Reference answer
This question seems factual, but it gauges how well you value yourself and how well you know your industry.
This is your opportunity to present yourself as a qualified professional and get a proper salary!
Read on to learn how you can answer this question with confidence, using an analytical approach. The answer may be given as a range or as a single target number.
-
About Yourself
The first thing to research is the salary range for your role in the market. What is the industry standard?
Next, think of your qualifications for the role. Weigh in your traits, skills, education, and experience. Try this exercise, draw a line on a piece of paper where on the left side sits a complete beginner, and on the right side - the best professional in the world the company may try to invite for the role. Where do you position yourself?
Now, remember that once you start in your new role, your qualifications will be growing fast, due to all the new experience you will be gaining - consequently, your value will rise as well. Your salary, on the other hand, will not increase as quickly. So, try to imagine where your qualifications will bring you, on that scale, in about a year into the new job.
Map the scale against the industry range. Now you should be able to come up with an objective figure, as opposed to pure speculation.
This is not real math, however, so your number cannot be very precise, of course. Define a range, which starts with the minimum that will keep you satisfied a few months into the job, and the maximum which, a year into the job, will give you the lifestyle you would ideally like to have at that time.
Make sure the range stays within 40%-60% between extremes. Remember, the higher the position up the ladder, the wider the range can be. What is the number in the middle? Will you feel comfortable with this number?
-
About The Company
Research the company and find out what they are paying. The best places to find this information are Glassdoor, LinkedIn, PayScale and other similar websites.
-
About The Fit
Based on your research, does the company fit your desired salary range?
Now, whether you should be giving a range, or a single target number is a matter of debate. I personally think that a single number, given in a suggestive manner, is better than the range, because when given a range, they may logically gravitate towards the lower end, especially since you've said that the lower number is acceptable.
One example of how to structure your answer of a single target number is this:
I have done my research and based on the average for the industry, location, and my level of expertise, something like XXX seems reasonable to me. What do you think?
Besides giving the factual answer that the interviewer is asking for, such an answer will also show you to be someone who takes the initiative, who goes the extra mile, and someone with data-driven and analytical mindset.
Pro Tip
Firstly try asking the interviewer to give you their intended range as budgeted for this role, which is a regular practice in most companies. However, don't be too evasive and if you see they are not inclined to give you their number, name yours.
You don't have to be alone in your job search!
Mr. Simon invites you to join the Friends of Mr. Simon Meetup Group that supports both individuals seeking their next job role and working professionals. Members of our network come together to learn and practice new skills and network with others through our regular interactive events where they establish meaningful connections and have a chance to promote their personal brand and stand out in the marketplace.
Group membership is free of charge, courtesy of Mr. Simon.
Join our Friends of Mr. Simon Meetup Group to become part of our growing and supportive community!
This page has been updated on February 23, 2024.