Worth taking a job offer that's lower in base but made up in bonus (discretionary) and higher in terms of total comp?

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Probably not, but obviously depends on how much. Consider your next five years. Often when you switch you are getting a bump to switch but your raises will be smaller because of the bump so you end up in the same place a couple of years after the jump. I’d make sure that won’t be the case before jumping.

Personally I would assume bonus and equity comp is worth zero because they are never guaranteed. If base pay is enough to live on and you’re ok if for some reason there’s no pay raise adjustment for 2-3 years then take it. No pay raise is guaranteed especially in this economy. Also, don’t over price yourself salary wise because you’d be the first to go in a layoff situation.

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