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I can relate.

Got a note from Deloitte Talent team, is this a glorified project manager gig? Any thoughts on comp range? Worth making the move? Senior opening for our Government and Public Service practice. The role is project delivery focused across our Enterprise Performance group and work with ERP Packages like ServiceNow, Workday, SAP, and Oracle.Deloitte
Is it pronounced gif or gif?
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Chief
Hiring is based on qualifications, not age. If your prior experience wasn’t relevant to the role then you are are at square one just like everyone fresh out of school.
Rising Star
The others will struggle with things you’ll pick up early on (assuming they are campus hires). You’re experience will show from day 1 and you’ll likely be among the first promotes from your class.
I wouldn’t say you’ve settled, I would say they were hesitant to give you a lot of responsibility without seeing you work first. IMO it’s much better to come in lower, thrive, and move up than it is to start higher and maybe struggle out the gates.
Chief
3 years isn’t a bothersome age gap. I promise that 5 years from now it will be irrelevant.
Wait till you get a career change in your 40s and 50s. This is part of life. Comparison to other people is the cause of much inner pain.
What masters degree, from where, and what practice are you joining? An MBA from a decent school, joining strategy or a transformation team would likely yield an SA offer, but other degrees, institutions and practices could change the situation.
Also consider that even though you have the Associate title, you may be paid more due to your degree and experience.