What should my strategy be if I want to 4x my current salary (let's say go from 7LPA to approx 30LPA) in the next 4-5 years? Is this a realistic expectation to have moving forward? With regards to my work ex; I started off my career with sales, worked for 7 months, left the job, upskilled myself a little bit and landed a product manager role. So in total I have about a year of experience (7 months in sales and rest out it as a pm). Also I have a engineerring background and have also completed my MBA, both of them from tier 2 colleges.
I’d say a good mentor (boss or co-founder in case of startup) inside the company who puts you on the right projects should be the tactical play.
Essentially your product stack of know-how should be enough to start up in the space you are in, in next 2 to 3 years. Selection of projects and a deep understanding of those (understanding so good that you can explain it to anyone) is essential. This should ensure good growth and stakeholder management.
Ask for appraisals, both non-monetary and yearly salary ones. Work on your weaknesses and double down on strengths. If your company doesn’t notice (very unlikely) if you have, over a period of 2 years+, visibly grown - switch. Idk about 30LPA but you’ll be a good PM - they earn that much + more.
Thanks a lot for the tips! So basically what I got was that get a good mentor and the right projects and then work hard, learn improve etc. and focus on becoming a better PM. And is it necessary to spend two years before switching, or can I switch after spending roughly a year in my company?
In my experience of around 2yrs in Product- I’ve realised there’s just some stuff that you learn w time. You know it when it happens - example - for me it was gaining a somewhat intuitive understanding of what kind of changes in my app’s systems are easy to implement and what aren’t. On the business side- learnings are endless. I’d say 2 years are a must, especially for your first product stint.
Are you drawing 7LPA as a PM right now?
Around 7 LPA, I know it is very low for a PM role, hence my question.
In that case, it's not at all difficult to reach 30 LPA as a PM in a few years. Focus on developing your product sense, work towards promotion in your current company and plan a switch after 2 years in current role.
4x jump is a bit ambitious in current job market conditions, treading slowly with decent hikes should work for next 1-2 years.
If you left a sales role and now want to make more money, can't help you with career trajectory advice.
That's the one role where you can make 4x your CTC in the next year.
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Gave sales a fair shot, the role just isn't for me.
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