What’s the best way to handle salary negotiations when transitioning from a non-finance role into finance?

Question

I’m about to transition from a non-finance role into a finance position, and I’m unsure how to approach salary negotiations. My previous experience doesn’t directly align with finance, but I have transferable skills that I believe are valuable. I’m worried that the firm might offer me a lower salary because of my non-traditional background. How should I go about negotiating a fair salary that reflects my skills and potential?

If you’ve made a similar transition, I’d really appreciate any advice on how to handle this conversation because I've not had many salary negotiation meetings before.

Answer 1

Dear candidate,

so glad to help on this, really great question and wow, offer stage is great, and super you are at this stage or enivaging it.

a) Only from the point of you are the star there. So you do not think "I dont have the experiene" but you think "I am a great fit for this firm, and I make a big contribution and all about this role has to be right for me". This last part is very important, you are the one investing your time, your life, your career on this one opportunity. So ensure immediately that you are well off and know that finance often can pay well. For variable pay roles, the up potential is high.

b) Convince by showing leaderhip, your contributions to the firm, eg mention how you are the one very best candidate (not just any), mention also what you can achieve, for example say what you would like to achieve medium term for them and what you might be able to do long-term. If you find it helpful, address business development although all this depend on type of firm, role, firm size.

c) Really have a very friendly discussion about your contributions and in some cases the discussions are even completely informal, while focusing on main salary, try to get whatever you can out of it extra, eg bonus, relocation bonus, anything that adds well and see the other points also as backup in cases you cannot achieve your first goal, then try to add whatever you can financially. You can even ask about free classes etc if nothing comes up. If something comes up however stay on all the main points early on.

d) the other trick is to ask about the salary path, what is the salary for the next 3 positions, what is the range, what are bonuses? ask outright if you can and if makes sense in the conversation and find out. Besides this underline your value and passion for the firm and lead, lead, lead.

Super you are thinking about these points. Have a great day.

Answer 2

Great question. Based on my own negotiating experience on both sides of the table, there are several key things to think about:

Not Zero-sum: Negotiations are rarely zero sum. Be creative about the ways that both parties can win and create value.
Anchor Thoughtfully: Setting an anchor that benefits you is a powerful way to start a conversation. However, if you have less information, then it might be smart to let the other party start the anchor.
BATNA: Ensure you have a strong "best alternative to a negotiated agreement." Go get multiple finance offers and you'll have a way stronger position for your transition.
Transparency: Acknowledge that you're coming from a different background, but don't be afraid to ask for the same salaries as everyone else, even if you don't come from finance.

But every negotiation is different--let's set up a free intro call to discuss how you can best leverage your negotiation into the role you want.

Answer 3

Having worked in both consulting and finance, I’d say the main difference is the focus. In consulting, it’s about big... (read entire answer)

Having worked in both consulting and finance, I’d say the main difference is the focus. In consulting, it’s about big-picture problem-solving, like helping a client expand into... (read entire answer)