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Not big 4 but have seen fellow OWers go ASC - > ASC and EM->PL
Coach
I doubt SMs in B4 would be demoted to EM. They usually sell and are much older
If it's truly strat, then associate and Ms can lateral. Sometimes M might be pushed down to Assoc with a potential to be promoted in the very first cycle. This is not because the person is not capable but a Manager has to adapt to a new network and learn the firms way of doing things. It's always case by case and there is no steadfast rule
It is true for any job change but a common reason (anecdotal) this is the case is because of the cultural difference. We have had a few folks that transitioned from big 4 and tried to run a hierarchical team environment. And long story short they didn't make it very long. Another one I've seen personally is that some B4 shops seem to have inflated titles. Their Ms are really doing out Assoc role.
There are SMs that transfer over. But we don't have an official SM title. So they usually join as Ms. Unless they bring a lot of experience and expertise in which case they could be hired as principal.
I heard about a few cases where a demotion happened and then met a recruiter from MBB who mentioned that happens more often than not. Was quite surprised and have been wondering - SMs at big 4 generally have more experience and they all sell; exactly what you're saying EY1