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Always easier to get higher external
Mentor
Always. LMAO at $120k being high for a territory sales management role. That's a decent base salary for an early-in-career account exec, who can expect to make 50% or more on top of that in commissions. Take the role for the title and experience, and update your resume. Once you've got the new role down, go get a new job making more than double, so long as you are up for working a little bit.
I def think its easier if you apply externally. Sometimes you can then take it to your current role and they may match it.