What is the salary range should I look for consulting exit? Current salary is +50K Associate / Senior Consultant w/ 4 years experience. I am having conversations with few companies. Would 40-45K be a reasonable target?

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Hate to give you the classic consulting answer but it depends on how much you enjoy your current role and what your BATNA is.
I went through a rough patch last year where I would have taken a 20% pay cut to land a decent role. In a better place now, so would aim to to match pay before leaving.
What are you looking for in leaving - work life balance? No travel? An interesting role? An impressive name on your CV? Weigh your answer based on how many of these criteria the new role fulfills.

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If you want to exit, 15-20% pay cut is reasonable if the hours are typical 9-5.
It you are happy with staying but open to leave for good opportunity then maybe matching the pay would be the negotiation, in my opinion

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