It’s probably no surprise that very few people would have the job if there was no pay for it. And it has nothing to do with motivation. We simply need money to live, to pay bills, to function in the society–at least that’s the way it has been for the last thousand years. Sooner or later in the interviews, you will discuss the remuneration package with the employer. What are your salary expectations? Do you have a desired remuneration on your mind? You’ll certainly face one of these questions. But what you should focus on, and how to convince the hiring managers that you aren’t in (only) for money? I will show you how on the following lines.
– Do you like this image, and the content on our website? Please share it and help us spread the word. Thank you!
The Basics
- Most common interview questions belonging to this area: What are your salary expectations? What is your desired salary?
- Less common questions belonging to the area: What corporate benefits are most important for you? If you could pick any number for your monthly paycheck, what it would be?
- Out of 10 random jobs, in how many cases will this area be tested during the hiring process: 10/10. Money matters, and sooner or later you will talk about it in the interviews. The good news is that in many cases the question arrives only when they have already decided to offer you the job. Unless you ask for too much or are too stubborn in salary negotiations, they will hire you. In any case, from the moment of filling out the job application, to the moment of signing the employment agreement, you will have to deal with the question at least once. Always.
- Difficulty: 1/5. Talking salary is one of the easiest areas of interview questions. First of all, the salary is often publicly advertised directly on the job offer. So you know the range you can try to negotiate within. And secondly, there aren’t many mistakes you can make here. Having said that, in some cases the question can become tricky. For example when you actually want a better salary then they offer, or are looking for a specific employee benefit. But don’t worry, we’ll look at both these situations in the sample answers and afterwards.
- Main goals of the hiring managers with questions belonging to this area: Making sure that you are willing to accept their offer. Understanding what corporate benefits matter for you the most. In some cases they are also assessing how important money is for you, and whether it actually is the deciding factor why you chose their offer.
- Your main goals with answers to questions belonging to this area: Clearly explaining your demands, staying realistic, ensuring them that regardless of how good the salary offer is, what matters for you the most is the job itself. Simply that you aren’t applying only because of the money they offer to successful candidates. In some cases your goal is also to negotiate a better salary than the one they officially advertise.
7 sample answers
Sample answer no. 1: Asking slightly more than they advertise
My desired salary is $70,000 annually. I know it sounds a bit high for someone with my level of experience, but at the same time I did my research, I know what people earn on this position in the area, and I believe that the value I can bring onboard your company exceeds such a salary multiple times. Of course, this is my desired salary, and I am open to hear your thoughts and ideas.
- Quick thing to notice about this answer: Notice how confident the applicant is that they are worth the money they are asking for (“…I believe that the value I can bring onboard your company exceeds such a salary multiple times”). It is a rather brave statement, unless they really understand the processes in the business, and the extra money their employment can bring to the company, which is something that’s hard to estimate, even for people from within the corporation, let alone the outsiders. In any case, they leave the door open (“I am open to hear your thoughts and ideas”), and hence do not risk too much. In the worst case possible, the employer will offer them less and they can still accept it.
Sample answer no. 2: Not saying any number, letting the employer give you their number:
To be honest, I do not have a particular number on my mind. Because I do not work only for money. I know that I can learn a lot in your company, and grow both as an analyst and as a person while working here. And you cannot quantify everything. What’s more, reports from your former employees suggest that you treat people fairly, and I am sure I won’t end up underpaid here, as long as I try my best day in day out. And that’s exactly what I want to do.
- Quick thing to notice about this answer: The applicant focuses mostly on intangible gains (“…I can learn a lot in your company, and grow both as an analyst and…”), definitely showing the right attitude. They also praise the employer for treating employees well. Overall a good answer. Also, regardless of what they say, they can still reject the offer if it is too low.
Sample answer no. 3: Applying for a job with minimal wage, or close to it:
Well, what’s my desired salary and what I can realistically earn with you is miles apart. But I do not wear pink glasses, and I am aware of the situation on the employment market, and of my own financial situation. Before getting a job with a desired salary, I need to get any job. Earning $12 per hour does not seem much to me, or perhaps to anyone else in the US, but the situation is what it is. I still prefer earning $12 per hour to earning nothing, and ending up on the streets of Philadelphia. In such circumstances, the desired salary doesn’t really matter. But I also believe that I can eventually grow in your business, and earn more over time, perhaps even the number I secretly desire.
- Quick thing to notice about this answer: When applying for manual jobs in places like fast food restaurants or retail stores, negotiation doesn’t make much sense, since they simply follow the salary tables with each new hire. Hence this is a nice and honest answer, something all hiring managers will appreciate. Notice how the candidate uses the question as an opportunity to show his desire to stay longer in the company (“I also believe that I can eventually grow in your business, and earn more over time…”), which is again a plus for any hiring manager. We try to hire people who will stay for a long time, or at least they hope to do so.
Sample answer no. 4: Experienced project manager asking for a $100K salary.
The number I have on my mind is 100K annually. It’s a magical barrier, the six figure salary, something I’ve been aspiring to achieve for a long time. Now, having worked as a project manager for twelve years, and accomplishing all I’ve accomplished in my former roles, I believe I am worth such a salary for my next employer. But of course, I am also aware that you have some budget allocated for the position, and would love to hear your thoughts on the salary you can pay me.
- Quick thing to notice: When you have a specific sum you won’t go under, regardless of how much you like the job, you should mention it. If it is a high figure, however, make sure to have something to backup your claims.
Sample answer no. 5: Another applicant focusing on intangible benefits rather than the salary offer:
$20 per hour is my desired salary, but it doesn’t mean that I won’t accept a lower rate at the start. I try to see the bigger picture. Without a doubt I will learn a lot in this job, and work with some amazing people. What’s more, I can have a positive impact on lives of other people, and that’s something you cannot buy with money. That’s why I am definitely open to negotiations, but if I should say what my desired starting salary is, I would go with $20 per hour, plus benefits.
- Quick thing to notice about this answer: Referring to a meaningful purpose is always a good strategy. Notice though that while doing so (and hopefully improving their image in the eyes of the hiring managers), the applicant also clearly stated their desired hourly rate.
Sample answer no. 6: A very confident mechanical engineer, someone who can choose from various offers:
My desired salary is as much as you are willing to pay me. Now it doesn’t mean that I am greedy, or the only thing I care about is money. But you must understand that as an engineer I have many options, plus I have a young family I want to provide for. And while I love what you do in your company, and find your engineering projects incredibly interesting, I will have to look elsewhere if your offer is not competitive and does not reflect the situation on the employment market, and the high demand for mechanical engineers.
- Quick thing to notice: If you are in a position to ask for as much as they can offer to you, do so. Hiring managers are aware of the situation on the employment market. Still, it is good to say something to at least suggest that you do not care only about money, but also applied for the job with them with a purpose (“…while I love what you do in your company, and find your engineering projects incredibly interesting,…”).
Sample answer no. 7: Applicant for a sales job with a possibility of high sales commissions:
To be honest, I prefer to start with a lower salary. Because I want to show you first what I am capable of, what results I can deliver. Let’s start with $2000 per month, the bare minimum for my living costs. But let’s make the agreement in the way that my salary will grow in direct proportion with the results, with the business I manage to bring to your company. I aspire to become the best salesman in your team, and because of that I want to be compensated according to my results. What are your thoughts on this compensation model?
- Quick thing to notice about this answer: This is an interesting and brave answer. However, this compensation model (almost minimum base pay + sales commissions) is not something uncommon in sales. The employer would likely not offer anything different to the candidate anyway, but because they are the one suggesting it, and saying things like “I aspire to become the best salesman in your team…”, they immediately improve their chances to succeed in the interview.
Advanced information
Mistakes people make while answering questions about their goals and dreams in the interviews
- Simply asking for too much. While there is always some room to negotiate, especially in engineering and management roles, you should not ask for more than 20-30% on the top of the initial offer (the one advertised), unless you have a super strong resume to back-up your claims. Asking for some outrageous sum just because you want to try your luck can cost you your chances in the interview.
- Asking for too little, trying to convince them that money does not matter to you, that you are in for other things. You should never ask for less than the minimum you are willing to accept, or the minimum you need to live and function normally in our society. Because once you ask for too little you put yourself in an unfavorable situation for eventual negotiations. Don’t ask for very little just to make an impression, expecting the employer to certainly offer you more than that. They may do so but also not.
- Forgetting the benefits or placing too much value on them. It is a mistake not inquiring about the benefits they offer to a successful candidate, especially when you aren’t sure how much money you should ask for. In some cases, for some candidates, $40K/year + specific benefits with one employer can beat $50K/year – specific benefits with another employer. The contrary can also be true, that they offer a lot of benefits but such benefits are of no particular value to you. Bear it on your mind and make sure to do a good research before your interview.
Few points from the perspective of the hiring managers/interviewers
- Do not talk salary unless we start the discussion. Regardless of how important the salary is for you, you should always let us start the money talk. Don’t worry, it will come sooner or later. And later is actually better for you, because that’s when we are already inclined to hire you, and may find it a bit easier to accept your eventual excessive demands.
- Have something to backup your claims, especially when they differ strongly from our offer. You can be pretty sure that we have done our research. We advertise certain salary for a reason, and sometimes we do not have much room to operate with. Hence if you want more, a sum that’s outside of the salary range we offer, you should have hard data to backup your claims. For example some statistics, some numbers from your past roles, etc. Make sure to present them clearly in the interview once we start the negotiation about your salary.
7 keywords to remember when answering questions belonging to this area
- Stay realistic, value first money second, let us start the salary talk, never ask for less than you are willing to accept, think long term since starting salary doesn’t mean too much in a long run, have something to back-up your demands, count in also the corporate benefits.
So that’s it! You’ve just covered area no. 9 out of 25 areas that cover 99% of questions you may ever get in the interviews. Just 16 areas left! Check the next one: Teamwork, or go back to homepage for the full list of 25 areas and pick one you want to learn about and practice right now.
