I went back to IC at a bigger company, make more money, and spend a lot more time with my family. The perspective from being a manager helps me understand how to work with my management. I have turned down a couple of manager roles in my current company since then.
Yeah I am not sure of the advantages of going the manager-path either. Unless perhaps you break above a certain threshold after some years. Because at a lot of managerial roles you get to work a hell of a lot more, without much more compensation and perhaps even less. So it seems like a tough sell unless you are really more interested in the managerial work.