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Personally, if there’s a way to stick it out, make the job slightly better for yourself (eg move to different city if you’re working remotely anyway) - I would do that and then jump. Not just for the pay, but to show a promotion. IMO b-schools want to see career progression.
But if it’s going to be a miserable 6 months or 1 year, or you think you won’t get another chance to lateral, we all need to do what makes us happy 😊 . But I’d get clarity on the promotion path before making a decision.
I’d leave. I’ve always prioritized the content of the work I’m doing, and it sounds like you’re on boring projects now. Doing interesting work pre-b school will help you in finding a better post MBA job too.
McKinsey poster has a good point about progression helping for apps, but you’ll have 3-4 years to solve that. Can push for a promo at 2 years in corporate.
I did a similar move pre b school, and it worked great for me (so I might be biased by my positive experience!)