I've found in general the pay differential between an upper level IC and a senior manager/director role is about 25%. So the question is whether you would (a) rather be in a job where you are miserable and stressed out but making 25% more, or (b) in a job you enjoy with much less stress but making 25% less.
I say the above all from personal experience. I am glad I spent my 3+ years in management, and while I think I learned to be fairly good at it, I was miserable and I am certainly MUCH happier now that I've stepped off that train.
https://www.levels.fyi/?compare=Google,Facebook,Microsoft&tr...
To get to 1M you'll need to be a VP.
Agreed, but my point above was that if you are not happy as a manager, you're probably going to be really unhappy as a senior manager, approaching severe depression/anxiety as a director, and ready to jump off a bridge as a VP. If you're just going on that track for the pay potential, your happiness level is going to be worse the higher you go up and the more divorced you are from tasks (like programming) that you enjoy.