As crucial as it might be to prepare for talent, skill, and behavioral-related questions during job interviews, it’s just as important to ready yourself for the question about pay too. Answering “what is your expected salary?” the wrong way may disqualify you from consideration for the role.

Nobody likes to talk about money though. All the more when there’s a need to negotiate. You don’t want to ask too high and price yourself out of the position. Neither do you want to ask too low and end up selling yourself short.

What interviewers want to know

When an employer asks about your expected pay, it’s usually because they’re checking:

If you fit into their budget

Most recruiters need to know if they’re capable of meeting your demands or not. They don’t want to invest time and resources courting you when they actually can’t afford to hire you.

If you know your worth

They’re trying to see how you value your own work. They’re assessing if you’ll meekly accept whatever they offer or boldly ask for what you believe you deserve.

If you provide a bargain

Due to their specific industry or needs, some companies place a bigger premium on certain positions than others. They ask to learn if their going rate matches the average that most applicants are requesting.

If you have the experience

Oftentimes, an applicant who seeks a much higher amount than others is overqualified for the role. Alternatively, someone answering on the low end might indicate a lack of experience than required.

How to respond to “what is your expected salary?”

You may be wondering what the big deal is about an inquiry on “what are your salary requirements?” Even so, it gives candidates a great amount of stress. It changes the atmosphere of a conversation from hot to cold when there’s a difference in the amounts.

There are numerous strategies for answering interview questions about your salary expectations. The key lies in doing your homework beforehand. Here’s what you need to do:

Research the trends

The question of “what is your expected salary?” may come up as early as the initial phone interview. So prepare your answer the moment you send in your application. You’ll need to do your research for that so refer to reputable sources on industry-specific wages.

For instance, Indeed – the job website – states that the average base salary for an accountant in the Philippines is 29,259 PHP per month. Meanwhile, Paylab reveals that average gross monthly salary for a graphic designer in Nicaragua ranges from 5,805 to 13,887 NIO. These should let you know how much is reasonable.

It’s also a good idea to talk to other professionals in your field to have a better idea of the general market value of a position. Sometimes, companies include the possible salary a candidate might receive on the job listings, so look for those as well.

Provide a range

When you speak too early about pay, you give the impression that you care only about the money. But this doesn’t stop employers from asking about your wage requirements during the initial contact. In this case, give a salary range of what you’re comfortable with instead of a specific amount.

Maybe you can input the word ‘negotiable’ into the form though it makes you appear evasive. It doesn’t help the hiring manager know what your minimum or maximum amount is. If you researched the trends as suggested above, you’d know what sounds fair.

Phrase your answer like this: “From what I know about the position, I believe somewhere around [this] and [that] is reasonable for someone with my qualifications and experience.” Not only does it leave room for negotiation but also adjustment when you learn more about the role.

Turn the question around

If a client doesn’t discuss the position in detail yet, rest assured that they can’t demand a more definite answer for “what is your expected salary?” either. It’d be rude to refuse to answer so consider turning the question around diplomatically.

Explain that you’d like to know more about the responsibilities of the role before you talk about the pay. Ask what salary range they’re offering for the position to find out if it’s in the area you were considering or higher.

If the amount is a little less than your ballpark figure, say that it’s lower than what you were hoping for but that you’d still like to know more. They might be willing to adjust the pay to meet your standards if they believe that you’re the perfect hire.

Be more specific now

Recognize when it’s time for you to commit to an amount – like perhaps the second interview. By this time, you should’ve learned all you can about the company, the team, and the job’s duties. When the recruiter asks “what are your salary requirements?”, be ready to give an exact amount and not a range.

Consider all that you’ve learned during your research and the interview process. Evaluate if the assignments and stress levels are what you expected when you sent in your application. Check if the culture, benefits, bonuses, and perks are worth the compensation package.

Make sure to frame your answer in a positive manner while citing the points you think are relevant. For example: “Given that this is a big job, I’m thinking [X amount]. I’m excited to take on this challenge and believe that I can deliver the results you’re looking for.”

Be honest as possible

Regardless how badly you want the job or a higher income, never exaggerate your skills, experience, or accomplishments. This applies to your resume, cover letter, and interview answers. The truth will reveal itself later on and you don’t want to be called out for lying.

Most companies do background checks and skills tests where they’ll know if your application matches with who you are in real life. They may even call your professional references or previous employers to cross-check facts so choose to be honest.

Be truthful about your past or current salary as well. If you’re uncomfortable about talking about how much you were paid in other jobs, redirect the conversation to the value you bring to the job or the skills you have in your arsenal.

What comes after settling on an amount

If you’ve been given a job offer with a compensation package that meets your expectations, remember to thank the employer and ask for time to think about it. It’s easy to get overly excited about the role and end up regretting it so always make an informed decision.

Should you decide to take the job, ask to have everything in writing to avoid any misunderstandings in the future. Verbal agreements won’t guarantee that you will receive the benefits and perks that were promised, after all. Have the contract signed by the recruiter and another person in authority.

Once that’s taken care of, express your enthusiasm to join the team and work with each other to meet the goals of the company. Do your job well to show the employer that they made the right choice in hiring you.

Where to find a remote job

Learning how to answer the question “what is your expected salary?” won’t magically turn you into a sought-after candidate. However, it does make you more appealing to clients who have bothered to contact you after you’ve sent in your application. You just have to keep the conversation going from there.

Are you wondering where you can put into practice the things you’ve learned in this article? Find an online role to apply for today. Remote Workmate is the right place for you to search for opportunities you’re suited for.