2. Table of Contents
Research A Word on Internships
Before the First Interview What is the Going Rate for
When an Offer is Imminent Interns?
Discussing Salary Too If the Employer is Not
Soon Timely
Strategy What to Do
An Example Things to Keep in Mind
You Got the Offer! Tips (1)
Questions to Ask Yourself Tips (2)
Looking at the Total Offer For Additional Information
Evaluating Your Offer Web Resources
How to Decline an Offer Additional Resources
Feld Career Center
Do’s and Don’ts
4. Before the First Interview
Have an idea of what industry norms are for
the type of position you are seeking
Resources:
Trade periodicals that publish annual salary surveys
The Bureau of Labor Statistics
If you are relocating, take location into
account
Cost of living may be higher or lower in your new city
5. When an Offer is Imminent
Come up with three numbers to help you
evaluate the starting offer
1. Minimum annual salary you will need to survive
Rent/mortgage, car payments, college loan repayments, etc.
2. Based on the industry research mentioned
previously
What you think a fair salary is for your position
3. Padded version of the industry norm
Be realistic
7. Strategy
Some companies will try to screen out
candidates with expectations that don’t
match with theirs early during the interview
process
Carefully evade the question
If they insist on you offering the initial salary
range
Make sure you give a large range
Smallest number still within shooting distance of your
ideal salary
8. An Example
Them: “What are you looking for in terms of salary?”
You: “I’m willing to negotiate; what is most important to me is
whether or not the job is a good fit for me and the company. I would
really rather wait and discuss salary until we determine whether or
not I am the best person for this position.”
Them: “Well, we’re trying to get an idea of what candidates are
expecting.”
You: “May I ask what you have budgeted for the position?”
Them: “We’re still working that out. In the meantime, it would help if
you would give us your salary expectations.”
You: “Based on the research I have done on the going market rate
for this type of position within the industry, the salary could be
anywhere from $70,000 to $90,000, depending on the specifics of
the job, the location, and the total compensation package.”
10. Questions to Ask Yourself
Will this job give me the opportunity to learn new skills?
What is the potential for growth within the organization?
What is the potential for growth outside it? If the
company went under tomorrow, what new skills and
experiences would you bring to your next employer?
Will I have the opportunity to work with a diverse group
of people, and expand my list of professional contacts?
Do I like my potential boss as a person? Do I respect
him or her?
Do the people in the office seem like they are happy and
satisfied by the work they do?
Does this job fit with my values and long-term career
goals?
12. Evaluating the Offer
Everyone has different needs and priorities when it
comes to benefits
Think carefully about what really matters to you and your lifestyle
when evaluating a benefits package
Benefits to evaluate:
Additional compensation: signing bonuses, stock options, profit
sharing, relocation expenses
Medical and dental insurance, subsidized or on-site childcare.
Time off: vacation, sick/personal days, holidays
Flexible work schedule, working at home
Tuition reimbursement
Retirement and pension plans, disability insurance, 401k
Timing of performance reviews and what annual increases are
based on
Cost of living
14. Do’s and Don’ts
Do
Make sure you can’t change something small that would make the job
attractive
Use the phone or voice messages, not e-mail
Calling conveys confidence, respect and professionalism
Always follow up your phone call with a letter
Be positive
Thank the recruiter for the offer—indicate how a competing offer seems more appropriate
now for your career goals, location, etc
Keep in touch
Recruiters are always looking to identify good people
Who knows where your career might take you, or where the recruiter may end up!
Don’t
Burn any bridges
Decline with grace—you may turn the recruiter into a professional ally
Highlight negative reasons why you’re
declining the offer
16. What is the Going Rate for Interns?
There isn’t one
Some pay the same rate as a full-time employee doing the same job
Others pay nothing at all, some in between
Difficult to determine “market rate” for an intern
Therefore, difficult to negotiate your base pay
What if they ask you how much you want?
“I would expect to be paid at the same rate that you would pay a full-time
employee working on the same project”
If they have not budgeted for this position
Prepare to negotiate down or work for the experience
If you are willing to work for free
Great way to get your foot in the door
But difficult to swing financially
Perhaps can negotiate fewer hours and work another part-time job to
help out financially
18. What to Do
Some organizations may
Take a long time to get back to you regarding your requests
Act annoyed
Accuse you of being unprofessional for daring to question the
fairness of their offer
Vital you maintain your professionalism
Even if the company or representatives does not
Though you may question whether you even wish to work for such
an organization
Keep in mind some human resources offices are overworked and understaffed
Accepting an offer or cancel interviews with other
companies
Do not do it until you have seen your offer—including any negotiated
terms—in writing
20. Tips (1)
Unethical behavior
NEVER appropriate to accept an offer and then continue
interviewing with others to see if there is a better offer
It can hurt both you and your school’s professional
reputation
Companies can—and have—rescinded offers after finding
out they had already accepted an offer elsewhere
Some offers may not be negotiable
True for certain types of training programs
E.g. where large numbers of students are hired out of school
But it never hurts to try
As long as you are diplomatic and professional
in the attempt
21. Tips (2)
Always be honest
Dangerous to say you have received a higher offer from another
company when you really haven’t
Hiring managers often know what other companies are offering
If you don’t ask for it, you won’t get it
Though the flexibility of a hiring professional has to negotiate a
compensation package varies
You will not know what they are willing to compromise on if you don’t ask
Be diplomatic and professional at all times!
Keep in mind you have to work with these people
Do not get on their bad side before you even start work!
Know when to stop negotiating
23. Web Resources
Salary.com
JobStar
Monster.com
Glassdoor.com
U.S. Bureau of Labor Statistics
ComputerWorld
The Wall Street Journal
Vault.com
Through BU CareerLink (Undergrad or MBA)
Use online chat for insider salaries from
MBA students
24. Additional Resources
Publications Other Resources
Negotiating Your Salary: Boston University
How to Make $1000 a School of Management’s
Minute by Jack Chapman Placement Reports
Get Paid What You’re (updated annually)
Worth: The Expert Trade magazines
Negotiators’ Guide to See The Reader’s Guide to
Salary and Compensation Periodical Literature
by Robin L. Human resources offices
Pinkley, Gregory B. and company websites
Northcraft
101 Salary Secrets: How
to Negotiate Like a Pro by
Daniel Porot
25. Feld Career Center
Visit the Feld Career Center
Our office is located on the first floor, left of the stairs
in the far left corner.
Email us at: careers@bu.edu
Office Hours
Monday - Friday: 9AM - 5PM
Make an appointment to meet with a
counselor
Each individual circumstances are different
Helps to receive advise tailored to your own unique
situation