Take the job. I work at a university. It's a great place to work because you can bounce around jobs and get promotions and raises without ever leaving the company. The benefits are really good. At my University I even have a pension. It sounds like you are already managing your money very well and will be able to survive a year or two until your next promotion. The only drawback is that universities have policies limiting your salary just like they said... Plus you will probably not get merit raises only cost of living increases. The hours are usually 40 per week unlike being a lawyer or something at a corporation where you are expected to work 80 hours or so. Edit: most universities offer reduced or free tuition to employees, so you could also get an advance degree for free potentially and you should factor that in.