[PeterisP]

The obvious advantages are money and power.

In many organizations (but not nearly all!) going to management is a relatively straightforward way to get more compensation than at your IC position.

But what applies in most organizations is that if you want to have influence on what the organization does, how it does it, and how your product or service will behave, that influence is mostly given to the management - so if you stay as IC, you'll be implementing the vision of others, and if you want others to implement your vision (or even to have a seat at the table where that vision is decided), you need to be at a management role; if you want freedom and decision-making ability and self-actualization in your job, well, in many large organizations ICs get limited opportunities for it, you have to climb the hierarchy until your views start making an impact.