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I have switched from Director of Engineering role to software engineer in Rust and happy with that decision. Even though it brings less income I learned a lot more in the past 2 years than in previous 10 years of management. I don't think you would lose your PM skills, you could only improve them switching to software development role. Just make sure to pick language where you will learn a lot, like OCaml or Rust.

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Thanks for a quick reply!

Yes, I understand what you are talking about - actually, when I was writing this question, I tried to think about things I enjoyed the most in the past couple of weeks, and they were actually things like looking into the inner workings of multiple dispatch in Julia, and understanding the architecture choices that the creators of the Phoenix framework for Elixir made, and comparing them to Hotwire by Basecamp.

I learn a lot through things like this, and I am sure I would've learned much more if it actually was my job.

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