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It can give a big boost, wait for the right opportunity than the first opportunity . I had just been promoted from SA to M at Kpmg Lighthouse and I was at 141k base plus 20k bonus, I left 6 weeks after promo to Deloitte Strategy & Analytics, and got 205k base plus 25k signing.
I definitely do not think it harms to apply to other companies and see if you can make a move for better compensation. From experience, making a lateral move from one Big4 to another gave me a 20k boost