People frequently argue in the field of product management about whether to become a generalist PM or to specialize in a specific area. Which path ultimately leads to quicker career growth and higher salaries? Is it more advantageous to have in-depth knowledge in a specific field or to have a broad skillset that can be applied to various industries? I feel these are important considerations when pondering which PM role offers the best opportunities for upward mobility and financial success.
I would appreciate your views on this, please.
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In actuality, you require both.
I want a candidate with domain expertise or an exceptionally strong track record of acquiring domain knowledge if I am seeking to recruit a more senior PM who is also an IC. In order to recruit and keep people, I am prepared to go above and beyond in terms of title and budget if it means finding someone who knows our clients and/or our users.
Adtech/health tech space.
For junior folks it’s not a big deal. For managers it’s not a big deal. So if you are looking to transition to management I wouldn’t worry too much about it.
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Domain expertise in a specific industry can lead to faster upward mobility within that particular sector, while generalist PMs may have more flexibility to transition between industries. Salaries for domain experts tend to be higher due to their specialized knowledge and ability to drive results in a specific field. However, generalist PMs also have the advantage of being able to adapt to different industries and bring a fresh perspective to various projects.
While domain expertise can lead to faster promotions within a specific industry, generalist PMs may have more opportunities for career growth in the long run. In terms of salaries, domain experts may command higher pay initially, but generalist PMs who excel in different environments can also negotiate competitive compensation packages.
Ultimately, the choice between domain expertise and generalist skills depends on individual career goals and preferences.
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Those with domain expertise in a specialized but highly regarded industry (I’m thinking of hardware or tangible products such as solar panels, robotics, bio/pharmaceutical, etc.) would earn exceptionally high salaries. On the other hand, generalist project managers who can adapt to various industries may have a more stable and diverse career trajectory. It is important for individuals to consider their long-term career goals and interests when deciding between specializing in a specific domain or developing generalist skills.
Probably a generalist, but I would also like to know what you mean by “advanced mobility”—merely attaining the position of vice president or chief executive officer. Specializing in a specific domain may lead to quicker career advancement and higher salaries in industries like advanced mobility. However, developing generalist skills can provide a more diverse range of job opportunities and long-term career stability. Ultimately, individuals should weigh the benefits of specialization versus generalization based on their personal career goals and interests.
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Initially, I started with domain expertise, but with time, I transitioned more into a generalist. One thing that was consistent throughout the interviews was that it was a positive that I demonstrated that I was capable of going deep and that I was a great practitioner of product management. This shift allowed me to explore different areas within the industry and adapt to changing market demands. While specialization can lead to higher salaries in certain industries, being a well-rounded generalist can open up more diverse job opportunities and provide long-term career stability.
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Could you elaborate on your definition of “domain expertise” and the process you used to develop it?
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@AhmadBashir, I’ve been in the field for over ten years and am the market leader in my domain. It only took around 5 years for me to become a “expert” in my field, while simultaneously gaining product management experience. By continuously learning and staying updated on industry trends, I was able to develop my domain expertise. This involved networking with other professionals, attending relevant conferences, and seeking out mentorship opportunities to deepen my knowledge and skills.
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There isn’t just one answer here. In general, I favor product skills above domain experience, as do the majority of directors and VPs with whom I’ve spoken. However, not everyone weighs them equally, and certain positions will require greater subject experience.
Ultimately, having a combination of both product management skills and domain expertise can be highly valuable in the industry. While product skills are essential for developing successful products, having a deep understanding of the specific industry can provide valuable insights and help make more informed decisions. It is important to continuously seek opportunities to enhance both areas of expertise to stay competitive in the ever-evolving business landscape.
Additionally, being adaptable and open to learning from various sources can help in navigating the varied requirements of different positions within the field.
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To begin, you may need skills. Go to great depths, take control of the field, and then begin investigating other fields. If you were to begin as a generalist, it would be quite difficult to navigate between different projects and efforts. In the absence of experience, a generalist PM is little more than a glorified secretary.
Therefore, focusing on developing specialized skills in a particular area can lead to more success and opportunities for growth in project management. It is important to continuously seek out new knowledge and experiences to excel in this dynamic field.
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Generalists are the most successful. Regarding the reward, I believe that the function requires more hats to be worn. In order to stand out in product management, it is essential to continuously seek out new knowledge and experiences. Specializing in a particular area can lead to more success and opportunities for growth in this dynamic field. It is important to remember that generalists are the most successful in product management, as they are able to navigate between different projects and efforts effectively.
Regarding the reward, I believe that the function requires more hats to be worn. Product managers must be able to juggle multiple tasks, such as market research, product development, and project management, in order to succeed. By continuously seeking out new knowledge and experiences, product managers can stay ahead of the curve and ensure that they are able to meet the ever-changing demands of the industry. In conclusion, specialization is important, but being a well-rounded generalist will ultimately lead to greater success in product management.
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The decision between becoming a generalist or specializing in a specific area in product management depends on various factors, and there is no one-size-fits-all answer. Both paths can lead to successful careers with opportunities for upward mobility and financial success, but the best choice for an individual depends on their strengths, interests, and career goals. Here are some considerations for each approach:
Generalist Product Manager:
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Adaptability: Generalists are often adaptable and can transition between different industries and types of products. This adaptability can be an asset, especially in rapidly changing markets.
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Diverse Skill Set: Generalists typically have a broad skill set that includes a range of product management competencies. This versatility can make them valuable contributors in various contexts.
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Career Flexibility: Generalists may find it easier to explore different roles within an organization or even switch industries without having to retool their skill set extensively.
Specialist Product Manager:
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In-Depth Knowledge: Specialists have deep expertise in a specific domain, industry, or type of product. This specialized knowledge can make them subject matter experts and highly valuable in certain contexts.
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Niche Opportunities: Specializing can open up opportunities in niche markets where specific expertise is highly sought after. This can lead to more specialized and potentially higher-paying roles.
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Networking: Building a strong network within a specific industry or domain can be easier for specialists. This network can be valuable for career growth and job opportunities.
Considerations for Career Growth and Salaries:
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Industry Demand: Assess the demand for both generalist and specialist roles in the industries or markets you are interested in. Some industries may prefer specialists, while others value generalists.
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Personal Preferences: Consider your own interests, strengths, and long-term career goals. Some individuals thrive in dynamic, diverse environments, while others prefer to dive deep into a specific area.
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Continuous Learning: Both paths require continuous learning. Generalists need to stay updated on a variety of skills, while specialists need to keep abreast of developments in their specific area.
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Market Trends: Evaluate the current market trends and job market conditions in your target industry. Some industries may prioritize generalists during certain periods, while others may prefer specialists.
Ultimately, there is no one right answer, and individuals may find success and satisfaction in either path. It’s essential to continuously assess and adapt your strategy based on your evolving career goals, market conditions, and personal preferences. Additionally, factors such as networking, leadership skills, and the ability to deliver tangible results can significantly impact career growth and financial success in both generalist and specialist roles.
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Absolutely agree with @Pankaj-Jain. Choosing between becoming a generalist or a specialist Product Manager (PM) involves trade-offs, and the optimal path depends on individual preferences and career goals. Generalist PMs offer adaptability and versatility, excelling in diverse environments and having access to a broad range of job opportunities. Their flexibility allows for career exploration across various roles and industries. On the other hand, specialist PMs bring in-depth knowledge and expertise in a specific domain or industry, making them valuable subject matter experts with potential advantages in certain markets. Their specialization can lead to clearer career trajectories and open doors to leadership positions.
When considering career growth and higher salaries, it’s essential to assess the market demand for generalist versus specialist PMs in the target industry or region. Some industries may prioritize specialists, while others value the versatility of generalists. Personal interests, strengths, and career goals play a crucial role in this decision, as does an understanding of company culture and the specific needs of potential employers. Regardless of the chosen path, continuous learning remains key in product management, ensuring that PMs stay informed about industry trends, new technologies, and evolving customer needs for sustained success.