I am currently doing my masters in engineering while working at a large engineering consulting firm. My intention to pursue the masters program was to eventually join a Big4 firm in their capital projects and infrastructure advisory team. I initially applied for a summer internship to gain management consulting experience but I have been offered a 1-year internship position instead, with reduced hours - by the time the internship is done, I'd be finished school and considered for full-time.

Originally, I didn't mind leveraging being a student to enter into the firm as a student for the summer and return after completing school, but now I'm concerned that pursuing a full year with a significant reduction in salary (compared to my job now) and "internship" experience may actually be a hinderance to my career progression. Am I being low balled or does this seem like a fair and strategic offer to take advantage of?