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Accepting low ball salary - A bad career move?

Okay! this might be a common situation of many in this economy, but, I am finding myself here now. So, here is the story- I had an engineering job for over 7 years till one fine day I decided I want to move to other side of the shore and quit my job to get my MBA. 2 years later I am now ready for job hunting and started looking for product manager positions. Six months and few interviews later I seem to have almost landed an associate product manager position in a totally new industry and good company atmosphere, good people etc. But!!! a very low ball salary offer. In fact slightly less than what I was making! Now, there may be little scope for negotiations but, its so low that I am sure it won't go high enough. At most it may go on par with what I was earning or slightly more. Now, I recognize the facts that its a sluggish economy, jobs are hard to find and this being a totally different industry than where I have experience, diversifies my resume and opens many doors. However, the question i am struggling with is, will taking a very low ball offer affect my future prospects. Am I marking down myself that I will be judged based on that for my future jobs and salary offerings? I am open to compromising a bit now for a good learning opportunity and after sometime look for something more that matches my expectations. But, how big a risk is this? I am worried If I will be undervaluing myself heavily by taking this route. Should I wait for more time and try for better opportunities or take up this job and continue to look for other options? PS: I still have couple months to graduate with MBA, so, I haven't been unemployed and out of school yet. I just got started early with my job search considering the economy.

Public Comments

1. By moving into a different industry you cannot expect to be paid the same as when you were an engineer. Just because you obtained your MBA, you feel entitled to more money, which unfortunately isn't the case. Each industry typically has standard pay scales, some are more than others. You do what makes you happy. Money isn't always the right choice. You can always take this opportunity and still continue to search. At least you will be gaining experience in the product manager field...
2. I agree with the previous comment that you wont necessarily get more pay for a MBA and also that changine industries will also affect the pay scale on offfer. Personally i think it also depends on what that job will look like on your CV. If you have a job in a wel lknown company that in 2 years time you can use as a stepping stone to greater biggger things than personally a drop in pay might be acceptable. Also you can always consult with recruitment agencies in your area and ask what is the going rate for that type of role in that industry. Only then will you get an idea if that job is at the lower or higher end of the scale. It could also be that your industry does not pay that well and it might be worth your while to consider other industries who may pay better. It depends on your motivation, whether than be monetry, personal happiness ( you prefer that industry) or long term what that role would look like on your CV.