They take more risks than programmers do. They have to make decisions based on whatever information we gave them, and then face the stakeholder's harsh criticism when their expectations aren't met. Part of the pay package compensates for this risk.

Another factor may be the years of experience needed to prepare a project manager who can plan, estimate and mitigate properly. In some sense, a nuanced project manager is trained through failures, making it an expensive-to-acquire skill. Once reached the level of seniority, a company may not be willing to let go such a valuable personnel.

Edit:

There are more kinds of risks than financial or physical harm. For example, consider the risk of being reprimanded by the manager or the customer. Although no actual harm is done, it is still undesirable enough that we adapt our behaviors in order to avoid this kind of outcome. However, managers have to make good decisions all the time, and has to balance different kinds of risks in the interest of the company, not according to personal preference.

They take more risks than programmers do. They have to make decisions based on whatever information we gave them, and then face the stakeholder's harsh criticism when their expectations aren't met. Part of the pay package compensates for this risk.

Another factor may be the years of experience needed to prepare a project manager who can plan, estimate and mitigate properly. In some sense, a nuanced project manager is trained through failures, making it an expensive-to-acquire skill. Once reached the level of seniority, a company may not be willing to let go of such valuable personnel.

Edit:

There are more kinds of risks than financial or physical harm. For example, consider the risk of being reprimanded by the manager or the customer. Although no actual harm is done, it is still undesirable enough that we adapt our behaviors in order to avoid this kind of outcome. However, managers have to make good decisions all the time, and has to balance different kinds of risks in the interest of the company, not according to personal preference.

They take more risks than programmers do. They have to make decisions based on whatever information we gave them, and then face the stakeholder's harsh criticism when their expectations aren't met. Part of the pay package compensates for this risk.

Another factor may be the years of experience needed to prepare a project manager who can plan, estimate and mitigate properly. In some sense, a nuanced project manager is trained through failures, making it an expensive-to-acquire skill. Once reached the level of seniority, a company may not be willing to let go such a valuable personnel.

They take more risks than programmers do. They have to make decisions based on whatever information we gave them, and then face the stakeholder's harsh criticism when their expectations aren't met. Part of the pay package compensates for this risk.

Another factor may be the years of experience needed to prepare a project manager who can plan, estimate and mitigate properly. In some sense, a nuanced project manager is trained through failures, making it an expensive-to-acquire skill. Once reached the level of seniority, a company may not be willing to let go such a valuable personnel.

Edit:

There are more kinds of risks than financial or physical harm. For example, consider the risk of being reprimanded by the manager or the customer. Although no actual harm is done, it is still undesirable enough that we adapt our behaviors in order to avoid this kind of outcome. However, managers have to make good decisions all the time, and has to balance different kinds of risks in the interest of the company, not according to personal preference.