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Definitely can be true, although I think that there are a lot of potential paths.

My advice would be to determine what is driving you to want to shift from Engineer => PM. If it's purely money, there are alternatives that don't require leaving coding (job hopping wisely, moving into certain types of management tracks, consulting on the side, switching into industries that pay SWEs ludicrous salaries such as quant finance if you can). Similarly if you're looking for more influence/reputation – all of that can be had as an engineer if you're somewhat thoughtful about your path. However – if you're looking to transition out of coding because you're more interested in the business / sales / working with people (which was my story) then it's a great switch.

Good luck!

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