Currently make $175k as a newly promoted Manager in big city and have an offer for a Project Manager role at a huge retailer for $120k but in very low COL city (where I have a house and want to live long term). I know I want to leave consulting (hate it) but not sure if I should jump at first offer...

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Don't take it. 175 to 120 is massive, and they probably dont increase pay quickly. Keep applying elsewhere. You may need to spruce up your resume and linkedin profile to get more hits. As long as you don't have a burning platform (e.g. getting counseled out effective 12/31), decline it and keep trying.

likesmart

That’s a tough one, and no one here is going to be able to tell you “the answer”. My $0.02 is - You want to make choices in life that align with your values, which leads to happiness. Search within yourself and decide if this is worth pursuing. Does the $$ beat everything else? Will you have oppty to grow $$ in the future? You should already be asking yourself these questions to have gotten this far in the job search process.

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Why is the phrase 2 cents? Really have no idea.. I’ll look it up and report back.

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If you're going to the HQ of this massive retailer, say Bentonville, make sure you're not getting lowballed. I'd stay a few more years where you are and fight for a better exit. Retail can pay quite a lot.

likefunny

Interesting! Part of the issue is I have NO idea what salaries are at at this place

I'd keep your options open for a remote role or travel occasionally role that allows you to continue earning a similar salary but living from where you want. I'd normally say take the new Opp if money is the same, but $50k is a lot and sounds like you already negotiated the max for the role so you can't expect much salary growth in the near term.

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The big money in industry is at director level and above where you get into stock and long term incentives in a big way. If you have clear runway to that you can discount the money right now. Consultants are overpaid so it's hard to compare but you can always boomerang if industry isn't what you thought it would be

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Exactly, I would suggest holding out for a director position from the get go. Sounds like OP has a lot more leverage and will be viewed as more of a "hot shot" / talented candidate from their current position than as a Project Manager making 120k.

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175 base or TC

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$125k is just low for a project manager in my view. What is the growth opportunity like at this firm? What are the profiles of others - if those profiles are ex-consulting, no way are people accepting $125k.

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I disagree. For Product Manager...you’re probably right. But every PM job I interviewed for two years ago was around that salary. And I had 12yrs running large programs and had four different certs for project management.

Try taking your big city 175k job to a low COL, see how rich you feel for a year then jump as a Director Instead

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Even for moving to LCOL, that’s a huge hit and a bit insulting if you told them what you make now. I’d say no personally.

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So base salary is $172,500. Bonus is like 5-6%. We also get 6% 401k match and employee stock purchase plan discount

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So you work at Accenture

funnylikesmart

They are not ex-consultants (part of the appeal of working with them!) They are ex-J&J, P&G.

uplifting

Got it. I can see your dilemma. Only thing I'll add is that think about your financial opportunity cost thoughtfully and reflect if you would have any regret. The real difference between HCOL and LCOL is largely housing and childcare. Iphones, TVs, cars, furniture, clothes, food tend to be similar costs. So evaluate your opportunity cost looking at it with that lens. If then you feel you won't have any regrets, go for it! Seems like a good way to get life stability.

likesmart

There might be some comp benchmarks you can use online. H1B database is a good one to give you a sense of if you’re being low balled.

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First offer meaning this role. I’ve been applying for months at other companies and no bites. I negotiated this offer up already, so it’s final offer

I would take it. You can make 120k feel like 175k in a LCOL.

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