Hi there The terms agent and manager are often used interchangeably. It varies from market to market. In Canada an agent and manager play basically the same role.
In larger markets of the U.S. it is almost impossible to get an agent without a manager. An agent's day consists of looking at casting breakdowns, and submitting the talent from your roster to the appropriate auditions. Booking their auditions times, sending them the materials for that audition, and then doing follow up with the casting director after wards.
To be an agent you had better be able to negotiate, because that is how you earn your money. Agents make 10% on live theatre, 15% on TV and Film, and 20% on commercial print bookings. Managers have to consistently look for new talent, groom them, and prepare them for the industry contacts that you will supply.
Before introducing a new client to an agent for them to begin working you must prepare them with the proper tools. They will need some acting classes under their belt, so you better know who can coach and coach well. You will also assist in styling them, hair, make-up clothing, etc. You are responsible for developing their image.
The next step is to get them photos, and prepare them with a good monologue and some scene work. You will also need to have media contacts for publicity. You will not have to negotiate all the acting contracts you will simply make a flat percentage which is negotiable, but usually between 10 and 25% The few managers at the higher rates are because they have a proven track record.
The easiest way to figure out which would best suit you would be to spend some time with both. I often interned at agencies until I felt comfortable enough to begin representing talent on my own. Good luck to you, I wish you well!
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