Why is the pay so low?

A tech manager at accenture easily earns 10k a month and take on average 5 to 6 years to reach from analyst --> consultant --> manager. You don't even need a masters for it.

What they are offering is easily close to a consultant's pay which is about 2 to 3 years experience.

Unless you want to get out of the rat race, don't take up the offer. Get more industry experience and apply to become an adjunct professor at a university.