First of all - you should not make your decision based on how much you might get paid.  Both developers and analysts have the possibility of making good money.

Here are some things you need to consider:

• Would you rather interact with people in meetings, interviews, and one on ones or be in front of the computer programming?
• Are you interest in a career where you need to continuously increase your people and soft skills (facilitation, negotiation, communication, etc.) or in a career where you need to continuously learn new technologies and development platforms?

If you are interest in management for the sake of management it's not going to work for you.  Most folks are promoted to managers because they did something really well as an individual contributor and were ask to duplicate that.  Of course - new skills are needed when you move into management such as: leading people, motivating others, managing change, providing feedback, coaching, etc.  If you ask me, I would say that a business analyst already requires many of the soft skills needed to move into management and leadership.

As a matter of fact, business analysts are leaders - and they are asked to perform the hardest type of leadership: influence.  Since most BAs don't have teams working for them but many folks (stakeholders, developers, end users, project sponsors, executives), working with them.  If you can lead by influence then it's even easier to lead when you are managing direct reports.

Ultimately, it's up to you to select a profession which you see yourself doing for a long time.

Hope this helps!

- Adrian