Snagging your dream job might seem like a farfetched dream-and getting to negotiate your price even more difficult to imagine. However, let us say your application was able to move forward to the point that you get an offer. What next?
Susan Adams wrote an interesting article on this for Forbes. She told the story of New York-based career coach Ellis Chase. The coach had a client who applied as an analyst in a hedge fund. She was successful in delaying talks about her salary up to that point. That was Chase's first word of advice: let the employer fall in love with you first before talking numbers.
He added, "When you get the actual offer, you're in no emotional shape to negotiate. All you're thinking about is that you got the offer and you just want to lock it up." Knowing this, ask for some time to think about the offer. While many fear that this would turn the employer away, Chase swears that it will not happen "99% of the time."
Also, what you should do during the interview is to ask everything about the position in that company. Note down things like scope of responsibility, base salary, bonuses, how often you will get reviewed, vacation and sick leaves and where your desk will be.
To show you are serious about the job, bring a pen and paper and ask politely if you can take notes on these things. Additionally, you will have a record that you can review if and when you do get a job offer (which you will request some time to think about).
Many people, especially at hedge funds, do not really think about base salaries since the bonus is much more important. However, Chase still suggested to ask for a higher base salary. The recruiting officer offered $150,000 and his client asked, "Can we do any better than that?" The officer then offered $155,000, much to Chase's client's delight.
Adams concluded her story by saying, "All hiring managers expect candidates to try to get more money and they are almost always prepared to go higher than the initial offer."
