When you receive a job offer, it is perfectly fine to express your pleasure with the news and request a little time to consider the offer carefully. Doing so will give you time to decide which elements, if any, you would like to negotiate. Perhaps you think professional development would serve your long-term career interests, or maybe housing and spousal assistance are your primary concerns. Perhaps you are in a commuter relationship and need a schedule that accommodates frequent weekend travel. Identify your priorities, develop a negotiation plan, and remember to:
Do not be afraid to ask questions if information is lacking. Consolidate your queries, though—do not repeatedly call or email with questions.
It helps to put things in perspective. Those of us who have lived for many years as poor students are prone to cringing at the thought of negotiating. For one thing, the offer usually sounds pretty good to a student (especially one who is thrilled to have a job!), so why take chances? For another, we come from a culture where self-sacrifice for the pure pursuit of knowledge is assumed. Are we greedy to seek a standard of living and working conditions that will allow us to perform to our best ability? No, and the employer certainly has an interest in you performing your job well. Negotiating a job offer is not analogous to haggling over the price of an old Buick at a used car lot. You and your employer are co-investors. As long as you handle yourself well in the negotiation process, you may even find that you impress people with your preparedness and reassure them that they selected a truly professional candidate. If they are unable to meet your request/s, they will say so; they will not rescind the offer. Practice with a friend or mentor if you feel nervous.
Avoid considering offers in terms of salary alone. Doing so is a common mistake. An offer package contains many elements, and a completely non-monetary factor may have more value to you than your paycheck. It may also be easier for the employer to work with you on variables other than salary. Be prepared with a strategy, and be flexible. Remember that negotiation is a two-way street. Set your sights for negotiating higher (within reason) than your expectations to allow room for give and take.
A well-informed negotiator is much more effective and easier to work with than someone who has no justifying data. Arguing in terms of worth (e.g. “This arrangement will enable me to be very productive…,” or “Based on my qualifications and the average starting salary for quantitative analysts in New York City…”) rather than need (e.g. “I’m supporting a family of five…) is a much more persuasive approach, because it focuses on value. Use resources, such as those at the end of this section, to research entry-level salaries and cost-of-living standards. Some professional associations also produce salary statistics. Check with those in your field if you are seeking a directly related job. Clarify with the employer all details of the offer (e.g. bonuses, professional development), including fixed benefits that may not be negotiable (e.g. health insurance).
Effective negotiating is not aggressive. Be polite and professional with those who may very well become your colleagues. Verbal negotiation (on the phone or in person) is preferred over email because it is easier to communicate a collaborative demeanor verbally. Once you have agreed verbally on the terms of the offer, request that the employer send you the information in writing. Email may be the best the employer can do in a short timeframe, but you should ask that an official letter eventually follow. Carefully review all details before accepting or declining the offer.