What MBB level would be a good fit for an “Associate Principal” (L5) in S&O? Would it be a consultant or EM/PL?

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Bain manager level. SM can do L6

It crosses both consultant and EM/PL, will really depend on relevant and total YOE.

L5 = MBB Manager, PL, EM. Maybe a level lower in MBB if you're lucky

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