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Mentor
Agree
The skills you learn definitely change, not sure it’s necessarily less transferable.
Leading teams, interacting with senior execs, influencing people - all skills you hone after those levels which are very valuable
Mentor
On this note, I’d say all those examples you build the foundations for as an EM. You do continue to hone them as AP+, but the new skills you’re learning are more about writing proposals, keeping in touch with potential future clients, etc.
Subject Expert
I’d mostly agree with that. IMO, if you stay past that M level, it only makes sense if you’re going for Partner.
Also, note that the skills are still transferable beyond that in a sense: consider the more senior partners who land really senior positions at companies (reporting to CEO) - I imagine that’s based mostly on deep expertise.
1 yr into the EM / PL / M role is when the transferable skills "peak". By this time, people pick up the basic people leadership, project management, etc skills.
The "tenured EM" role starts to focus more on transitioning to AP, which means being good at proposals while managing the project.