Salary Negotiation Tips for College Graduates

Even as a recent college graduate—even if you’ve just been offered your very first job—you have the right to negotiate on your compensation package. The fact that you’re a new graduate with limited work experience doesn’t mean you should forgo the right to be paid what you’re worth.

Know when to Negotiate

The first rule of negotiating is knowing when to negotiate. There are two parts to this rule. First, know that you should negotiate only when you feel that you are not being offered what you and the job are worth. Never negotiate just for the sake of it. Second, don’t negotiate salary—don’t even bring the subject of salary up—until you receive a job offer and until you’ve researched the market and know what salary you should expect to receive. Quantifying the salary you expect before being offered the job is pointless, and might even work against you—if you ask for too high a salary when there are still several candidates under consideration, you might find yourself out of the running.

Know what You’re Worth

The second crucial factor is knowing what you’re worth before you start negotiating. This means using tools such as salary calculators or other types of market research to determine what your position is worth in your geographical location (pinning down a location is important, as most employers will factor in cost-of-living expenses when offering a compensation package). To negotiate successfully, you must be able to show that your market value is higher than the salary that has been offered.

Know your Strengths

Third, you must be able to negotiate from a position of strength. Most recent college graduates will not have the work experience or the technical expertise that warrants a higher salary. There are some exceptions, however:

• You have relevant work experience (such as an internship or summer job)
• You have technical expertise that is highly sought-after
• You have a graduate degree in a specific area of expertise
• You have a written job offer from another employer that offers a higher salary

Know what You Want

Your salary is not always the only item under negotiation. Negotiable elements of a compensation package might include vacation time, a signing bonus, performance bonus, retirement plan, medical insurance and other items. Evaluate each item on the table and decide where you’re willing to compromise before starting negotiations.

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