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Do you have offers on hand? I doubt the MBB role at the PL level is that high, closer to $350K.
The SM role at MBB is generally called Principal or Associate Partner. Compensation is 400-450K mostly.
Anyway, I’d take a $480K over a PL role. That would be $100-150K gap. My only concern would be around bonus payout. MBB is quite reliable. You should investigate whether the boutique always pay
I have the boutique offer in hand. I am very close to getting the MBB offer.