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Have you checked on Glassdoor or levels to see what others in your company and role make? Feels low to me. My first management role here it Atlanta was base $135k and for my company even that was low. I was promoted from senior software engineer to manager and I later found out some I managed with the senior level role was making more than me. Also, you’ll usually be compensated less an an internal promotion.
On the flip side, you’re getting experience you can take to your next company and make a bunch more in a year.
Good tip, thank you!