A computer engineering student asked me whether he should pursue a technical career or transition into management. Having done both, here's my perspective.
I spent about 10 years as a department and project manager. Eventually, I realized that managing people was no longer something I enjoyed, so I stepped away from all of my management roles. For the past 15 years, I've been an individual contributor while continuing to mentor engineers, but I'm no longer responsible for their performance.
Despite that, I recommend that everyone spend at least a few years in a management role. It gives you valuable experience that is very difficult to gain any other way. Volunteering for responsibilities beyond your formal role and building relationships beyond your immediate team will increase your chances of moving into management.
When you become a manager, you get to see behind the curtain. You discover that many unpopular decisions are driven by budget constraints, deadlines, conflicting stakeholder requests, or information that isn't visible to the rest of the team. You learn more about yourself and about other people (for example, that employees can also be biased or unfair), develop an appreciation for different perspectives, and become more effective in dealing with others.
A good manager doesn't just do things right, they also make sure the right things get done. They know how value is created and say no to work that doesn't have enough value. You will learn that saying no is much harder than saying yes because you have to deal with the pushback. By ensuring that the right work is carried out with high quality, you create a multiplier effect that improves the performance of everyone on your team. A great engineer can double their own productivity. A great manager can increase the effectiveness of a team of ten people by 50%, creating a far greater overall impact.
At the same time, don't neglect your technical skills. If you ever decide to step away from management, maintaining your technical expertise will allow you to return to an engineering role. If your technical skills become outdated, your career options become much more limited.
Of course, it's not easy to be both a good manager and a good engineer. Excelling at both requires more effort than most people are willing to invest, and it's only possible if you're genuinely interested in them.
A realistic take on the subject: Waltzing with Bears