How to Practice Consulting Case Interview Math

Top-tier consulting firms (MBB) want consultants who are comfortable with numbers. That means you'll likely get a case interview where you'll have to do some breakeven analysis or market sizing estimations. Over on the Amazon.com forums, an Amazon customer makes some great recommendations on how to prepare for case interviews, including a shout-out for my book, Interview Math: Over 50 Problems and Solutions for Quant Case Interview Questions.

To save you time, I've excerpted A's must-read pointers below.

--

1. Victor Cheng's frameworks - work with these for a while & edit to fit your needs (https://www.caseinterview.com/case_interview_frameworks.pdf)

2. May be worth investing in $300 for Cheng's recordings (called "look over my shoulders") to hear him go through 5 cases with 1-3 people each (good, bad, and middle ground performers - and he makes verbal notes through out). If you like his structure, you will like his recordings. If not, then don't waste the money.

3. Go on this website to find a partner to practice with (though some are awful...and you only get 2 free): https://www.preplounge.com/

4. Check out Cosentino's book just so you get a little more specificity than Cheng gives, but don't really rely on those.

5. if you need math help, Lin's book on "Interview Math" is a useful drill on things like break even and market sizing. It's just like 10x Break even and another 10x market sizing...to get you ready for it, if it happens.

6. The tried and true MBB websites still give good cases without errors (which is hard to find). Deloitte's Human Capital case made me laugh out loud with the awful jargon and senseless conclusions (I just did it out of curiosity). I didn't look at their strategy cases. 

7. http://masterthecase.com/case-interview-casebooks/ - case books from MBA programs. They have many errors that can be VERY frustrating, though. The LBS books do not have errors (the cases are donated, not from MBAs' memories), but they are very long and complicated. MasterTheCase locks them so you can't print them, which is annoying. But, some are pretty good. Ask around for MBAs that you know and case books they might have. Recent is better.

8. Hire a tutor - but at the same time, be careful of hiring tutors. Consultants have an over-inflated view of their self-worth and value. They literally think they can bill $200 an hour to do a case with you (and I made the mistake of falling for one of their sales pitches). Never pay more than 60/hr for tutoring, and try to get it for free if you can. You can find them on "spare hire" or Craigslist if you search for "mckinsey" but that person wanted $120 for one case (crazy). The guys who run http://consultingconfidant.com/ are really nice, and I think it's about $75 a case. They gave me a "volume discount" because I kept going back to them. They're pretty new. 

The One Thing That's Stopping You From Achieving Career Happiness

Those who are unhappy have an internal conflict between what they think they should be doing vs. what they want to do. The happy ones don't.

Bracketing: An Advanced Negotiation Tactic

One of the best negotiation tactics is bracketing. Bracketing is negotiation technique that states a "lower and upper limit for which one party is willing to negotiate." For instance, if someone desires a $50k salary, they might use a bracket technique by sharing that their range is $50k-$60k. The bracketing concept is similar, but not identical, to ZOPA.

According to Malia Mason, a Columbia Business School professor, bracketing can yield better outcomes. For instance, rather than request $50k, instead ask for $50k-$60k. It increases the chance that you'll get something more than $50k vs. just asking for $50k alone.

Source: Columbia Business School

A common mistake when using bracketing is setting brackets too narrow. Let's say your target salary is $50,000, and you are willing to accept no less than $45,000. You set a bracket between $45,000 to $55,000, hoping that you'll get the desired $50,000 midpoint.

However, after stating the $45k-$55k bracket, the other party responds that they can do $54k. Crap! It looks you've underestimated their ability to pay higher salaries. You want to counteroffer with $60k, but it would be awkward because $60k is beyond the top end of your originally stated bracket. Last thing you want to do is be called out for being inconsistent and greedy (gasp!). Doing so would hurt trust in the negotiation, and trust is paramount.

To avoid this dilemma, start with a bigger (initial) bracket so you have more headroom to negotiate. Using the same example, let's say the desired salary is $50k. This time, use a different and larger bracket, let's say $40k-$80k. Now, when they respond with $54k, you have sufficient headroom to ask for a larger number such as $60k.

1 Minute Grit Book Summary: Takeaways from the Angela Duckworth and Pete Carroll Event

A few weeks ago, I got a chance to see Angela Duckworth talk about her new book Grit, The Power of Passion and Perseverance. If you don't have time to read the whole thing, the good folks at InterviewSteps wrote an amazing 10 minute book summary for Grit.

Here were my favorite takeaways from the event:

• Grit is not just about perseverance. Grit encapsulates two other dimensions: passion and purpose.

• Those who have passion (internal motivation) for the activity can persist longer than those who just have willpower.

• Those who have purpose (external motivation) can persist even longer than those who have passion.

I highly recommend the book, and in case it helps, Pete Carroll, the Seahawks coach is prominently featured in the book.

Photo Credit: Angela Duckworth

Responding to an Interview Request: 2 Easy Ways

The Impact Interview team's latest post about responding to interview requests is an absolute timesaver, especially when you don't know how to respond. Last thing you want to do is come across as overeager or difficult to work with.

I've excerpted the two sample email templates here, but you check out and read the original post in it's entirety.

Email Template: Responding to Interview Requests

Dear Mr./Ms. [Recruiter or Hiring Manager],

Thank you for inviting me to an interview for the [Job Title] position at [Company]. I appreciate you considering me for the position and I look forward to meeting you soon.

As per your availability, I would like to schedule the interview on [Day of the Week], [Date] at [Time, AM/PM, Timezone] in the [Company Office] at [Address]. Please let me know if the time and interview location works for you.

I am excited to learn more about the opportunities at [Company]. Thank you for your time and consideration.

Sincerely,

[Your Name]

[Your Phone Number]

Phone Call Template: Responding to an Interview Invite

Mr./Ms. [Recruiter or Hiring Manager],

Thank you for calling me to schedule an interview. I’m sorry that I couldn’t take your call earlier. I am available to interview with you on [Day of the Week], [Date] at [Time, AM/PM, Timezone]. I understand the interview will be held in [Company Office] at [Address].

Please let me know if the time and interview location works for you. I look forward to meeting you soon. To contact me, please call me at this number or email me at [Email Address].

Thank you,

[Your Name]

PM Interview Prep: Practicing PM Case Interviews

Taking PM Interview Prep to the Next Level

After you've become familiar with concepts from Decode and Conquer, you'll have to apply and master those concepts by practicing PM case interviews with others.

There's nothing like a little practice to get more comfortable with these difficult concepts and ultimately win the job offer.

If you're looking for PM case interview practice partners, here are two places you can try:

LinkedIn Group for PM Case Interview Practice

Reddit Group for PM Interview Practice: Anonymous 

Also, don't forgot to check out this 2 Week PM Interview Prep Plan.

The Difference Between Those Who Do and Those Who Don't

Over the years, it's becoming increasingly clear on what differentiates those who do have success and those who don't: one quits.

The path to success isn't filled with gold. Don't get discouraged when the path gets you a bit dirty.

Photo credit: Nick Kenrick

Sprint in less than 5 minutes: A book by Jake Knapp from Google

One of the best books I read this year was Sprint: How to Solve Big Problems and Test New Ideas in Just Five Days. Written by Jake Knapp, partner at Google Ventures, Sprint addresses how you can improve your product innovation processes and get better innovation results. If you're a product manager or product executive looking for inspiration on how to more consistently innovate breakthrough products and technologies, this book is for you.

I read the book this past week, and I highlighted what I thought were the most important points. Below is a summary of direct quotes and other important points from the book.

Reading this summary will give you the gist, but if you haven't read the entire book, I hope it pushes you to do so. Well worth your time.

--

Product innovation is hard

Even the best ideas face an uncertain path to real-world success. That's true whether you're running a startup, teaching a class, or working inside a large organization.

This book is a DIY guide for running your own sprint to answer your pressing questions

On Monday, you'll map out the problem and pick an important place to focus. On Tuesday, you'll sketch competing solutions on paper. On Wednesday, you'll make difficult decisions and turn your ideas into a testable hypothesis. On Thursday, you'll hammer out a realistic prototype. And on Friday,  you'll test it with a live human.

Here are three challenges where sprints can help

High Stakes

A sprint is your chance to check the navigation charts and steer in the right direction before going full steam ahead.

Not Enough Time

You need good solutions, fast. As the name suggests, a sprint is built for speed.

Just Plain Stuck

A sprint can be a booster rocket: a fresh approach to problem solving that helps you escape gravity's clutches.

Who to Include in Your Sprint team

Decider such as the CEO, founder, product manager, head of design.

Finance expert

Marketing expert

Customer expert

Tech/logistics expert

Design expert

Set a long-term goal

Be clear on why you're doing this project and where you want to be six months, a year or even five years from now.

Make a (customer journey) map

1. List the actors: all the important characters in your story (on the left)

2. Write the ending (on the right)

3. Words and arrows in between

4. Keep it simple

5. Ask for help

You should be able to make the first quick draft of your map in 30-60 minutes.

How Might We Method

This method of note-taking, invented by Procter & Gamble in the 1970s, forces us to look for opportunities and challenges, rather than getting bogged down by problems or, almost worse, jumping to solutions too soon.

Using the How Might We Method

1. Put the letters "HMW" in the top left corner of your sticky note.

2. Wait. 

3. When you hear something interesting, convert it into a question (quietly).

4. Write the question on your sticky note.

5. Peel off the note and set it aside.

Vote on How Might We Notes

1. Give two large dot stickers to each person.

2. Give four large dot stickers tot he Decider because her opinion counts a little more.

3. Ask everyone to review the goal and sprint questions.

4. Ask everyone to vote in silence for the most useful How Might We questions.

5. It's okay to vote for your own note, or to vote twice for the same note.

Four-Step Sketch Method

1. Notes. Take notes on the goals, opportunities, and inspiration you've collected.

2. Ideas. Spend 20 minutes writing down rough ideas.

3. Crazy 8's to limber up and explore alternative ideas.

4. Solution Sketch a single well-former concept with all the details worked out.

Crazy 8s Brainstorming Method

Crazy 8s is an exercise to rapidly sketch eight variations of an idea in eight minutes.

How to Decide Between Competing product Ideas

Knapp recommends this five-step process:

1. Art museum: Put the solution sketches on the wall with masking tape.
2. Heat map: Look at all the solutions in silence, and use dot stickers to mark interesting parts.
3. Speed critique: Quickly discuss the highlights of each solution, and use sticky notes to capture big ideas.
4. Straw poll: Each person chooses one solution, and votes for it with a dot sticker.
5. Supervote: The Decider makes the final decision, with--you guessed it--more stickers.

How to Do the Speed Critique

1. Gather around a solution sketch.
2. Set a timer for 3 minutes.
3. The Facilitator narrates the sketch. ("Here it looks like a customer is clicking to play a video...")
4. The facilitator calls out standout ideas that have clusters of stickers by them.
5. The team calls out standout ideas that the Facilitator missed.
6. The Scribe writes standout ideas on sticky notes and sticks them about the sketch. Give each idea a simple name, like "Animated Video" or "One-Step Signup."
7. Review concerns and questions.
8. The creator of the sketch remains silent until the end. ("Creator, reveal your identity and tell us what we missed!")
9. The creator explains any missed ideas that the team failed to spot, and answers any questions.
10. Move to the next sketch and repeat.

How to Run a Straw Poll

1. Give everyone one vote (represented by a big dot sticker).
2. Remind everyone of the long-term goal and sprint questions.
3. Remind everyone to err on the side of risky ideas with big potential.
4. Set a timer for ten minutes.
5. Each person privately writes down his or her choice. It could be a whole sketch, or just one idea in a sketch.
6. When time is up, or when everyone is finished, place the votes on the sketches.
7. Each person briefly explains his or her vote (only spend about one minute per person).

Note-and-Vote Method

When you need to gather information or ideas from the group and make a decision, you can use the note-and-vote method.

1. Give each team member apiece of paper and a pen.
2. Everyone takes three minutes and quietly writes down ideas.
3. Everyone takes two minutes to self-edit his or her list down to the best two or three ideas.
4. Write each person's top ideas on teh whiteboard. In a sprint with seven people, you'll have roughly 15-20 ideas in all.
5. Everyone takes two minutes and quietly chooses his or her favorite idea from the whiteboard.
6. Going around the room, each person calls out his or her favorite. For each "vote," draw a dot next to the chosen idea on the whiteboard.
7. The Decider makes the final decision. As always, she can choose to follow the votes or not.

How to Do User Testing

1. Welcome
   1. "Thanks for coming in today! We're always trying to improve our product, and getting your honest feedback is a really important part of that."
   2. "This interview will be pretty informal. I'll ask a lot of questions, but I'm not testing you-I'm actually testing this product. If you get stuck or confused, it's not your fault. In fact, it helps us find problems we need to fix.
2. Ask open-ended questions about the customer
   1. "What kind of work do you do?"
   2. "For how long have you been doing that?"
   3. "What do you do when you're not working?"
   4. "What do you do to take care of yourself? To stay in shape? To stay active?"
   5. "Have you used any apps or websites or other things to help with fitness? Which ones?"
   6. "What did you want them to do for you? What do you like or dislike about them? Did you pay ofr them? Why? Why not?"
3. Introduction to the prototype
   1. "Would you be willing to look at some prototypes?"
   2. "There are not right or wrong answers. Since I didn't design this, you won't hurt my feelings or flatter me. In fact, frank, candid feedback is the most helpful."
   3. "As we go, please think aloud. Tell me what you're trying to do and how you think you can do it. If you get confused or don't understand something, please tell me. If you see things you like, tell me that, too."
4. Do detailed tasks to get the customer reactions
   1. "Let's say you came across FitStar in the App Store. How would you decide if you wanted to try it?"
   2. "What is this? What is it for?"
   3. "What do you think of that?"
   4. "What do you expect that will do?"
   5. "So, what goes through your mind as you look at this?"
   6. "What are you looking for?"
   7. "What would you do next? Why?"
5. Quick debrief to capture the customer's overarching thoughts and impressions
   1. "How does this product compare to what you do now?"
   2. "What did you like about this product? What did you dislike?"
   3. "How would you describe this product to a friend?"
   4. "If you had three magic wishes to improve this product, what would they be?"

Summary of Unconventional Ideas on How to Work Faster and Smarter

• Instead of jumping right into solutions, take your time to map out the problem and agree on an initial target. Start slow so you can go fast.
• Instead of shouting out ideas, work independently to make detailed sketches of possible solutions. Group brainstorming is broken, but there is a better way.
• Instead of abstract debate and endless meetings, use voting and a Decider to make crisp decisions that reflect your team's priorities. It's the wisdom of the crowd without the groupthink.
• Instead of getting all the details right before testing your solution, create a facade. Adopt the "prototype mindset" so you can learn quickly.

Photo Credit: Jake Knapp @ Google Ventures, Fast Company, fastcodesign.co, 

The Magical Salary Negotiation Letter Sample

Image: One Minute Salary Negotiation Letter Template

Have an upcoming salary negotiation? Get results easily with the salary negotiation letter template featured in my book Five Minutes to a Higher Salary.

Salary Negotiation Letter Template

Dear Hiring Manager,

Thank you for offering me the position at Google. I'm passionate about the role, and I'm excited to start.

For base salary, I am looking for something closer to $125,000.

Here's the reason why: I'm currently making $130,000 in my current job. Also, I'm looking to buy a house and pay off my school debt. So the extra money would make a difference.

Is there an wiggle room on base salary?

Thanks,

Elsa Erickson

How to Get a $10,000+ Salary Increase with a Email Script

Since I released my book Five Minutes to a Higher Salary last year, I've gotten emails from my readers on how they've used my book's 60+ killer salary negotiation scripts (email and phone) to help them get more money.

One reader successfully negotiated a 10% increase for his six-figure salary, and I received his permission to share his negotiation lessons learned here.

Good luck with your negotiation,

Lewis C. Lin

--

I read your book, Five Minutes to a Higher Salary, the night before I was waiting for the offer from [Fortune 500 company]. I did manage to get the original offer increased by 10% and I will be joining next Monday.

Here are my takeaways from the book and other readings:

1. It's definitely best to not disclose your current salary and expected salary. It has no upside for you as a candidate. The only upsides are for hiring managers and recruiters who now know your min and max limits.

- In my case, I had mentioned my current base, but thankfully, did not mention the expectation.

2. Do ask for a raise. Worst case, you will get a No. Best case, you will get one. Most people do not counter.

- I did, and got one.

3. Do not react to the informal offers from the recruiters via phone or email. Wait for the formal letter before doing your due diligence and responding on your own time.

- I was intent on not reacting on phone, and mentioned that I would like to wait for the formal letter. The recruiter insisted twice and I unfortunately gave in and mentioned about expecting a higher base. Sure enough, he triggered a revision of the offer on his own and I never actually got a chance to "formally" counter the offer. I feel I could have gotten a better revision if I had the chance to do it my way...No wonder the recruiter moved quickly! :-)

4. Do not wait until the night before the offer to get up to speed on how to negotiate offers!

- Customer, Five Minutes to a Higher Salary

Photo credit: Ulisse Albiati, Lewis C. Lin

2 Follow Up *Must Do's* with the Recruiter After the Interview

Recruiters and hiring managers are super busy.

Just imagine, the average recruiter has 12-15 open roles to fill...multiply that by the # of candidates, internal interviewers they have to manage, resumes they have to review...you get the idea.

Long story short, it's VERY common that they'll drop the ball or drag their feet on your candidacy.

To prevent having them drop the ball, you need to do two things:

1. Check in frequently
2. Build your perceived value

How do you do that tactically? Here are my recommendations:

Check In

"Hello ______! I enjoyed chatting with the team on Monday. You told me I'd hear back from you on Wednesday, so I'm just sending you a friendly email today (Thursday) to see where things are at."

Build Perceived Value

"Hello ______! I just wanted to check in with our interview last week. I'm preparing for my on-site interview with Google tomorrow, but I just can't help but think I'd much rather work for Facebook, which has a lot more ________."

Photo credit: Sebastiaan ter Burg

How to Learn Something Fast

To have a successful career, you'll have to learn and master new domain knowledge...all the time.

A couple years ago, I read Tim Ferris' book on rapid knowledge acquisition, and I absolutely loved his concepts. I've summarized my favorite takeaways from his book below.

Start with DSSS

DSSS, or DS3, is an acronym on how to learn quickly. It stands for:

• Deconstruction. Identify the minimal (learning) building blocks you need to know.
• Selection. Of those building blocks, what 20% do you need to focus on to get 80% of the outcome? A 1 page cheat sheet is a great deliverable to distill and select the most important concepts.
• Sequencing. What order should I learn these topics? Sequencing is important because it not only increases learning efficiency but also minimizes learning frustration. (And giving up is a surefire way to NOT learn something fast.)
• Stakes. What kind of consequences or rewards should I setup to follow through on my learning?

Good Questions to Learn Something Fast

Shoulders of Giants Questions

To help deconstruct the key learning building blocks quickly, start by identifying the top thought leaders in the domain (the giants). Here are some good questions to do so:

1. Who are the most impressive, lesser-known teachers?
2. What are the most impressive, lesser-known books in the space?
3. Who are the top 3 thought leaders in the space?
4. What are the top 3 books that industry experts have on their bookshelf?
5. What are the best instructional books on this subject?

Forced Choice Questions

To help select which 20% you should learn, here are some clever questions to get that more quickly:

1. If I could only do X things to get better in this area, what would that be?
2. If I had only 24 hours to prepare for competition where I have to perform X for a shot at winning a $1,000,000, what Y things should I do?

Mistake Questions

To help sequence your learning effectively, ask mistake questions:

• First, what are the biggest mistakes novices make when learning X? What are the biggest misuses of time?
• Even at the pro level, what mistakes are the most common?

Photo credit: Rijans007

Salary Negotiation Expert

Have an upcoming salary negotiation?

Use our negotiation service.

The easiest way to get better job offers. Guaranteed.

Negotiation is Painful

That's why we reinvented it. We believe in getting what you deserve without stress and anxiety. So we've created a service where we do all the work for you!

 If you've ever wanted to tell the recruiter, "Talk to my agent." Hire us. Just like Hollywood's power negotiators, we'll take care of the details while getting you more.

Just Follow the Script

How do we do this? If you're negotiating via email, we'll craft customized negotiation phrases that you can cut-and-paste. And when you get the response, we'll repeat the process until you get the salary you deserve. No need to worry about how negotiation works, what to say, or whether you're leaving money on the table. Leave that to us.

If you're negotiating via phone, our customized negotiation scripts will also pay off. You'll know the exact words to open the negotiation and be prepared to counter their tactics.

Guarantee

Our salary negotiation experts are just that: experts. We are so confident in our service that if we do not get you at least a $1000 increase in your job offer, we'll refund your money. That's no risk to you!

About Our Chief Salary Negotiator

LEWIS C. LIN is the Chief Negotiator of salaryBoost.

Formally trained in negotiations at Northwestern University’s Kellogg School of Management, Lewis is responsible for providing his formal negotiation expertise and training to every client engagement. He’s known for negotiating a 75% salary increase in his last corporate role.

He authored the bestselling salary negotiation book, Five Minutes to a Higher Salary.

His favorite negotiation tip: know what you’re worth. If you don’t know your value, you’ll never know if you’ve asked for too little or pushed for too much.

In his free time, Lewis plays tennis, enjoys board games, and loves speaking in front of audiences, including his latest negotiation talk at Ignite Seattle, Negotiate Like an Angry Bride.

Here's What Others Say About Lewis

With one email and your four magic words, you got me additional stock worth $7,000. - O.C.

I got a raise! Lewis' insights and perspective were eye-opening. I could not have gotten this increase without his negotiation scripts and experienced advice. I highly recommend Lewis for your next job offer. You will regret it if you don't. - R.O.

I got a 100X ROI working with Lewis. Needless to say, best career investment ever. Not even the best IPO could get you that return. - D.F.

Lewis had fantastic insight into negotiation dynamics. I achieved a win-win situation with my salary compensation. - M.C.

Following your script, I got a raise on my base and more on-hire stock grants. What a experience! Thank you so much Lewis.  - S.W.

Fees for Our Salary Negotiation Service

Frequently Asked Questions about the Salary Negotiation Service

How long will this process take?

The length of the process depends largely on the speed of your employer. While we can gather your information and create the initial negotiation script in a couple of days, the length that your employer returns a counteroffer may create delays in the process.

Can you negotiate benefits other than the salary?

Yes. We can negotiate for any benefits that are a part of your compensation package. This includes bonuses, vacation time, and stock options. 

Do you negotiate raises in current jobs as well?

Absolutely! Many of the same principles of a salary negotiation at an initial job offering also apply to raise reviews. Just tell us your situation and we can customize the analysis and script for you.

I don't know my market value. Can you still help me?

Of course! You just need to fill out a questionnaire and answer some follow up questions about yourself. Then we'll do the research to ensure that you're getting a fair deal.

Can you tell me more about your guarantee?

The offer applies only for salaries $50,000 and above, so no hourly work either. The $1000 increase applies to either annual base salary or a signing bonus. You can send refund submissions with a copy of your original offer letter along with your first pay stub. If we have clear evidence that your pay has not increased, we will send you a refund check within 60-90 days. Altered offer letters, pay stubs, and other documentation will be refused.

Photo credits to Tracy O, Stefan Neuweger, Ramunas Geciauskas, Lauren Manning, Kent, NTNU Trondheim, Ariana Matos, Andrea Sugden, St0rmz from Flickr.

4 Situations Where You Shouldn't Negotiate Your Salary

This guest post from Christine Ko, my co-author for our latest salary negotiation book, Five Minutes to a Higher Salary.

If you have read the post titled "4 Motivating Reasons Why You Should Negotiate Your Salary", you know that negotiating your salary is crucial to your financial development. However, there a few special circumstances when it is wise not to do so. 

If you have already accepted the offer and it is close to a fair salary.

Sometimes, going back to the negotiation table isn’t worth the extra money you could get. If you have already accepted the offer, going back to ask for just a little more will make you seem greedy. It could ruin your goodwill with the employer, so make sure that going back to negotiations after you accepted the offer is worth the time and the risk.

If they offer you the top of your range (or more).

You don’t want your recruiter to think that you’re just in it for the money, so don’t ask for more if they give you a job offer with a salary on the high end of what you asked for. If you give them a range of your salary expectations and they graciously agree to pay you at the top of your range, don’t try to haggle for more. Accept the win instead.

If the other benefits need more attention.

Salary isn’t the only thing up for negotiation. Other benefits can be vital to your financial situation as well. Some of the obvious ones are bonuses and stock options, but there are other creative solutions as well. Have you thought about the commute and how it could be reduced or subsidized if it is really long? Maybe you want to go back to school and would like some help with tuition. There are ways that you can improve your financial situation when just a salary increase won’t help.

If you actually don’t want the job.

This may be tough to hear, but even in a sluggish economy, taking a job offer you don’t want just because of the money can be a debilitating career choice. In the long run, negotiating for a bigger salary in a company you don’t like is just a waste of time for you and your employer. After all, adding sugar to a bad lemonade still makes it bad lemonade. While it might seem worth it in the short term, the long term consequences aren’t that great. You could get stuck within the company, not able to escape because the money is too good to pass up. You could feel discouraged in the company and start to deliver poor performance because you don’t love your job, leading to termination. You could quickly jump ship and leave the company, but a short time period at a previous company is suspicious to recruiters in the future. While paychecks are important, it may be worth your time to search for opportunities that you truly care about.

These are definitely unique situations that don't apply to everybody. If you're not in any of these situations but still need to be convinced why you should negotiate, check out our previous blog post titled "4 Motivating Reasons Why You Should Negotiate Your Salary."

Photo credit to Guercio

Top 10 Best Jobs for Veterans

For veterans, transitioning from the military to civilian life can be a difficult process. One of the most difficult parts of the process can be finding a new job. Some veterans think that their years of service just look like a gap in their employment history, a turnoff to private companies. However, serving in the military often gives you a chance to learn new skills, such as leadership, IT, and medicine – valuable skills in the private sector. So include your service in your resume and make sure your potential employers know what you’re capable of.

This begs another question: where should I look for a job to apply these skills?

Let’s look at the 10 best jobs for veterans. This information is from CareerCast. All stated salaries are average medians.

1. Training and Development Manager: $95,400
Transferable skills: Problem solving, crisis management

2. Industrial Production Manager: $89,910
Transferable skills: Leadership and team building

3. Software Engineer: $85,430
Transferable skills: Information technology skills from the military

4. Construction Program Manager: $82,790
Transferable skills: Leadership, team building, exposure to heavy machinery

5. Administrative Services Manager: $81,080
Transferable skills: Team building, oversight

6. Telecommunications Equipment Installer and Repairer: $54,530
Transferable skills: Real world experience installing and maintaining sophisticated telecommunications equipment for the military

7. Industrial Engineering Technician: $50,890
Transferable skills: efficiency insights and exposure to heavy machinery

8. Paralegal and Legal Assistant: $46,990
Transferable skills: On-the-job training sometimes given to military members during service

9. Heavy & Tractor-Trailer Truck Driver: $38,200
Transferable skills: Willingness to be on the road, reliability

10. Emergency Medical Technician: $31,020
Transferable skills: Medical skills learned while in the military

These positions are specific and may be listed because of a growing industry. However, there are many jobs that require the same skills as the ones listed here with different position names and in different industries, so don’t be tied down to these specific positions. This list is to show that there are opportunities out there for veterans and that your skills are valuable.

You can read the full article here.

Photo credit to Maryland GovPics

Top 10 Reasons to Get an Internship During College

Nowadays, people seem to get internships in college just because they’re told they should. However, there are plenty of reasons why it’s a good idea to get an internship before you graduate.

1. Put professional experience on your resume
College is the intermediate step between the part-time high school jobs and a full fledged career, so you should make sure that you gain the necessary experience along the way. Since your high school employment history filled with babysitting and working minimum wage part time jobs won’t impress a recruiter looking to fill a full-time position, get more professional experience to include in your resume.

2. Show you have ambition
If you’re working full-time at an internship while everyone else is lounging on the beach, you’ve gained a competitive advantage. By giving up your summers to learn new skills and gain experience, you’re proving that you’re ambitious and ready for a career.

3. Network
No matter how small the company, you’re going to meet people interested in the same things you are and already working in the industry you might want to join. That’s what makes an internship a great place to network. Many people find jobs and opportunities through the people they have met, so meeting your co-workers and having them as contacts could open a lot of new doors.

4. Make new friends
People often overlook the social benefits of doing an internship. Your coworkers often become close friends that you go out to lunch with, attend company events, and have over for dinner every once in a while. Making friends that are going through the same challenges you are can be very rewarding as well. You can support and encourage each other to continue to pursue the career you want.

5. Make money
While most internships pay little or no money, you can still make thousands of dollars during your summer. For example, if you work at the federal minimum wage of $7.25 for 40 hours a week for 12 weeks, you’ll make $3,480 before taxes.

6. Learn what you like
Think you want to work in a certain industry? Get an internship in it! For a short three months, you can plunge into a career that you’re interested in and get a real honest look at what that career might look like. You can take all the classes on the subject you want, but you won’t be able to truly learn if it’s right for you. Once you try it, you might find that it’s exactly what you’re looking for.

7. Learn what you don’t like
On the other hand, you might learn that the career you’re previewing is not right for you. What you imagined the career would be isn’t what you’re getting in the internship. While some of the aspects you don’t like could be because of the certain company, you’ll be able to see if the core parts of the job don’t fit what you’re looking for. After all, it’s better to find out that you don’t like a job during a short three month internship than once you get a permanent position after graduation.

8. Learn new skills
You can learn a lot about an industry through school, but there is also a lot you won’t be able to learn just by sitting in a classroom. Diving into the professional world and completing an internship gives you relevant, real world experience that can set you apart from the other candidates. You can learn the actual skills it takes to succeed in a career, making you a more attractive candidate in the future.

9. Find a mentor
If a company provides an internship, then they want to invest in the education and learning experience of students. That means that your coworkers and managers are probably interested in your own learning too. By working over the summer, they already know that you’re ambitious, you’re interested in their industry, are eager to learn new things, and that you need guidance because you’re new. Try talking to your coworkers and boss about your interests and career goals and see if anyone is willing to be your mentor. A good mentor can be an invaluable resource. They can help you learn the skills you need and find you great opportunities to advance your career.

10. Turn it into a full time offer
Your success in an internship can often lead to being offered a full time position in the company. During your internship, the company learned a lot about you. They learned about your work ethic, commitment, skills, and other characteristics that they couldn’t have learned without working directly with you. Since they’ve seen what you can do, the company is more likely to offer you a full time position than someone outside the organization with similar credentials. It’s also a plus for you because you don’t have to go through the job search, the interview process, or entry level training.

Even if you don’t get a full time offer at the end of your internship, your experiences have given you qualifications to flaunt when you apply for other job offers.

Photo credit to Visha Angelova

The Pros and Cons of Salary Transparency

There has been a flurry of talk recently about the words “Salary Transparency”. At first glance, it seems intimidating. Salary transparency? As in my salary will be transparent? That’s exactly what it means. Everyone’s salary in the company is available for everyone else to see.

Sound dreadful? 
Well, it doesn’t have to be. In fact, there are a lot of great aspects of salary transparency that might not be too obvious.

Pro 1: Allows discussion of salary

You can’t improve the wage gap or even increase your own salary if you can’t talk about it with your manager. With salary transparency, it invites people to look over their own salary, compare it to others, and encourage people to talk about it. Once it’s no longer taboo, people can start to fix wage inequalities.

Pro 2: Will clear up any suspicions that they’re being underpaid

If they see that other employees of the same position are being paid more, they can bring it up to their supervisor. Without the transparency, employees may not know that they’re not getting a fair deal. If the higher paid employees are being fairly paid more, the supervisor can explain why that is the case. If employees know why they’re being paid a certain salary, it will also lead to more job satisfaction.

Pro 3: More job satisfaction

If employees can talk about their salaries and get explanations for their wages, they’ll know that they're being paid a fair salary. Once they know that, they can focus on their work and have greater job satisfaction.

Pro 4: Encourages competition

Everyone wants a better salary, so lower paid employees will strive to be more productive in order to get higher wages if they know what skills translate to more money. By opening up the company to salary discussions, employees can talk with their boss about how they can improve and move up the ranks.

While there are some great pros of salary transparency, there are some negative aspects that need to be considered.

Con 1: People might feel embarrassed

If your company has operated with confidential salaries for a long time, suddenly switching to a transparent salary system may be too shocking and embarrassing for current employees. Salaries need to adjust before revealing them or else there may be a riot over disparate salaries.

Con 2: Time consuming

Transparent salary cultures tend to take more time discussing salary than companies with secret salaries. While it is a positive aspects that transparency encourages discussion, it also means that the company will take more precious time than usual to talk about salaries.

With the world and the workplace changing, companies need to consider non-traditional ideas to implement into their culture and business.

With both pros and cons to consider, should new companies implement salary transparency? 

While you’re there, check out our salary negotiation cheat sheet with tips about salary negotiations.

Photo credit to Mast3rod

4 Reasons Why You Should Negotiate your salary

This guest post from Christine Ko, my co-author for our latest salary negotiation book, Five Minutes to a Higher Salary.

Everyone has heard a child whine "do I really need to?" about an unappealing task. But just like he needs to go to school and eat his vegetables, you really do need to negotiate your salary. Here are some pretty convincing reasons why.

You’ll make more money

The main reason you should negotiate your salary is obvious – to increase it. The company isn’t going to fight on your behalf, so it is up to you to ask for what you want. Companies usually put a little wiggle room in the salaries that they offer as well, so you don’t have to assume that the salary is fixed.

A little extra: Don’t sound demanding or entitled, even if you really do believe you deserve a certain compensation package. Being polite and professional will help you get there.

And in case you still need more reasons...

You’ll earn your recruiter’s respect

Negotiating your salary can impress your recruiter, especially if done professionally and effectively. They want to know how competent and confident you are, so showcasing your achievements as reasons for a raise is an excellent tactic to impress your recruiter.

A little extra: Make sure your reasons are relevant and true. A fake accomplishment can jeopardize your job offer.

You’ll fall behind in wages if you don’t

Once you get your first salary in a company, all future raises will be based on the initial one. That is why it is important to earn a fair salary from the very beginning. Even if everyone in your team gets a 5% raise, you’ll still be underpaid if you were underpaid from the start.

A little extra: On the other hand, if you negotiate for a fair initial salary, you’ll start riding the upward spiral, where a good salary in the beginning leads to bigger and better ones down the road.

You’ll feel more valued in the company

Being underpaid is not a motivating influence. In fact, in the long run, you’ll feel underappreciated and feel resentment toward your company. You and your employer both want you to feel satisfied with the company, and a fair salary is one way to make sure you want to stay.

A little extra: Of course, being paid a fair salary means you have to show that you deserve it. That means no slacking off! You told your recruiter you deserve more, so make sure that they don’t regret it. It could hurt your chances later on.

Photo credit: Bhaskar Peddhapati

Best Negotiation Practice Exercises

SEE ALSO: 60+ Killer Salary Negotiation Scripts

This guest post from Christine Ko, my co-author for our latest salary negotiation book, Five Minutes to a Higher Salary.

Want to practice your negotiation skills? You probably shouldn’t use your salary negotiation for practice, so let’s look at some ways you can get comfortable negotiating in low stress, low pressure situations.

The Farmer’s Market

Why: Unlike at a superstore, you’re probably buying from the owners of the farm at the farmer’s market. Since they own the merchandise, they decide which prices to set their products.

How: If you see that a particular item you want is not selling well, try to see if they’ll accept a lower price for it. After all, getting something out of a product is better than getting nothing. 
If you’re buying multiple items from the same vendor, ask if they’ll give you a bulk discount.
If you’re buying with cash when they accept cards, ask if you can get a small discount by paying in cash instead of credit so that they don’t have to pay any transaction fees.
If you’re shopping near the close of the farmer’s market, check out any vendors that still have perishables for sale, such as produce or food products. Since these items will not last very long, the vendors will often want to sell their product for some money instead of tossing all the items in the dumpster.

Goal - Practice this skill: Know the best timing to start negotiations. A farmer's market is often a bustling center of activity, so it's important to know when to negotiate and when to walk away. For example, if there's a line behind you at a vendor's stall and they all want a certain item, it's not the time to negotiate it. They simply don't need to negotiate because there are plenty of people to buy. Timing is also important when considering perishable items. As stated above, it's crucial to wait until the farmer's market is nearly over to start negotiating on products with a short shelf life or else they won't have an incentive to sell their products cheaply.

An Apartment

Why: Empty rooms will cost the landlord money whether it is occupied or not, so they definitely have an incentive to have tenants. It helps if you already live in the building and have a clean rental record. It is a lot more work for the landlord to get a new tenant than keep an existing one, so they can usually wiggle the rent a little bit to keep you there.

How: Research other similar apartment buildings in the area and compare prices. You can also hint that you’re considering moving out and not renewing your lease. If you don’t get complaints filed against you and you pay your rent on time, it is risky for the landlord to lose you in case he/she gets an unruly tenant in your place.

Goal - Practice this skill: Go to the negotiation prepared with your BATNA (Best Alternatives to a Negotiated Agreement). Find other apartments you can rent in case negotiations don't go your way. You should always have backup options. 

Garage Sales

Why: People usually hold garage sales for two reasons.

1) To get rid of stuff they don’t want or need
2) To make some quick cash
3) To make room in the house or lighten their belongings before a move

In short, they want this stuff gone.

How: If you buy more than one item, ask them to give you a discount. Always quote lower than what you’re willing to pay because they’ll probably try to make you a counter offer. Just ask “Will you take $X for this?”

Goal - Practice this skill: Try seeing the negotiation from the other party's perspective. Imagine that you want the golf clubs that your neighbor is selling. You can ask them plainly "What will you do with the golf clubs if nobody buys them?" They might say "I could sell them online for $50, but I'd rather do it here so I don't have to ship it across the country." Now you have a little more information and you can offer $55 for the golf clubs knowing that their backup option is getting $50. 

Furniture Store

Why: furniture stores often mark up their prices so that when there is a sale, it looks like a great deal. Furniture styles also go out of fashion quickly, so having inventory quickly leave the floor is important. Another factor: commissions. A big reduction for you might mean a small reduction in their commission: something that a sales agent is willing to do if they really need a sale.

How: Mention any small defects that you notice in the furniture. While it might not really matter to you, the sales agent might give you a discount to make up for it. Another tactic is to look for a style/color/model that the store currently doesn’t have in stock. Act like you really wanted that specific type, but you’re willing to “settle” for a different style/color/model if the price was a little cheaper.

Goal - Practice this skill: Give up something you don't care about to get something you do care about. In this scenario, you give up something you don't care about (a perfect, defect-free, in style, exact color couch) for something you do care about (a cheap but quality couch). 

With Internet/Cable/Cell phone Provider

Why: The reason you can negotiate these bills is similar to why you can negotiate your rent: it’s easier for them to renew a contract than to find a new customer. They want to keep you as a customer because you’ll probably renew your contract again and buy more products and services from them.

How: Research the other providers in your area and compare prices. If you see better prices at another company, ask your preferred company if they can match it. You can also threaten to not renew the contract and buy from another company.

Goal - Practice this skill: Be willing to listen. With internet/cable/cell phone, not all providers all the same. While in general they provide the same service, there will be differences in their implementation. Maybe you found that another provider has lower prices, but when you reach out to a customer representative of your current provider, they tell you that the difference in price is due to a difference in speed or reliability. If you solely focus on what you know and not on what the other party says as well, you're missing out on valuable information. Perhaps once you know your current provider is faster and more reliable, you'll want to continue purchasing from them even if they are more expensive. 

Negotiation is a skill that you can foster in many situations. Practicing these skills and tactics will make you more likely to
a) be more comfortable negotiating
b) learn new tactics as you come across new situations
c) recognize situations where negotiation is possible.

Good luck and let us know if you successfully negotiated in any of these situations! We would love to hear from you.

SEE ALSO: 60+ Killer Salary Negotiation Scripts

Photo credit to Flazingo Photos, kaybee07, Wicker Paradise

Salary Negotiation Script: Higher Pay Bracket

Here's a salary negotiation script to negotiate for a higher pay bracket.

Want more samples? Check out salary negotiation scripts from Five Minutes to a Higher Salary.

Dear Mr. Recruiter,

Thank you for offering me the Software Developer position. I’m very excited to start contributing to Company Z.

Before I can accept however, I would like to discuss the company policy of pay brackets. I understand that I have more experience and qualifications than other developers in my team which is why I was placed at the top of pay bracket 4. However, it is more difficult to switch pay brackets than moving up in the same pay bracket. Therefore I would like to request being placed at the bottom of pay bracket 5.

Although the salary is a little lower than my current offer, I plan to stay for a long time, so I would like a better chance of getting raises. I’m confident that I can bring a lot of value to the company; I hope that we can come to a mutual agreement.

Thank you,

Potential Hire

Want more samples? Check out salary negotiation scripts from Five Minutes to a Higher Salary.