How to negotiate your salary in a new finance job

How to negotiate your salary in a new finance job

So you’ve impressed on your application, you’ve made it through the face to face interview and you’ve been offered the job. Now the tricky part – salary negotiation. Talking about money can always be awkward in any job and at any time. We’re taught that discussing salary with colleagues is taboo, and we don’t want to run the risk of creating a bad impression with our superiors. Nevertheless you need to ensure you are achieving a salary you deserve, but you also need to show why you deserve it. Here are KennedyPearce’s top tips for negotiating your salary in a new job:

1. Always be Respectful,

Even if the salary offer is far lower than what you expected, always be respectful and thankful for the offer before you discuss the details. Don’t make the negotiation about what you want or need but rather what is fair for your work.

computing2. Do your Research,

Make sure you are aware of the salary range for your job in your area. It can be very easy to get over-excited when you land that first job, but you need to have a practical figure in mind, and not fall behind that. Research online salary guides and take into account the cost of living. This will give you a good ‘ball park’ figure to negotiate with.

3. Rate yourself,

Now reflect on your own skills. Do you have any extra qualifications or experience that make you stand out and worth more? Today’s financial professionals are expected to do much more than crunch numbers and fill in spreadsheets. Obviously the employer has chosen you over all the other candidates, so what makes your C.V and application stick out?  Do you have any further qualifications or experience that you can use as leverage? In most cases, advanced degrees and qualifications will take your starting salary up a notch or two. MBAs, CPAs and CMAs can all help you achieve a higher salary rate.

job-interview4. What if the offer is lower than expected,

Now you have taken into account the salary guide, your cost of living and your skills and qualifications you should have a well thought out figure in mind of your ideal salary. If the offer is lower than expected your research will help back you up as to why you should be on more.

Stay calm and respectful but let them know it’s less than you require, but you’re interested in the role. Ask them to reconsider, suggest the figure you had in mind and list the reasons why you have come to this figure listing of details from the research you conducted.

5. Think about your options,

While they’re reconsidering, have a think about some of the other benefits: do they offer training, do they cover travel expenses, or have gym membership schemes, would they be more flexible than other employers on working hours, working from home or time off?

These other benefits could be part of an overall package that will make accepting the offer a better financial solution than actually getting a higher salary.

If the offer is not increased to what you had hoped for, you need to make a decision on whether you want the role regardless. If not, then be respectful, thank them and let them know you’d like to be considered for future positions. Most of all don’t feel deflated that you didn’t get a job, after all you got through to the final selection!

Take the positives, learn from the experience and continue the search.

Do you have any tips for negotiating salary from experience? Let us know in the comments section below.

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