When you have recently graduated from college, it can be a surefire challenge to land a job that is aligned with the course you’ve completed. At the same time, it can feel overwhelming when you land your first job interview. As a neophyte in the “real world,” getting hired can feel like a Herculean task, but I worry not because interviewing can be a joy of an experience.
A candidate has to understand how to answer interview questions from the behavioral-based interview questions. These questions are designed to be asked by interviewers to correctly identify if the candidate is the best fit for the job role they are hiring for. In this blog, let’s tackle one of the most common questions asked during interviews, “What’s your salary expectation?” if you have no work experience just yet.
How does one figure out how to answer salary expectations with no experience? It is crucial to strike a balance when determining your salary expectations. While you don’t want to set your sights too high and risk pricing yourself out of a potential job opportunity, it is equally important to value yourself fairly and not accept less than you deserve. As the life cliche goes, “Know your worth.”
It’s crucial to have realistic salary expectations as an undergraduate. A recent study revealed that fresh graduates tend to overestimate their starting salaries. While they anticipate earning a specific high amount immediately upon graduation, the reality is that the average starting salary is significantly lower than their expectations.
Given this information, it’s essential to consider how to approach the salary discussion during job interviews. In this article, we’ll guide you through answering interview questions about salary expectations for those with limited or no prior work experience. The goal is to ensure that your requested salary aligns with your worth and industry standards.
Let’s first ask ourselves why companies ask for salary expectations. Well, for one, it is an essential step in the hiring process, especially at the start. While not everyone is comfortable talking about pricing and money in general, we are applying for a company, which means they have specific but crucial financial considerations to consider, thus the said question.
Companies want to know your salary expectations upfront to determine whether the amount is reasonable for the role and, if so, what parameters they could consider when extending an offer. The company’s leaders do not want to waste your time or anyone else’s if a candidate’s salary does not match their pay scales.
Effective communication between internal stakeholders is necessary in the context of entry-level roles. Establishing clear expectations at the onset of the hiring process enables the candidate’s point of contact to leverage this information strategically. This proactive approach can enhance the overall candidate experience and facilitate a smooth onboarding process should the individual be hired.
A salary range, not a fixed figure, defines compensation for a role. The hiring manager’s responsibility during the interview process is to determine your placement within this range when you are asked about your salary expectations. As a newbie, it’s also an advantage to be asked to answer interview questions because it also sets your expectations and helps you understand the pay range for the role you’re interviewing for.
To ensure a smooth hiring process and avoid misalignment, it’s recommended that one initiate the conversation about salary expectations proactively, even if the interviewer or recruiter hasn’t mentioned it. Being proactive about what you expect to be paid for applies to fresh graduates and experienced professionals seeking career changes. And to answer interview questions effectively.
By initiating this discussion and answer interview questions, you can gauge the company’s willingness to collaborate and assess whether they align with your salary expectations. Be respectful and professional, and ask for a ballpark figure for the salary associated with the role. If the company hesitates to engage in this conversation, it may be a sign of potential difficulties in future negotiations. It’s best to be wise and move on when you encounter such.
Now that we have presented the critical points of this interview question let us provide you with the proper information to use during your interview. You don’t want to be caught unprepared or run around like a headless chicken and answer without an idea, so let us look at specific steps to set you up for success. The following will help you answer interview questions.
- Take time to research
Building your career is one of the most personal and scariest but also one of the most valuable investments one can make, so it’s important to keep that in mind! Make it a motivation!
There is certainly pressure associated with job-seeking or building your career, but this is also an excellent way to gain experience, which will serve as your guide in building your career. So, doing your research is vital. Start by talking to real people—all types of career men and women—because gathering data and insights should never be limited.
LinkedIn is an excellent place to start, so utilize this site to your advantage. Reach out to people with similar roles you plan to apply for. Connect, connect, connect! If you don’t have a LinkedIn account yet, it’s time to start creating one! This will provide you with information to answer interview questions.
- Have a base number as your starting figure
If you are entirely independent after graduating from college, evaluating your anticipated expenses and objectives is crucial. Determine the salary you require (and desire) not just to survive but also to live comfortably.
According to an industry expert, if you want to earn $65,000, you would share a range of $65,000 to $74,000.” The base pay of a salary is the most important number to consider since that’s what the company uses to compute any bonuses, future pay raises, retirement contributions, and the like, so never just wing this part.
It is best to push back and then get the range from the interviewer if you can. Next, you want to ensure you anchor yourself nicely and high within the typical salary range. If a role typically pays $55,000 to $65,000, you could say something like, “‘I’m currently being considered for roles between $63,000 and $70,000, depending on the total package. How does this sit with your budget for the role?’”
- Take into consideration additional benefits that can be negotiated
When a higher salary is not attainable, consider the growth opportunities a job can offer, especially for those starting their careers. In such cases, it’s valuable to explore additional benefits that can enhance the overall worth of the position. Understanding the benefits will also help you to answer interview questions.
It’s not always the monetary return that should be considered. There are other ways to earn something from a company, especially if you are just starting out in your career. These may come in the form of rock-solid insurance or healthcare.
Aside from those mentioned above, there are more things you can negotiate outside of your base salary: performance bonus, Paid leave/additional PTO, One-off signing or sign-on bonus, Equity or stock options, Flexible working arrangements, a wellness budget/mental health days/gym access, to name a few to help you answer interview questions.
- Sell your value to the company
You might not yet have industry experience, but that doesn’t mean your value is zero. It’s a huge advantage since you are an empty cup if you look at it that way. Considering your fresh take on business insights, You can provide massive value to a company and answer interview questions.
During an interview, emphasize and align your most impressive skills with the job requirements. Mention your educational background and internships if you have never held a regular job before. Highlight any leadership positions you held in college. Additionally, include any certifications or desirable skills you possess.
Employers today highly value “professional skills,” formerly called “soft skills.” These qualities include your capacity for leading and mentoring others, effective collaboration in team projects, and quick mastery of new technologies. Remember to highlight how you’ve contributed to clubs and other extracurricular activities, and list your skills relevant to the workplace. This information will help you to answer interview questions.
Having the right mindset is crucial, especially for fresh graduates and even job switchers who might feel they’re not ‘perfect’ candidates and undervalue themselves. There’s more to you than meets the eye. There are “priceless” aspects of you that can’t be taught, such as leadership potential, self-awareness, problem-solving style, purpose, values, and emotional intelligence. These are more valuable in the job market than easily trainable hard skills.
- Practice to be consistent, not perfect
It’s cliché to say that when you practice, you will be perfect, and that rings true if we are to discuss it not only when negotiating your salary expectation but also how you justify the reasons for your request. Before meeting with the interviewer or the hiring manager, practice your answers with a friend or family member on multiple occasions. Practicing will help you answer interview questions in real-life situations.
Your potential employer evaluates your communication and people skills at a job interview. Candidates who take the time to research the company, prepare thoughtfully, and present themselves confidently have a higher chance of impressing the interviewer and securing the position.
If you research the range of salaries before you are interviewed, responding to the answer interview question will show that you have spent your time looking into it thoroughly. You also get to understand that the market is paying for your level of experience for the role you’re applying for and that your overall aim is to be paid fairly for the value you can provide the company and what you can also learn from them if you get considered for the role.
To set you up for interview success, reach out to us at www.interview-expert.com or call 859-572-4499. We’ll try to ensure you’re fully equipped to answer those challenging interview questions!
