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If you were asked to apply it sounds quite positive. I presume whoever asked you thinks you'd be a good fit. It's hard to see what the downside would be. Just remember that it's always a competition, so it's important to be at the top of your game. Apply and go into the interviews and crush it. You won't have to worry about any potential downside as you'll get the job.
This a good advice here. I like that competition is the key to getting the best resume our there. Also it helps to understand what skills and experience are gaps that could still be improved.
No real downside if you approach it professionally. Even if you don’t get it, it shows ambition, gives you visibility with leadership, and helps you understand what you need to grow into the next level.
The key is being asked to apply here. Worst case scenario, you aren’t chosen, best case, you are accepted into it. Seems like a great opportunity either way.
Just apply at least you get to brush up your resume and know what's expected at the next levels. id say go for it.
Coach
In most cases, there’s very little downside. Being encouraged to apply is already a positive signal — someone believes you’re within range. Hiring panels understand what a stretch application is; it’s rarely viewed negatively if you don’t get it.
Best case: you get the role.
Second best: you get visibility, feedback, and a clearer understanding of what the next level actually requires.
The only real risk is psychological — attaching your self-worth to the outcome. If you treat it as exploration rather than judgment, it’s almost always beneficial.