How to Negotiate Actuarial Analyst Salary

Filed in Business Idea by on January 5, 2022 0 Comments

Actuarial Analyst salary

Actuarial Analyst salary: You’ve been offered the job of your dreams.

There’s just one problem: the pay.

Don’t let a low starting salary get in your way!

Many employers’ initial offer is lower than what they’re willing to pay.

So you can absolutely negotiate a higher starting salary.

You just need to be confident that you’re worth it.

We’ve pulled together lots of tips to help you negotiate your ideal compensation package.

From the initial offer to your counter-offer to the employer’s response.

Ask for time to consider the offer.

You need time to research and prepare a counter-offer.

Thank the employer graciously for the offer and let them know you need time to think about it. That signals that you’re interested in the position but that you’re taking their offer seriously. Usually, they’ll give you at least a couple of days to think it over.

  • For example, you might say “Thank you so much for the offer.
  • I certainly have a lot to think about. Would you mind if I give you an answer on Friday?”
  • If you’re in a high-demand sector, the employer may not be willing to give you a lot of time—especially if they have others lined up who could also take the job. If you have a day or less, squeeze out every spare moment you can to work on your counter-offer.

The employer expects you to negotiate for a higher salary.

Often, employers intentionally low-ball you on the initial salary offer—and they aren’t expecting you to just take it.
They’re expecting you to come back with what you really want so you can work together to (hopefully!) find a happy medium everyone is comfortable with.

  • This is where you might have to use the advice to “fake it till you make it.”
  • It’s fine if you don’t have the confidence necessary to ask the employer for a higher salary, as long as you can pretend that you do!
  • Remember that as the employer is listening to you, they’re also gauging your willingness to engage and seek the best. They’ll extrapolate your performance to how willing you’ll be to give and get the best for the company.

    Actuarial Analyst salary

Look at salary guides online and talk to colleagues.

Get an idea of what other people in your position are earning.

This can help you figure out what kind of compensation package it would be reasonable to ask for. While salary guides can give you cold data, colleagues and other people in your industry can tell you more about other perks and benefits they get from their employers.

  • Mentors and former supervisors can also help you get a good idea of what you should expect. If you don’t have a lot of contacts in your field, use a resource such as LinkedIn to talk to people in similar positions.
  • Take your geographic area into consideration as well. For example, a $60,000 salary will go a lot further in Cincinnati, OH than it will in San Francisco, CA.

Actuarial Analyst salary

Find out where there’s flexibility so you can negotiate reasonably.

Even if the company loves you and thinks you’re the best person for the job, there are some constraints you just won’t be able to get around.

If the company is strapped for cash, it might not be able to offer the salary or benefits package you really want.

Similarly, internal policies might prohibit them from offering you above a certain amount.

  • Navigate to the human resources page of the company’s website and have a look around.
  • This can help you get a sense of what aspects of the job offer might not be up for negotiation.
  • If you feel relatively friendly with the person who made the offer, you might straight-up ask them how flexible the offer is or how much wiggle room they have.
  • Some information is publicly available if you do a little research. If the job offer is from a publicly-traded corporation, you can find a lot of information about the company’s financial health through required reports and disclosures. Look on the corporate website or the website of the regulatory agency that handles stock trading in your country.

Write down factors that demonstrate why you’re a cut above.

Salary negotiations present an opportunity for you to highlight why you’re really the best person for the job.

You know that they already want you—now it’s your job to show them why you’re worth more than their original offer.

Use specific, concrete facts as evidence that you’re especially valuable.

If there’s anything special that you didn’t bring up in your interview, add it to your list.

Some areas to focus on might be:

  • Ongoing education or training in recent developments in your field
  • Your extensive experience in important facets of the job
  • Your network of professional contacts or clients you can bring
  • Any awards or recognition you’ve received

Create a range of salaries you’ll accept.

Set your low number at your absolute minimum and the high end at your ideal.

Based on your research and your knowledge of your own background and experience, come up with a realistic salary range that you can use for negotiation.

Keep the high end of your range reasonable, but give yourself plenty of room to maneuver in case the employer makes another counter-offer.

  • For example, if your research shows that other people in your position make an average of $70,000 a year and the employer has offered you $50,000, you might create a range of $60,000 to $85,000.
  • Add up your living expenses and create a budget (if you don’t already have one).
  • This will help you determine the minimum end of your range.

Negotiate paid time off, flex-time, retirement plans, and other perks.

Everything your employer offers has value, and some benefits might be more important to you than a few extra dollars on your paycheck.

If you’re willing to trade a higher salary for other perks, keep those ideas in your back pocket — you might be able to use them to get a better compensation package than what you were originally offered.

  • Many things might be extremely valuable to you, such as flexible works hours or the ability to work from home, that won’t really cost the employer anything.
  • These perks can help you get a more favorable offer even if additional money isn’t in the cards.
  • Remember that when you negotiate a higher salary, you’re negotiating the entire package at once. Your paycheck is only one facet of your overall compensation. For example, if you’re not interested in the free gym membership the employer offers, you might be able to exchange that for a little more money.

    Actuarial Analyst salary

Stand in front of a mirror and practice asking for a higher salary.

If you’re going to be making your counter-offer in person or over the phone.
It’s a good idea to practice. Take some notes if you need them to refer to at first, then compose a brief statement that presents your counter-offer and the reasoning behind your figure.

  • For example, you might say “I appreciate the offer and look forward to working with you. However, $50,000 is below the market average for employees at my level. As we discussed during the interview, I have several high-profile clients I can bring on board with me, as well as national recognition for my work in social media. I expected something more in the $70,000 range.”

Express your interest in the job.

Tell the employer you want to work for them before you present a counter-offer.

You want the employer to know that they’ve already got you—there are just a few details to work out.

If they understand that you’re excited about the opportunity they won’t take your negotiation attempts as a sign you’re not interested.

  • For example, you might say “I’m extremely enthusiastic about working for you and think this company would be a great fit for me.”
  • Some employers might ask you questions at this point, especially if employees with your skills are in high demand. For example, they might ask if you have any other offers or if they are currently your top choice. Be prepared to answer those ahead of time.

Tell the employer what your ideal salary would be, including benefits.

Remember that the entire package is on the table—not just the salary.

Make a clear and direct statement of the compensation you want, followed by a sentence or two justifying your figure.

  • For example, you might say “I look forward to contributing to this firm and appreciate your offer. But based on my reputation and experience, I expected a salary more in the $80,000 to $85,000 range. Others at this level make at least that much, and they don’t have the international recognition that I do.”
  • After you make your counter-offer, say nothing—stand firm and give the employer a chance to respond. They might ask you questions or immediately come back with a different figure.
  • If they balk at your offer and say the numbers are simply too far apart, you still have room since you started at the higher end of your range.
  • Come down if you think they’ll be willing to work with a lower number.

Allow the employer at least as much time as they gave you.

Some employers will be ready to respond to your counter-offer right away.

However, the person extending the offer might not have complete control over the compensation package offered.

If they need to talk it over with someone else in the company.

Give them at least a day or two to do that before getting back to you.

  • After you’ve given them time, wait for them to call you.
  • If you call them before the time you gave them is up, you lose the power of your position.
  • You could also potentially come across as desperate.
  • If the time expires and you still haven’t heard from them, it’s okay to go ahead and give them a call. For example, if you gave them 2 days on Monday, you might call them on Thursday morning and say “We left off discussing my compensation package on Monday.
  • Have you had enough time to consider my counter-offer?”

Actuarial Analyst salary

Ask your employer if they’re willing to table something until later.

Your employer might be in a better position to decide on some aspects of your compensation package after you’ve been working with them for a few months.

This is particularly true for non-monetary benefits, such as flex time or the ability to work from home.

  • For example, suppose you asked your employer for permission to work from home on Fridays. Before they’ve hired you, they might not trust you to do that and maintain the appropriate level of production. However, after you’ve been working for them for 6 months, they’re in a better position to decide if that’s appropriate.
  • When discussing these issues with the employer, acknowledge if you’re willing to table something until later. You might say “I understand you might have a hard time deciding whether to give me flex time right now. Would you be willing to revisit that issue in 6 months?”
  • Don’t count on your employer to bring up the tabled issue again—be proactive and mention it yourself after the agreed-upon period has passed.

Actuarial Analyst salary

More tips

  • If the employer refuses your counter-offer and doesn’t budge from their initial offer, see if you can find out why. Based on what they say, there might be room for you to bring up additional compensation later.

  • If you’re a recent college grad, your school’s career office will likely have resources on starting salary negotiation that can help.

  • Whether negotiating in person, over the phone, or in writing, be polite and professional. Remember that if all goes well, you’ll ultimately be working with these people—you want to continue to make a good impression.

Conclusion

  • Always get the employer’s final offer in writing before you agree to it—especially if it differs from the initial offer they made.

  • Resist the temptation to try to negotiate every little thing or argue for the sake of arguing. Even if you get what you asked for, it can come back to bite you later.

  • Never immediately accept a salary offer, even if you already know it’s in a range you would accept. You should still take time to think about it critically and make sure the job and the company are good fits for you.

  • Never be the first one to bring up salary. Always let the employer make the first offer. Then, you have the opportunity to counter

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