Hmm. I can see why you find this situation tricky.On the one hand, you sound pretty ambitious and have done well so far... but on the other hand, you're still young and you're understandably concerned that your age, because of other people's prejudices and related issues, might hold you back from progressing as rapidly as you would like - even though you're pretty certain you're ready for it.The problem you might have by staying put is that you will:a) not get the promotion and pay rise you wantb) end up lumped into a big pool of new recruits - albeit you'll be one of the more 'experienced' onesc) end up watching those people that did manage to scrape through to manager suddenly start to soar ahead of you, as you get held back by the baggage of being just a number within a massive pool of junior new recruits and commodity grunts whereas they are now part of the inner circle "management team"d) end up managing loads of really junior people if you do manage to get promoted in due course, which again just anchors you further down the food chainThe problem with moving is that you will need to build your personal reputation up again from scratch and that requires hard work and effort - especially if you're young for the grade. On balance, given that you're still within the "cannon fodder" grades (ie. just another gopher that nobody really cares about... I hope this doesn't sound nasty, I don't mean it to be, but that's just how it is in these large companies sometimes)... then my suggestion would be to get the CV out there. Start your search for a new move and see what comes along. If your current employer is holding you back, then at your level you can't afford to show them loyalty, thinking that your patience will be rewarded by a long and successful career with The Firm. Instead, you may well and up waiting things out, still be in the same situation in 2 years, then get up or outed or made redundant or something through no fault of your own. Your colleagues have realised this already and are voting with their feet... that should tell you something. At the very least, by putting applications out there you are keeping your options open and are preparing for the worst come next year's appraisal time (if you're still there by then), and, who knows, you might find something that is good enough to entice you to move...p.s. small firms are better than big ones, have you considered a small firm?