IC vs Manager. Are there major pay differences between the two? Right now, I have been offered a Principal Data Architect role which is the same pay as the Sr Mgr. I would be moving from a people manager to more of an IC role. Which is better for long term growth? Do you have to move to people management to move far in a company? I feel like at a start up it is better to be an IC due to the chaos of managing expectations at a startup. Hiring in a smaller startup is close to impossible.

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As a manager you’ll start becoming less familiar with the skill sets you’ve built over time. And as new technologies come out, your job is not to learn them and become and expert in it, but to understand enough so that you can still oversee your IC’s work. Personally I think there’s less job security that comes with management for this reason, but you do get more authority in general as a manager. Depends on what you like doing and general risk appetite

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This is an excellent point and definitely something to keep in mind.

Manager manages IC, that's my understanding

My main question is about the career growth between the two.

I think this is probably the most realistic. It'll come down to you OP, and what you resonate with. Ideally, where would you like your career to go in the next 2-3 years, or even 5 years down the line? What place will position you best to do that?

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