FINANCE/ACCOUNTING CAREERS

Five Tips to Help You Negotiate Your First Job Offer

Finishing school and finding your first job is an exciting transition and marks the beginning of your career. Once a company decides on hiring you and makes an employment offer, you’ll undoubtedly feel a sense of accomplishment — and trepidation if the offer doesn’t meet your expectations. 

Fortunately, employment offers aren’t carved in stone and can frequently be negotiated, especially given today’s tight employment market, which favors skilled accounting and finance professionals. Here are some tips to help you secure a pay package that you can be happy with:

Save salary discussions until an offer is near.

In many ways, negotiating a job offer starts before you’re even presented with one. Your first step should be to set the appropriate tone. Many professionals make the mistake of laying out their salary requirements in their resumes or during initial interviews with prospective employers. The truth is, both stages are too soon to talk about such details. If you mention a figure too high, you might prematurely price yourself out of the job or sound as if you’re making demands. If you mention a figure too low, the company could agree to those terms, and you’d be leaving money on the table. If possible, resist the pressure to discuss salary until the employer has expressed firm interest in hiring you — that’s when you have the most bargaining power.

Know the salary range for the position.

Before an offer is made, also have in mind your worth in the current employment market. Today’s outlook for accounting and finance talent is the strongest it has been in years, and companies are increasing the attractiveness of their employment offers to secure the best talent. But that doesn’t mean you have enough leverage to make salary demands and see each of them met; your expectations must still be reasonable. Do your homework and educate yourself about the compensation a person with your skills and experience can expect to earn. Good sources of information include industry websites and publications such as the annual Salary Guide from Robert Half International.

Remember that salaries depend heavily on many factors, including geographic location and even the size of the company you hope to work for. For example, a friend of yours who was recently hired as a mortgage processor in New York City may be making $48,000 a year. But salaries in New York run 50 percent above the national average to compensate for the higher cost of living there. If you live in Memphis, Tenn., $30,400 would be a reasonable salary for the same position. Armed with this type of information, you’ll be better able to evaluate any offer that comes your way.

Determine what’s most important to you.

Make a list of your must-haves, or deal-breakers, when evaluating an employment offer. For instance, you may determine that you must have two weeks of vacation each year and cannot accept an offer that provides you with less. Also have in mind your nice-to-haves, or aspects of the offer that you are willing to negotiate. You may want three weeks of vacation, for example, but are willing to sacrifice some time off for the chance to telecommute on occasion. It’s unlikely that any offer will match all of your criteria, so be willing to make trade-offs.

Remember that the package includes benefits.

If a position you’ve been offered pays less than you would prefer, let the hiring manager know immediately. Although some firms are unable to compromise when it comes to salary due to budget constraints or set pay structures, benefits offerings are often flexible. Perks that could be up for negotiation include extra vacation days, tuition reimbursement, training opportunities and telecommuting options. You might also consider proposing a salary review within your first year of work, at which time your pay will increase if you have performed well.

Bear in mind that the time to negotiate benefits is before accepting the offer. Negotiating these aspects of the compensation package after you’ve agreed to work for the firm is much more difficult, if not impossible.

Don’t jump at the first offer.

Under the pressure of trying to find a job, you might be tempted to snap up the first offer that comes your way, fearing it’s the only one you’ll receive. But unless extreme circumstances make it imperative that you bring home a paycheck immediately, don’t be afraid to walk away from an offer if it’s not right for you. Today’s job market is strong, and if you have in-demand skills, it likely won’t be very long before another opportunity arises that suits you better.

Of course, this doesn’t mean you should turn down the first offer you get on general principles. It could happen that the perfect opportunity is the first one you’re presented with; don’t be afraid to go for it.

Once you’ve made your decision, let the company know as soon as possible. Delaying could cause the organization to go with a different candidate. If you decide to turn down the offer, remain professional and politely explain your reasons. You want the company to keep a positive impression of you. And only agree to an offer if you truly want the position; going back on your word can leave a black mark on your professional situation that remains for years to come.

Founded in 1948, Robert Half Finance & Accounting, a division of Robert Half International Inc., is first and largest specialized financial recruiting service. The company has more than 360 offices worldwide. Search for jobs now or learn more at www.roberthalf.com.