Evaluating a job offer: A how-to guide

Accounting majors are heavily recruited out of college. If you’ve been successful in your studies and have some internship experience under your belt, it won’t take long for you to find a job after graduation?or in many cases, before you graduate.

Because you’re in such high demand, you can be more selective when it comes to your first job. Take time to consider your options. When the offers come in, evaluate which one is the best fit for you. Here are a few tips to help your evaluation:

How does the salary offer stack up?
What if the salary you've been offered is less than you expected? First, find out how frequently you can expect performance reviews and/or pay increases. Expect the company to increase your salary at least annually. Compare your salary with the average pay of other professionals working in the same field by talking to recruiters, others who hold similar jobs, or doing online research. The Bureau of Labor Statistics is also a good source.

Bonuses and other benefits
Next, ask about bonuses, commissions and profit-sharing plans that can increase your total income. Find out what benefits the company offers and how much of the cost you'll bear as an employee. Don't overlook the value of good employee benefits. They can add the equivalent of thousands of dollars to your base pay.

Personal and professional consequences
Will taking this job be the best financial move? Are other things more important to you? Will you work a lot of overtime, and is the scheduling somewhat flexible? Will it require extensive travel? Consider the related costs of taking the job, including the cost of transportation, new clothes, a cell phone, possible relocation costs – all the factors that go into taking the job.

Deciding whether to accept the job offer
Now that you have received a job offer, you must decide whether to accept it. Think back to the interview, paying close attention to your feelings and intuition about the company, the position, and the people you came in contact with. Consider not only the salary and benefits you've been offered, but also the future opportunities you might expect with the company. How strong is the company financially, and is it part of a growing industry?

Negotiating a better offer
Sometimes you really want the job you've been offered, but you find the salary, benefits, or hours unfavorable. In this case, it's time to negotiate. You may be hesitant to negotiate because you fear that the company will rescind the offer or respond negatively. But think of it this way: if you truly want the job but find the offer unacceptable, you may as well negotiate for a better offer rather than walk away from a great opportunity without trying.

The first step in negotiating is to tell your potential employer specifically what you want. State the amount of money you want or the hours you wish to work. Make it clear that if the company accepts your terms, you are willing and able to accept its offer immediately.

What happens next? It's possible that the company will accept your counteroffer. Or, the company may reject it, because either company policy does not allow negotiation or the company is unwilling to move from its original offer.

The company may make you a second offer, typically a compromise between its first offer and your counteroffer. In either case, the ball is back in your court. If you still can't decide whether to take the job, ask for a day or two to think about it. Take your time. Accepting your first job is a big step.

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