Lowest acceptable pay for ER?

I worked in IB at a MM firm for about 9 months before being laid off (all but 1 analyst were let go). Been searching for a couple of months and just had an interview and was offered an ER associate position with a boutique. Seems like a good opportunity and I was offered the job but my jaw dropped when I heard the pay figure. $40k! And not only that but expected bonus is 0-50% so best case scenario is 60k. I can't imagine waking up before dawn and grinding out 60-70 hours a week for so little money. But...the job market is terrible. Should I take the job and try to trade up/switch jobs in 6 months or a year? Or is that pay figure a red flag for the firm. They seem to have good deal flow and exposure but I can't get over that number. Anybody know full time ER associates making that little or around that?

 

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