Hi everyone,
I have received offers from a few consulting firms, and the firm that is my top choice actually offers the least pay. I am trying to see if they can match or get closer to the higher paying offers.
What would best practices be for negotiating with recruiters? Do I run a risk of having an offer revoked by trying to negotiate??
If anyone has insight, please let me know!
Hi there,
Congratulations on the offers! In terms of your question:
Q: What would best practices be for negotiating with recruiters? Do I run a risk of having an offer revoked by trying to negotiate?
If done properly, there should not be issues if you ask whether they can present a different offer.
Normally the base salary for a given position is fixed for everyone. What you can usually negotiate is:
The easiest way to negotiate is to have an “opportunity cost”, ideally due to another offer (or, in the case of relocation, to actual costs present).
If that’s the case and you want to negotiate, I would recommend the following:
If you ask respectfully, there should not be issues with your request.
Good luck!
Francesco
Hi there,
First of all, congratulations! What an amazing position to be in.
Essentially, you can bring up the other offers, but highlight that they are your top choice. Ask if they can get closer to the other offers, so that you can have an “easy decision” of going with them. HOW you do this is absolutely critical to how successful the negotiation is.
Your offer should not be revoked as long as you do it right.
I do highly recommend a coach to help you with this. Bring one in for a half session to help you with the exact gameplan, wording etc.
You're about to negotiate a big salary - even if a coach can help you move the needle 1% it's worth it!
For example, I doubled my signing bonus from $20,000 to $40,000 through proper wording, tactics, leverage, negotiation theory, etc.
Hi there,
There are always risks when negotiating. In this case, you can manage these risks from a comfortable position having several offers.
Some tips to negotiate with recruiters:
You can get more info about how this works on this article: https://www.preplounge.com/en/articles/mbb-hiring-hacks-behind-the-curtain-secrets
Best,
Alberto
—
Check out my latest case based on a real MBB interview: Sierra Springs
Is there a risk? Yes there is a risk if you ask for something outrageous in your negotiation. If the offer is for $100 and you ask for $200 then it comes across as unreasonable, especially if the terms were known before. If it is in the range of 5% to 15% approximately then it is a reasonable request (especially if others are offering the same for the role)
I would let the HR contact know that you are extremely interested in the offer however you would love to see if there is any room to go higher given the other offers you have. Judging by their response you will usually be able to see if they are ok with it or likely to say no. In 90% of instances they will either amend the offer or say no it is not possible, only in extreme cases will they reject you for a reasonable request.
Hi!
Wow, congrats. That's a nice position to be in.
That's good leverage, but it really depends on what firms you're talking about.
Basically, most of the large firms have salary bands. This means that the base that they have per role is non-negotiable. If this is what you're trying to change, then I wouldn't even try it.
If you're trying to get them to match your signing bonus or relocation bonus with that offered by another company, then that's totally doable.
Do your research as best as you can upfront and give them a clear numerical indication of what you would need additionally.
As long as you're diplomatic about it you don't run the risk of them revoking the offer.
Good luck!
Cristian
———————————————
Practicing for interviews? Check out my latest case based on a first-round MBB interview >>> CodeWave
Hi there,
this is actually a nice problem to have. I agree with the other comments. Things like signing bonus, relocation budget and entry level are things that you can discuss. The base salary and bonus range depends on the entry level and is typically the same for all employees on that level.
When comparing offers, make sure to also factor in the benefits each company is providing (e.g. health insurance, retirement plan contributions, wellness budget, mobility budget).
Also, if you are planning a longterm career in consulting, the entry salary is not the most important aspect but the fit with the firm.
Best of luck
Congratulations on receiving multiple offers from consulting firms. Negotiating with recruiters is a common practice, and it's important to approach it strategically to ensure the best outcome for yourself.
Here are some best practices for negotiating with recruiters:
Do your research: Before entering into negotiations, make sure you have a clear understanding of the market rates for the role and level you are being offered. This will help you determine a reasonable range for your negotiation.
Be professional and respectful: Approach the negotiation process with a professional and respectful demeanor. Remember, you are engaging in a conversation to find a mutually beneficial agreement. Avoid being demanding or confrontational.
Focus on value: When discussing your desired compensation, emphasize the value you bring to the firm and how your skills and experience align with their needs. Highlight any unique qualifications or achievements that set you apart from other candidates.
Consider the full package: Compensation is not just about base salary. Take into account other benefits such as bonuses, stock options, healthcare, and professional development opportunities. You may be able to negotiate on these aspects as well.
Have a BATNA: BATNA stands for Best Alternative to a Negotiated Agreement. It's important to have a clear understanding of your alternatives in case the negotiation doesn't go as planned. This will give you confidence and leverage during the negotiation process.
Regarding the risk of having an offer revoked, it is generally unlikely if you approach the negotiation process professionally and respectfully. Most firms expect candidates to negotiate and understand that it is a normal part of the hiring process. However, it's always a good idea to gauge the firm's culture and the recruiter's response during the negotiation to ensure a positive outcome.
I hope these insights help you navigate the negotiation process successfully.
This is very simple. Be very straightfoward. Tell them the offers you have and underline that despite they're the least competitive salary-wise, you are reaching you to them, because they are your favorite.
You state the market is valuing you more than them and want to discuss what can be done to make sure that their offer is more aligned.
Then you need to know what is more important to you. If it is just a matter of base salary, sign up bonus, or if there are other things that can be of value to you (relocation, paid time off, variable pay, etc.)
Hi there,
depends on company and geography. Ping me DM for a quick free advise. Warm regards, Freddy
