What’s the best way to handle salary negotiations when transitioning from a non-finance role into finance?

Dear candidate,

so glad to help on this, really great question and wow, offer stage is great, and super you are at this stage or enivaging it.

a) Only from the point of you are the star there. So you do not think "I dont have the experiene" but you think "I am a great fit for this firm, and I make a big contribution and all about this role has to be right for me". This last part is very important, you are the one investing your time, your life, your career on this one opportunity. So ensure immediately that you are well off and know that finance often can pay well. For variable pay roles, the up potential is high.

b) Convince by showing leaderhip, your contributions to the firm, eg mention how you are the one very best candidate (not just any), mention also what you can achieve, for example say what you would like to achieve medium term for them and what you might be able to do long-term. If you find it helpful, address business development although all this depend on type of firm, role, firm size.

c) Really have a very friendly discussion about your contributions and in some cases the discussions are even completely informal, while focusing on main salary, try to get whatever you can out of it extra, eg bonus, relocation bonus, anything that adds well and see the other points also as backup in cases you cannot achieve your first goal, then try to add whatever you can financially. You can even ask about free classes etc if nothing comes up. If something comes up however stay on all the main points early on.

d) the other trick is to ask about the salary path, what is the salary for the next 3 positions, what is the range, what are bonuses? ask outright if you can and if makes sense in the conversation and find out. Besides this underline your value and passion for the firm and lead, lead, lead.

Super you are thinking about these points. Have a great day.

Great question! From my experience negotiating on both sides of the table, here are a few key principles to keep in mind:

• Think beyond zero-sum: Negotiations aren’t usually about one side winning and the other losing. Look for creative ways to expand the pie so that both parties come out ahead.
• Anchor strategically: Setting the first number (the anchor) can be a strong move - if you have enough information to back it up. If not, it might be smarter to let the other side make the first move.
• Know your BATNA: Your "Best Alternative to a Negotiated Agreement" is your strongest leverage. If you're making a move into finance, having multiple offers on the table will put you in a much better position.
• Be transparent but confident: It’s totally okay to acknowledge that you're coming from a different background. But don’t hesitate to ask for the same compensation as others - your value is not defined by your past industry.

That said, every negotiation is unique. If you'd like to talk through your specific situation and goals, I'm happy to set up a free intro call!