Number 2 is easier said than done. I'm currently sitting at that terrible spot where I'm at the top of the IC ladder, and need to become a manager and have direct reports in order to continue climbing, but the dreaded chicken and egg problem prevents it: You need management experience to become (or job hop to be) a manager.
I had the same painful conversation with my boss that a lot of us have had: Became the top subject matter expert on my growing team, team grew to the point where my boss needed to insert a few managers under him, pitched myself for it and ultimately he hired outside the team because he needed someone who had already been a manager. This exact thing has happened in my last three companies.
Very few companies actually have pure IC roles that are truly parallel (in comp and prestige) with the people management ladder.
I had the same painful conversation with my boss that a lot of us have had: Became the top subject matter expert on my growing team, team grew to the point where my boss needed to insert a few managers under him, pitched myself for it and ultimately he hired outside the team because he needed someone who had already been a manager. This exact thing has happened in my last three companies.
Very few companies actually have pure IC roles that are truly parallel (in comp and prestige) with the people management ladder.