Comment Kind of... (Score 5, Informative) 263
I took a pay cut to work for a statewide bank, and it turned out turned out that job #2 was almost as bad as job #1 as far as upwards mobility.
I left job #2 for a 50% pay raise at FedEx. High stress, long hours, great potential promotions, great pay. Laid off as part of the cut-back in 2009.
Here I am working for another University (different large one, but still in the same state). I've got the good benefits and low stress, but my experience outside of the University systems actually got me pretty decent pay when I came back. I still don't really have any promotion opportunities, but I'm in an end-of-career job (as a 35 year old).