best chances to succeed. Fortunately, College Educated is here to help! With our guides, we assist students navigate the different undergraduate and graduate program options, including for getting that important MBA for project management.