The short (and simplified) question is this:
I am currently a junior executive in one company have been offered a position as a senior executive at another company. The position is a HUGE step up in the amount of influence I would have, and it would be incredibly intellectually challenging. I would have to get about 3 or 4 promotions in my current job to achieve the same level of influence as this new job. But strangely, the new job pays just a bit less than my current job. That said, this isn't about money - either way I can retire in 5 years before I'm 50. I can't decide what to do - they are very different roles. Besides intellectual challenge, influence, and pay, what factors would you consider in making this decision? The ones I can think of are schedule flexibility, stress, work/life balance, and future career opportunities. What am I missing?
Some additional details if you're interested.
Whether or not I take the job, I can retire in 5 years. So the question is - will I want to retire in 5 years? If not, then the new job offers me access to other high level positions with increasing degrees of challenge and influence. If I do want to retire, then the current company offers me more money between now and that 5 year time-frame and less stress.
The new company is actually where the vast majority of my current company's business is from. So, weirdly, in the new job I would be interacting with my boss's boss's boss's boss. So, while I could come back to my current job as a junior executive, in all likelihood I could also come back as a senior executive within a few years. So what would take me probably 8 years to achieve through my current career trajectory would take maybe 3 or 4 years if I took the new job. But within that time there would be opportunity in the new company as well, and at that point I would exceed my current earnings by a substantial margin. All that to say; although I'd make less now in the new company, within a few years I would far outstrip my current income. So if I had a 10 year working timeframe (which would put me in my early 50's), the new job could make me much better off. But even as is I'm in really good shape.
I am unable to leverage this for a promotion in my existing company. You'd think I could, but their promotion rules would prevent it.
I keep flip flopping on the issue. My current job is more fun than the new job, but the new job would give me the opportunity to initiate a lot of cool projects and whatnot.
What factors are relevant in this decision?
UPDATE: I took the new job after applying a decision rule of minimizing frustration and maximizing future career opportunities. See updated post below.