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Salary Negotiation

consulting salary negotiation starting salary
Neue Antwort am 9. Jan. 2023
5 Antworten
924 Views
Anonym A fragte am 7. Jan. 2023

Hi All,

I have several questions and I hope you can shed some lights

1. Do consulting firms typically ask for salary expectations? If they do, aren't they supposed to follow the standardized compensation rather than based on the employee's current payslip?

2. I have mistakenly informed HR (via a courtesy call) of a quite low salary expectation and HR will reach out again verbally (before the offer letter is made) to inform the full details regarding my employment. Is it possible that I could renegotiate the salary if it is not with my expectation (even though I gave a low range). How am I supposed to negotiate? should I say:

   a. I apologize that I sent a low salary range before and I would like to see whether is it possible to renegotiate to $xx?

   b. Others (Any advice would be appreciated)

 

I look forward to all of your responses and advice. Thank you very much in advance! 

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Hagen
Experte
Content Creator
antwortete am 8. Jan. 2023
#1 Bain coach | >95% success rate | interviewer for 8+ years | mentor and coach for 7+ years

Hi there,

First of all, congratulations on the offer!

I think this is an interesting question that may be relevant for many people. I would be happy to share my thoughts on it:

  • It is not uncommon for consulting firms to ask candidates about their salary expectations during the recruiting process, at least for more senior roles. This can help the firm gauge whether the candidate's expectations are in line with what the firm is able to offer. It is generally expected that candidates will provide a range rather than a specific number. While consulting firms do have standardized compensation structures in place, they may take into account a candidate's current salary and other factors when determining the final offer.
  • If you have already provided a low salary range to the HR representative, it is possible to try to renegotiate the salary if the offer is not within your expectations. However, it is important to approach the conversation carefully and professionally. Here are a few things to consider:
    • It is generally a good idea to thank the HR representative for the offer and express your enthusiasm for the opportunity before bringing up any concerns.
    • You can mention that you provided a lower salary range earlier in the process and explain any relevant circumstances (e.g., you were not aware of the full scope of the role at the time).
    • You can then provide a revised salary range that is more in line with your expectations and explain why you believe that range is fair and reasonable based on your skills, experience, and the value you will bring to the firm.
    • It is also a good idea to be prepared to provide examples of your qualifications and achievements to support your request for a higher salary.
  • Option a) could be one way to approach the conversation, but it is important to be respectful and professional in your request. You might also consider explaining your reasoning for the revised salary range in more detail, as this can help the HR representative understand your perspective and may make it more likely that your request will be considered.

If you would like a more detailed discussion on how to address your specific situation, please don't hesitate to contact me directly.

Best,

Hagen

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Ian
Experte
Content Creator
antwortete am 7. Jan. 2023
#1 BCG coach | MBB | Tier 2 | Digital, Tech, Platinion | 100% personal success rate (8/8) | 95% candidate success rate

Hi there,

Congrats on the offer!

1. Do consulting firms typically ask for salary expectations? If they do, aren't they supposed to follow the standardized compensation rather than based on the employee's current payslip?

Some do and some don't. You need to always be prepared for this. For any offer call, know the market, know your BATNA, etc.

They can do whatever they like….(Your job is to not “let” them)

2. I have mistakenly informed HR (via a courtesy call) of a quite low salary expectation and HR will reach out again verbally (before the offer letter is made) to inform the full details regarding my employment. Is it possible that I could renegotiate the salary if it is not with my expectation (even though I gave a low range). How am I supposed to negotiate? should I say:

Yes, you can renegotiate.

How is a question for a paid service. If you really care about the negotiation, and it can affect your future by the thousands of $, do you want to go the free advice route here or the “expert, on your side, directly advising you” route?

   a. I apologize that I sent a low salary range before and I would like to see whether is it possible to renegotiate to $xx?

Don't acknowledge the low salary range via email…anything in writing is permanent.

You need to defend yourself and you need to be strong/firm and polite with evidence.

   b. Others (Any advice would be appreciated)

Feel free to message for negotiation support! I personally doubled my signing bonus from $20k - $40k, have added $500k+ in Net worth to myself+friends+family through negotiation advice/support, and, of course, provide this same support to my candidates!

What you say and How you say it makes all the difference between an unsuccessful negotiation and a successful one (thousands of dollars)

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Francesco
Experte
Content Creator
antwortete am 8. Jan. 2023
#1 Coach for Sessions (4.000+) | 1.500+ 5-Star Reviews | Proven Success (➡ InterviewOffers.com) | Ex BCG | 10Y+ Coaching

Hi there,

1) Do consulting firms typically ask for salary expectations? If they do, aren't they supposed to follow the standardized compensation rather than based on the employee's current payslip?

Most firms don’t for junior positions, because the base salary is fixed. What you can normally negotiate is:

  • The signing bonus
  • The relocation bonus
  • The seniority you join 

2) I have mistakenly informed HR of a quite low salary expectation. Is it possible that I could renegotiate the salary if it is not with my expectation. How am I supposed to negotiate?

You could be able to negotiate on the points above. The easier way to negotiate is to have an “opportunity cost”, ideally due to another offer. You can find a few good tips on “Never split the difference” by Chris Voss.

Best,

Francesco

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Dennis
Experte
Content Creator
antwortete am 8. Jan. 2023
Ex-Roland Berger|Project Manager and Recruiter|7+ years of consulting experience in USA and Europe

Hi there,

unless you are applying for management roles, most consulting firms have uniform salary levels for each career stage (I'm assuming you are not applying for a management position because then you would know your market value better :) ).

When you talk to them next, I would ask them what their base salary band is for the career level you are starting at since you know that this is widely standardized within consulting firms (so your initially stated salary expectation should not be binding). 

Usually consulting companies have no interest in creating a patchwork of different base salaries for consultants at the same level. People talk and if it becomes apparent that they get paid differently for essentially the same work, morale goes south.

That said, everyone is free to negotiate their own signing or relocation bonus.

Hope that helps

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Lilit
Experte
antwortete am 9. Jan. 2023
Associate Partner at Bain| ex EY-Parthenon|5+ yrs of coaching | Personalised approach and detailed & actionable feedback

Hi there,

Depending on the consulting firm the approach to the compensation is different. At MBB for instance, everyone is getting the same base pay for the same level of seniority (e.g. first year associate), while in other firms they have a bracket for each level and you can be placed anywhere in that range based on the firms discretion (e.g. at Big4).

I would advice to first find out what the approach is at the company you are talking about. If the salary for you level of senioroty is standard, the only thing you can negotiate is the signing bonus and the copmany will not offer you a lower salary just because of your stated expectations.

However, if the company has a range for your target level of senioroty, they are likely to put you at the bottom of the range if it meets your stated salary expectations. 

If the second sceario is true for you, I would recommend to receive the offer first. After receiving the offer you can go back to them and negotiate the offer. You can mention that you are in the process with some other companies which are offerring more attractive compensation package or use other reasons to justify the change.

Good luck,

Lilit

 

 

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