In the last 5 years I've moved from Data Science Manager to Principal (IC role, but basically the external facing technical lead of the team) and now Senior. When I add up all the positives and negatives at work and at home, I think I'm the most content I've been in a long time.
One piece of advice I can give is to make a list of concrete things that are making you think about becoming an IC. And by concrete I don't mean just a word like "Stress." List out the things that are causing that (e.g. Unpredictable rushed deadlines). If it's useful, create a mental Venn diagram of what overlaps and pull out some larger themes. From the list, pick the top 2 - 3 and ask yourself if you are really going to get that as an IC.
Example: For me, one thing that was causing me an immense amount of stress was a highly unpredictable schedule - last minute meetings, fires, people with no ability to prioritize, etc. At the top of my list was being able control my schedule to a reasonable degree. IME that's really hard to do as a Manager or even a Lead/Principal, so it made sense to me to move down to Senior and find a job that allowed for that.
That being said, there are plenty of IC jobs where you sit in pointless meetings all day and get called into meetings at the last minute. It's not like moving down is a guarantee of anything, so it's important to really identify if moving down is going to get you what want. HN has plenty of anecdotes of crappy IC jobs.
As far as pay, I took a small haircut from Manager -> Principal and then a slightly bigger haircut from Principal -> Senior. My spouse works so we still have more than enough to pay bills, meet retirement goals, and have something left over for other stuff. I'm not paid even close to what FAANG people are making, but I suspect lots of people I work with on the business side of things would love to be in my salary band.
One piece of advice I can give is to make a list of concrete things that are making you think about becoming an IC. And by concrete I don't mean just a word like "Stress." List out the things that are causing that (e.g. Unpredictable rushed deadlines). If it's useful, create a mental Venn diagram of what overlaps and pull out some larger themes. From the list, pick the top 2 - 3 and ask yourself if you are really going to get that as an IC.
Example: For me, one thing that was causing me an immense amount of stress was a highly unpredictable schedule - last minute meetings, fires, people with no ability to prioritize, etc. At the top of my list was being able control my schedule to a reasonable degree. IME that's really hard to do as a Manager or even a Lead/Principal, so it made sense to me to move down to Senior and find a job that allowed for that.
That being said, there are plenty of IC jobs where you sit in pointless meetings all day and get called into meetings at the last minute. It's not like moving down is a guarantee of anything, so it's important to really identify if moving down is going to get you what want. HN has plenty of anecdotes of crappy IC jobs.
As far as pay, I took a small haircut from Manager -> Principal and then a slightly bigger haircut from Principal -> Senior. My spouse works so we still have more than enough to pay bills, meet retirement goals, and have something left over for other stuff. I'm not paid even close to what FAANG people are making, but I suspect lots of people I work with on the business side of things would love to be in my salary band.