I'm not intending to offend anyone or their role. I have conflicting view on this. These are my points -
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You have senior engineering roles like staff engineer, principal engineer, chief software architect, director of engineering etc. depending on a specific companies hierarchy.
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The above senior roles are good at planning projects, architecting, leading the development, delivery and maintainence. Given the technical depth people in these roles have and leadership skills they develop along the way, they can lead engineering teams to get things done.
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The people in above roles are the right people to lead because they have strong depth and breadth of technical knowledge and they are partly hands-on themselves.
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You have product managers(and probably project managers as well) planning things from business priority, tracking the work, coordinating with external parties, contracts, pricing, negotiations.
Then what exactly do engineering managers do? They don't have either complete technical ownership nor complete product ownership.
Also, I found the following post which might suggest that companies might be realizing the redundant nature of this role.
https://www.businessinsider.com/mark-zuckerberg-why-companies-laying-off-managers-flattening-org-structure-2025-5
Again, not trying to offend anyone. I'm purely weighing pros and cons to choose a right career path for myself.