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Managers need to think about network and sales.
Chief
Its easier to move when you're cheap.
Many differences for managers.
-Harder to get offers for higher title at similar firms, and lateral shifts are less interesting, with lower % increases in compensation.
-People management roles are harder to get at premier exits like tech.
-Managers, further along in their career, are more likely to value network and type of project more than more junior people.
-Managers are also more likely than junior people to still want to stay in consulting longer.
Some Manager and above roles at EY pay more than industry. I have researched the market and would need to take a 10% to 20% cut to go into an industry manager role. Also, as someone above said, there are fewer jobs the higher you go up. An M2 or M3 from a big 4 is likely looking at a Sr Manager role in industry.....few and far between.