Though in a burgeoning stage, the tech industry in Berlin, Germany, is undoubtedly one of the most exciting in the world at the moment. It's a city filled with start-ups and a hungry and creative energy, and one that has a lot of appealing attributes besides attractive job prospects.
But there's one thing that's important to consider and impossible to ignore for anyone considering a move from the US to Europe: the potential difference in salaries. If you're thinking of making such a move and want to learn more about a Product Manager salary in Berlin, you've come to the right place. Read on for three things you need to know.
1) Be Prepared That It Could Be a Step Down
Salaries in the US tend to be higher than those in Europe in general, and this is especially true in the tech industry. This means that depending on which city you're currently working in, you could stand to take a pay cut. It's a difference to keep in mind during salary negotiations.
Of course, the offer you get given will depend on several factors, including your experience and current salary. The more experience you have, and the bigger the company is, the higher the salary you'll be able to command. For example, the average salary for Senior Product Manager in Berlin is almost €76,000, which equates to nearly $86,000. These figures are very vague but give a rough idea; if you want more information and specifics around product manager salaries in Berlin then get in touch with one of our team, they're always happy to help with salary advice.
2) You Will Be Compensated in Other Ways
As is common in the US, many pre-IPO start-ups in Berlin will offer equity as part of their salary packages. You'll also most likely receive other standard benefits, such as healthcare and access to pension funds.
Unlike in the US, Germany's full-time employees are entitled to a statutory minimum of 20 days of paid holiday per year, and many companies offer more than this as well as more impressive sickness pay offerings. You'll also find that the attitudes around taking vacation and sick days are different from those in the US, with a more relaxed attitude and flexibility.
3) The Cost of Living Is Much More Affordable
No matter which city in the US you're in, it's highly likely that the cost of living will be higher now than it would if you moved to Berlin. From rent to insurance to groceries, Berlin is an affordable city where your wages will stretch a lot further. There's potential to drop car ownership with excellent transport links, and childcare provision is accessible in many instances. In fact, Berlin is the most affordable capital city in Western Europe; you really can't scoff at that.
While your salary may take a hit, you might even find you're able to maintain a similar lifestyle (if not better) and save equal amounts. So if you're worried about taking a step down in terms of your salary, it's a good idea to factor this in. Many product managers we've spoken to who have moved have commented that though the pay is lower than in the US, everything else about the lifestyle made up for that fact.
Things to Know About a Product Manager Salary in Berlin
While a Product Manager salary in Berlin maybe not be as big a draw when compared with US, other undeniable benefits make it a positive trade-off. The culture, affordability, and exciting array of start-ups, for example. Obviously, these points are all subjective, and only you can decide whether these factors will improve your quality of life; but if a move has been on your mind, and the Product Manager salaries for Berlin has been holding you back, maybe it's time to reconsider.
If you're a Product Owner or Product Manager and want to know more about salaries and the variations between the UK, Europe and America you can either get in touch or take a look at the salaries on offer on our Product Management jobs page.
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