There are more opportunities for sr. software engineer in the job market but not for project managers. I have interviewed a few people for a tehnical project manager position, some of them were laid off. Finally we hired one that was not the smartest one at all. (It was not my desicion to hire him but the CTO's since this guy is easy to be manipulted.It turns out my jugement was right.) Anyway, I have seen a couple of smart ones, they were not chosen. Normally as a sr. software engineer, if you have strong technical skills that the hiring company wants, they have no reasons to turn you down.As a project manager, they evaluate you based on a lot of things that you have no controls.