What Does a Finance Product Manager Do?

If you are interested in becoming a finance product manager, then it is important to know what the responsibilities and duties of this position entail. 

Finance PMs manage products for financial services like banking, investment funds, or life insurance companies. They can also work with other sectors like retail stores, telecom providers, or healthcare providers. 

The primary responsibility of a finance product manager is to create new products that will drive revenue growth as well as maintain existing ones so that consumers keep coming back for more.

In this post, we’ll go over the primary responsibilities of a financial product manager as well as the skills required and preferred qualifications.

What is a Finance Product Manager?

A finance product manager is a role that requires the individual to create new products or maintain existing ones for financial service providers. They can also work with sectors like retail, telecommunications, and healthcare as well.

A great product manager is responsible for the growth and profitability of a company. They do this by creating new products and maintaining existing ones. Also, they develop marketing plans, conduct research on what customers want in their financial services as well as market trends that might have an impact on those needs.

Let’s take a look at the primary responsibilities of a finance product manager:

Finance Product Manager Roles and Responsibilities

There are many responsibilities that fall under the finance product manager. Although they can vary depending on the company they are working for, these responsibilities typically include:

1. Developing a product strategy from inception to completion

This is one of the primary responsibilities of a finance product manager. Developing a product strategy from inception to completion may include:

  • Evaluating the market potential for a new financial service or product line.
  • Deciding which methods are best for bringing products and services to customers, including how they’re marketed. 
  • Strategizing marketing campaigns based on consumer research findings and customer feedback. 
  • Setting pricing strategies that generate revenue while satisfying shareholders’ profit goals.
  • Planning budgets according to business plans and forecasts of expenses and revenues. This includes making sure there is enough money in reserves so that costs can be covered if sales fall short of expectations.

2. Working with the design and engineering teams to develop the product

Working with these teams is an important part of the product manager’s role.  The finance product manager needs to understand and be sensitive to customer needs. They need a deep understanding of the company’s offerings, including what they’re capable of doing now and in the future, as well as how other companies’ products work so that they can figure out what is needed for their own design.

Armed with these insights, the product manager will then work closely with engineering teams on specific features or functions of the new product. This might include user interface or software application programming interfaces (APIs). 

Also, finance PMs brainstorm preliminary designs and wireframes – essentially drawings that show how an app might look from different perspectives – before working with engineers involved in coding them into reality. This process also involves communicating changes made during development back up to stakeholders.

3. Working with the marketing and product team to effectively market the product 

Working with the marketing team is also a crucial responsibility for the finance product manager. This entails understanding a brand’s identity, as well as preparing launch campaigns with copywriters and designers to communicate its value proposition so it resonates with consumers.

4. Presenting the product strategy to stakeholders

Finance product managers prepare presentations for stakeholders to convince them that the strategy is feasible. They might also need to make adjustments based on feedback, and present these new changes in a meeting or slide deck.

A finance product manager typically presents their idea to project managers, product marketing managers, and any other relevant team member. The presentation will likely outline how the team arrived at its conclusions through research and testing work that it’s done so far; this includes examining product management goals as well as customer needs and wants.

5. Running financial analyses to model the product’s cost and potential margin

The finance product manager must run financial analyses to model the potential cost and margin for a new or existing product. This might include an analysis of sales data, costs, margins for competitors’ products in order to make informed decisions with stakeholders about what type of pricing strategy is appropriate.

6. Pitching the product to third-party vendors

The finance product manager must pitch the new or existing financial products to outside vendors, such as credit card processing companies. This is a necessary step in order for these third-party vendors to be able to create and maintain the infrastructure required by this type of product.

7. Creating product roadmaps

The finance product manager must create the product roadmap for a new or existing financial product. This might include forecasting its potential future growth, examining what other products are available in order to identify gaps that this particular type of financial product could fill, and analyzing customer trends related to spending habits.

8. Working on product lifecycle 

The finance product manager must work on the lifecycle of a new or existing financial product. This includes analyzing what needs to be done at each stage in order for it to grow and maintain its customer base, as well as understanding how much time would need to pass before this type of financial service could feasibly be retired.

9. Analyzing PM data and metrics 

A finance product manager will analyze data and metrics to determine whether a new or existing financial service is meeting its objectives. For example, they might examine the number of people who have signed up for an account with this type of financial institution versus those that are still using it after six months in order to see what needs improvement.

10. Budgeting 

A finance product manager will work closely with the financial team as well as company management in order to develop a budget that factors in all of their needs. They’ll also create forecasts for what they believe will happen and how much money is needed at each stage.

11. Product positioning 

The finance product manager will position products according to market research, customer feedback, and other data points so that customers are aware of why this service would be beneficial to them. 

This includes creating marketing campaigns and advertisements on social media sites like Facebook or YouTube along with print materials such as brochures or flyers which can then be distributed online or offline depending on where it’s most appropriate (such as when someone visits their physical office).

Finance Product Manager Skills

In order to be a successful finance product manager, they need to have hard and soft skills as well as the mindset of a product strategist

Hard skills include the ability to manage and execute projects, have strong attention to detail, be able to multitask effectively while also being collaborative. You can learn these skills by enrolling in a product management certification program or a PM bootcamp.

Soft skills are customer-oriented such as creativity and empathy which will help them in dealing with customers’ needs or complaints.

Let’s take a look at some of them:

1. Communication skills

A finance product manager is required to have excellent interpersonal and verbal communication skills. This includes the ability to effectively listen in order to understand their customer’s needs as well as having strong written and oral presentation abilities in order for them to present concepts or information clearly. 

It also entails being able to communicate with all levels of employees from executives down through lower management staff members who will execute tasks on behalf of the company. 

Strong written communication skills can prove especially valuable if they ever find themselves needing assistance looking up an error code or conducting research online due to not knowing how to use certain software programs such as Excel which may be necessary.

2. Product development skills

One of the most important skills a product manager needs is strong development and design skills. 

This includes being able to develop prototypes, create wireframes, produce visual designs for new products or features as well as writing code when necessary. This allows them to work closely with engineers in order to seamlessly implement their ideas into reality which improves efficiency and overall performance. 

A finance product manager should also be knowledgeable about various coding languages such as CSS, HTML/HTML+, JavaScript (and Jquery), PHP, Python, etc. so that they are comfortable tackling any tasks needed from either end of the spectrum without having an engineer on hand at all times.

3. Agile methodology knowledge

A finance product manager should be able to work with Scrum and other Agile methodologies in order to efficiently collaborate as a team on projects. This will help them better understand the needs of their customers, prioritize tasks accordingly, adapt quickly when needed, and focus on delivering high-quality output more consistently. 

The ability to use these methods can also improve communication within teams which leads to greater productivity among employees. 

Product managers who are familiar with agile deliver higher quality products at a faster pace while improving customer satisfaction levels through quick responses and excellent service. 

Furthermore, it’s worth noting that working under an agile methodology helps companies prepare for uncertainty by being responsive during changing conditions without affecting timelines or deadlines. 

4. Financial systems knowledge

Product managers in the financial sector must have a thorough understanding of how various systems work. 

This includes knowing how to use personal banking and investment banking software as well as being aware of any new laws or regulations that come into effect. 

In addition, it’s beneficial for product managers who are developing products for clients with low balances to be knowledgeable about basic economics principles such as supply and demand curves so they can understand what their customers want from them based on market demographics.

5. Excel management

There’s a lot of spreadsheet management that goes into the position. 

A finance product manager must be able to create and edit spreadsheets for various projects, communicate with stakeholders about their changes or concerns, manage data analysis requests from both internal and external sources, as well as store all new versions in an organized fashion.

Therefore, it’s crucial that a product manager be able to work quickly in Excel, as well as have an eye for detail.

Finance Product Management: Education Requirements

These are the preferred qualifications for a finance product manager:

  • Related degree in Finance, Economics or Business. 
  • Years of experience with financial modeling tools (e.g. Excel) and data analysis software (e.g. SAS).
  • Excellent written and verbal communication skills. 
  • Proven analytical thinking capabilities.

Most employers look for finance product managers with a bachelor’s degree in either business or an applicable field, such as marketing.

It is important that candidates have experience working with Excel and Microsoft Office programs like PowerPoint and Word, but it may also be helpful to demonstrate knowledge of basic accounting principles.

Finance Product Manager Average Salary

There is a wide range of typical manager salaries for the finance product manager job, but according to Glassdoor, they can earn anywhere from $112,000-$163,000 annually. 

Finance Product Management Career Path: Is it worth It?

It is important to note that there are many roles in the finance world, so it will be up to you as a candidate what type of work you would like to do. Finance product managers typically report directly to those who manage the finances for an organization. 

The first steps on your career path might include working with internal clients and making sure they have the right tools for financial success. 

In order to succeed in this field, it is important that you are skilled at both finance and technology across a variety of industries. 

The truth is that the product management world can be both rewarding and challenging, so it is important to have some background in a related field before you go full-time into it.


I'm a seasoned writer specializing in business reviews.  I've had my articles published on leading blogs including TheNextWeb, Yahoo News, Jeff Bullas, Business2Community, and more.