A question that an interviewer may ask a graduate during an interview for a graduate program or role is what their salary expectations are for the position. Talking about money can be awkward, especially with a potential employer. You may find yourself wondering what the right thing to say may be in such a situation. To manage this, you can prepare a response to this question before the interview to ensure that you provide a well-thought response. This article will provide you with advice and examples on how to answer this question.
Why Do Employers Ask This Question?
Asking a question about salary expectations during an interview instead of the negotiation stage may seem preemptive. However, there are several reasons why an employer may choose to ask a candidate this question early in the application process. The primary reason is company budgeting. Employee salaries come from the company’s budget. Therefore, when seeking a candidate for an open position, employers may wish to determine whether the expectations of the applicants correspond with their own financial capabilities. A graduate may be seeking a higher salary for a position than what the company can realistically provide. By asking this question in an interview, both the employer and the graduate will learn whether they can meet the expectations of the other. This can prevent both parties from wasting time and resources; the graduate can seek employment elsewhere, while the employer can consider other potential candidates whose expectations they can meet.
How to Answer This Question?
You may feel uncertain about answering this question without accidentally blowing your chances of securing the job. Here are some tips to follow to answer this question in a way that allows you to reflect your worth as a potential employee and maintain a positive interaction with the interviewer.
Research
Research is your most important and effective tool when preparing an answer to this question. This is because without having a comprehensive idea about the industry standard for your experience and position, you may accidentally undersell or oversell yourself. If you provide too low of an amount, you may miss out on money that the employer would otherwise have willingly given you. If you provide too high of an amount, the employer may opt out of selecting you for the role as the amount may be out of their budget or it does not reflect your skills and experience.
The number that you provide should reflect not only an amount that you believe is reasonable compensation, but one that also is in line with market research and data. You should conduct research into the average salary for the graduate position that you are applying for in your industry. This can give you an estimate of the appropriate figure that you can ask. You should also pay close attention to the data in your geographical region. The average salary for the same position is likely to vary depending on whether the company is located in a metropolitan, rural or regional area.
Provide Reasons
You can always choose to provide a justification for how you arrived at your salary expectation. This justification will include references to market research and your own credentials.
Use A Range
It may seem daunting to provide an exact figure that you expect the employer to pay you. Instead, you can provide a range. This can make you appear more flexible. However, when using a range, keep in mind that the employer may gravitate towards the lower end. Your desired amount should therefore be on the lower end so that you can maximise your chances of earning your desired salary. The difference in the range should also not be too wide. Ideally, the range should be no greater than $5,000-$10,000.
Include Benefits
You may find that the company or industry is known to offer benefits or other entitlements within their salary package. For example, the company may provide a one-off bonus payment when an employee commences a role. You may choose to make mention of such benefits in your response.
Be Flexible
After providing a figure, you may choose to reference your willingness to engage in salary negotiations so that both you and the employer can reach a mutually beneficial agreement. By making such a statement, you will appear flexible and amicable to the employer. In this way, if your response was not ideal to the employer for whatever reason, they are less likely to discount you as a candidate based on an answer to this one question.
Know Your Worth
You should not aim low when providing a salary amount in the hope that it will improve your chances of getting the job. Employers want employees that know their worth and value their expertise. Your salary expectations should reflect your status as a recent graduate but also your education, work experience, and skills. You should also speak confidently and sincerely.
Example Responses:
✏️ Example 1:
My salary expectation for this role is $90,000. I arrived at this figure after conducting market research into graduate lawyer positions at similar corporate law firms in the area. I have completed my Graduate Diploma of Legal Practice and a Master of Laws so I believe that this is a fair amount that reflects the industry standard and my education level. |
✏️ Example 2:
The average salary for a Graduate Accountant in this area ranges from between $60,000 and $65,000 so that is my salary expectation for this role. I am more than happy to negotiate this figure with you further so that we land on an amount that is mutually beneficial. |
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