I'm surprised at how passive aggressive some of these answers sound. I imagine many of you have worked some poor managers who weren't very good at their job. That will make you question why they deserve to get paid so much. For the record, as a manager I've had staff members make as much as I have.

I believe a (good) manager gets paid a lot because they make their team more productive, focused, and happy. a good manager will... Increase the productivity and output from the team. She makes sure that each person has the tools and resources to do their job effectively. She ensures that roadblocks are moved out of the way and not a distraction. She mentors the team and helps identify projects that help improve their skills and peaks their interests. She sets a vision the team can rally behind and adjusts that plan and pitch as needed. Shes brings experience and prospective that no one else on the team has had. She hired an all-star team and fires the deadwood. She's the shit umbrella who protects the team from the rest of the company.

Hiring a good manager is hard work. It's even harder to promote within without the right training structure. One of the problems with management is many of us are self taught. Bad managers can often breed more bad managers. But a great manager can be worth every penny.