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if you coming through on campus MBA hiring, you come in at the same level as everyone else in the process.
so, the years are 'negated', but you'll likely be headed towards a faster promotion. the exception is if you are switching practices, in which case you might take some time to adjust depending on where you are coming from/going to.
If you go through the experienced hired route after your mba, you’ll placed as a senior but probably on the top end
you may not get the top end salary that they give on campus hires though. definitely the level.