As it is been noted, project manager does not inherently command a higher position than technical staff however in many organisations it’s the case. It is entirely possible to earn better compensation and have more influence than a project manager by becoming a very competent developer. One can become a project manager:
- By the way of “promotion”. Normally the route you need to aim at is developer –> team lead -> PM or developer -> BA -> PM. Note that being competent developer can do more harm here than good. Soft skills are more important.
- Starting your company or managing a not-for-profit project.
- Getting a formal education in PM.
Good technical ability is certainly helpful but you will mostly compete with people who have non technical degrees and hence are much better at soft skills (communication etc). In any case I suggest doing a formal qualification in software development project management either full or part time as a starting point.
The formal training will give you the benefit of systematic and structured approach to acquiring necessary skills and will force you through the tedious still crucial chores you'd otherwise rather avoid.
Reading individual books is helpful however, normally, a book reflects only a specific viewpoint thereas formal training tends to be more impartial. Also formal training includes many other activities (beyond reading) and provides with an access to the community of practise.