Would you accept an offer that was significantly less than what you're looking for in compensation?

I interviewed last week for a Director role in marketing. The hiring manager likes my skillset and background, but felt I didn't have enough experience in 1 particular area so offered me an Associate Director role. Problem is the AD roles pay about the same as my current AD role and about $20K less than the floor of my range. It would essentially be a lateral move to a new company. I feel like it's worth it to wait out for something better.

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