Wall Street MBA Job Market Improves

7 Negotiation Tips Given to Harvard Business School Students

 

“Take it over leave it.”

That seems to be the mantra for many recruiters these days. And why not? It is an employer’s market, with more supply than demand. According to CareerBuilder.com, only half of hires attempt to negotiate, anyway.

That said, hundreds of companies visit business school campuses every year. And they’re not just there to watch the trees change colors. They’ve come to hire the best-and-brightest. After spending two years and six figures earning your degree, you’ll want the best possible package.

Recently, Harvard professor Deepak Malhotra conducted a session covering 15 negotiation tips for MBA candidates. Here is some of his advice:

1) Justify Your Demands: You may think that three weeks of PTO is fair, but your prospective employer may disagree. Explain why this is important to you. For example, you may need two free weeks to cover trips to see your family (or your significant other’s family) and another week for a real vacation. In other words, “It has to be believable and justifiable to them,” according to Malhotra. Keep in mind, you’re probably not the only person this company is hiring – and they’ll want to keep packages consistent to avoid hard feelings. Look for alternatives that will give you what you want…without bending their rules too far.

2) Be Serious about Working for the Employer: Recruiters are seeking people who want to work there. When you start negotiating, you’re signaling that this company has a good shot of landing you. Don’t waste their time unless you’re committed. Similarly, set your terms early on. There is nothing more frustrating than a candidate who’s constantly amending the original parameters of the negotiation. Creating a moving target is a quick way to turn the recruiter from an advocate to an adversary. Always focus on keeping the relationship positive to get results, In Malhotra’s words, “They need to be able to want to do it for you.”

3) Understand The Other Party’s Position: “Why are they interested in me?” That’s the first question you need to ask yourself so you can understand your value. After that, probe to determine their constraints and expectations. Conversely, Malhotra cautions candidates not to “get stuck on what they’re asking you. Figure out why they’re asking you.”  For example, Malhotra notes that a question like “Where else are you interviewing” could really be gauging how quickly they’d need to act in order to hire you. By recognizing the real question behind each question, you can better determine your fit with an organization.

(Editor’s Note: For additional negotiation tips from Professor Malhotra, check out our Video of the Week, “How to Negotiate Your Job Offer.”)

Source: Business Insider

The Graying of Harvard Business School

 

“You’re never too old to go back to school.”

It’s a noble sentiment, but we know the truth. Business school is for the young, for those brimming wunderkinds with a manifest destiny to someday run business, academia, and even politics. Once you hit thirty, the conventional wisdom goes, why waste your time applying? Your time has passed. You’re forever conscripted to the ranks of middle management.

Well, maybe not.

According to statistics from The Harvard Business School, the percentage of “older” students has climbed for the second consecutive years. Bloomberg Businessweek reports that the “percentage of incoming students who received their undergrad degrees at least six years ago increased from 20.8 percent in 2011 to 22.9 percent in 2012, and to 23.3 percent this year.”

Although Harvard’s numbers contradict the norm, older students are showing increased interest in business school. Bloomberg Businessweek cites recent statistics from The Graduate Management Admission Council (GMAT), which oversees the GMAT entrance exam. According to GMAT, the 24-30 age group, which “includes some B-school applicants with six or more years of postgraduate experience, increased 6.5 percent in 2011-12, when applicants would likely be taking the test for 2013 admission. The 31 to 39 age group was up 5.2 percent in 2011-12, while the 40-plus category was basically unchanged.”

Although these numbers could reflect the overall increase in students taking the GMAT, there is little doubt that b-school is not just a young person’s game. At the University of Chicago’s Booth School, students who have been out of school for six or more years now comprise a quarter of the student body. And schools are welcoming older students as well. In the words of Stacey Kole, deputy dean at Booth, “If you have eight-plus years of experience and you think the MBA has passed you by, it hasn’t. If you’re a good fit for the school, you can get in.”

Sources: Bloomberg Businessweek and The Harvard Business School