# MBA Offer Negotiation Workbook: [Your name, offers compared, YYYY]

> A workbook for evaluating and negotiating full-time and return offers after an MBA: what is in an offer (base,
> signing bonus, performance bonus, equity, relocation, start date), how to compare offers on total compensation
> with Excel formulas, how to handle exploding offers and school recruiting rules on offer deadlines, and a
> negotiation plan built on the BATNA, reservation point and target. It is for second-year MBA students and recent
> graduates with one or more offers. Source basis: principled negotiation (Fisher and Ury 1981), negotiation analysis
> (Raiffa 1982), research on first offers as anchors (Galinsky and Mussweiler 2001), written in our own words.
> Replace every [bracketed] value and every row marked *Example*. The employers in the example are fictional
> (Corvane Robotics, Northfield Outdoor Co., Tallow Creek Medical Center). This is a planning aid, not legal, tax or
> financial advice.

<!--
Guidance: How to use this template
- Start the day you receive the first written offer. Record every deadline in section 2 before anything else.
- Read your school's career services rules on offer deadlines and reneging (section 3) before you reply to any employer.
- Build the comparison in section 5 from the written offer letters, not from what you remember of a phone call.
- Write your BATNA, reservation point and target (section 7) before the first negotiation call, and never disclose the reservation point.
- After the negotiation, record what happened in mba/mba-negotiation-debrief so the lesson is not lost.
- Related templates: mba/mba-negotiation-planner, mba/mba-negotiation-guide, mba/mba-negotiation-debrief, career/offer-comparison, mba/mba-internship-plan, mba/mba-post-mba-career-plan, mba/mba-loan-repayment-plan, mba/mba-recruiting-plan, mba/mba-scholarship-negotiation-letter, personal/decision-journal
-->

## Document control

<!-- Guidance: Keep this workbook private. Employers' offer terms are confidential; never share another employer's offer letter. -->

| Field | Value |
|---|---|
| Document ID | OFFER-[YYYY]-001 |
| Owner | [Your name] |
| Offers compared | [Employer A, Employer B, Employer C] |
| Earliest offer deadline | YYYY-MM-DD |
| School recruiting guideline checked | [Yes, YYYY-MM-DD, link] |
| Version | [0.1] |
| Status | [Draft / Negotiating / Accepted / Closed] |
| Last updated | YYYY-MM-DD |
| Reviewed by | [Career coach, mentor] |
| Classification | Personal, confidential |

## Contents

1. Purpose and principles
2. Offers and deadlines
3. School recruiting rules, exploding offers and reneging
4. What is in an MBA offer
5. Total compensation comparison (worked example)
6. Non-financial criteria
7. Negotiation plan: BATNA, reservation point, target
8. The conversation
9. Exploding offers: a decision example
10. Decision and closing
11. Timeline with relative dates
12. Quality checklist
13. Common mistakes

## 1. Purpose and principles

<!-- Guidance: Decide what you are optimising for before you see the numbers side by side. -->

An offer is the start of a long relationship, and the negotiation is the first time your future manager and recruiter
see how you handle a commercial discussion. That cuts both ways: a well-prepared, courteous request for a better
package is normal and expected in many MBA recruiting markets, while an aggressive or deceptive one can sour the start
of a job. The approach in this workbook follows Fisher and Ury (1981): separate the people from the problem, focus on
interests rather than positions, invent options for mutual gain, and use objective criteria. It adds Raiffa's (1982)
negotiation analysis: know your best alternative (BATNA), set a reservation point and a target before you talk, and
estimate the other side's.

Three facts shape MBA offer negotiations. First, structured MBA programmes at large employers (consulting, banking,
some leadership programmes) often pay all hires of a class the same base salary, so the room to negotiate base pay
may be small while the start date, office, team, signing bonus or relocation may still move. Second, smaller and
growth-stage employers usually have more flexibility in base and equity and less in cash bonuses. Third, the
strongest lever in any negotiation is a credible alternative, which is why section 7 starts with the BATNA.

| Item | Your answer |
|---|---|
| What I am optimising for (rank 1 to 3) | [Example: 1 learning and role scope, 2 location, 3 total compensation] |
| Minimum acceptable outcome on anything | [Example: start date no earlier than 1 September] |
| Who else has a say | [Partner, family, visa sponsor] |
| Loans and fixed obligations to cover | [Monthly payment, see mba/mba-loan-repayment-plan] |

## 2. Offers and deadlines

<!-- Guidance: Copy dates from the written offer, not the phone call. Note the time zone of every deadline. -->

| ID | Employer and role | Offer received | Written offer? | Deadline (date, time, time zone) | Extension asked? | Status |
|---|---|---|---|---|---|---|
| O-01 *(Example)* | Corvane Robotics, Strategy and BizOps Associate | 2026-09-15 | Yes | 2026-11-13 17:00 PT | No | Open |
| O-02 *(Example)* | Northfield Outdoor Co., Senior Manager, Corporate Strategy (return offer) | 2026-09-02 | Yes | 2026-11-20 17:00 ET | No | Open |
| O-03 *(Example)* | Tallow Creek Medical Center, Operations Leadership Program | 2026-10-20 | Yes | 2026-11-03 17:00 CT | Planned | Open |
| O-0[n] | [Employer, role] | YYYY-MM-DD | [Yes / No] | [ ] | [ ] | [ ] |

Also track processes still running, since they affect your BATNA and your request for extensions:

| Employer | Stage | Expected decision | Contact |
|---|---|---|---|
| [Employer] | [Final round on YYYY-MM-DD] | YYYY-MM-DD | [Name] |

## 3. School recruiting rules, exploding offers and reneging

<!-- Guidance: Read your school's current guideline before you ask for an extension or accept. Record the date you checked. -->

Many business schools publish recruiting guidelines that employers who recruit through the school agree to follow.
These typically set the earliest date by which a student can be asked to accept a full-time offer, give a minimum
number of days or weeks a full-time or return offer must stay open, discourage offers with very short deadlines or
bonuses that shrink the longer a student waits, and set expectations for students, such as not continuing to
interview after accepting and not reneging on an accepted offer. The specific dates and rules differ by school and
change from year to year, and employers that do not recruit on campus may not follow them. Check the current version
on your school's career services site and ask the career office if an employer's deadline seems to conflict with it.

An **exploding offer** is one with a deadline short enough that you must decide before your other processes finish.
Ways to respond, in order of preference:

1. Ask for an extension, politely and with a reason and a specific date: "I am very excited about this offer. I am
   completing one other process that concludes on [date]. Would it be possible to extend my decision date to
   [date] so that I can give you a committed answer?"
2. If your school's guideline sets a later date, mention it neutrally to the recruiter or ask the career office to
   contact the employer. Do not threaten.
3. Ask the other employers whether they can accelerate their decision. Be honest about the deadline you face.
4. If none of these work, make the decision with the expected value approach in section 9.

**Reneging**, accepting an offer and then withdrawing to take another, is treated as a serious breach by most
schools and many employers. Consequences can include loss of career services access, notification to the employer and
damage to your reputation in a small industry. Accept only an offer you intend to keep. If circumstances truly change
after you accept, speak to the career office before you speak to either employer. This template does not interpret
any contract or school policy for you.

| Item | Your answer |
|---|---|
| My school's offer-deadline rule for full-time offers | [Rule, date checked YYYY-MM-DD, link] |
| Rule for return offers from summer internships | [Rule] |
| Rule on interviewing after acceptance | [Rule] |
| Reneging policy | [Consequences as published] |
| Career office contact | [Name, email] |

## 4. What is in an MBA offer

<!-- Guidance: Ask the recruiter for anything missing from the letter in writing. "Standard" benefits differ a lot between employers. -->

| Component | What to check | Typical negotiability (varies) |
|---|---|---|
| Base salary | Amount, pay frequency, review date, whether it is the same for the whole class | Low in structured programmes; moderate elsewhere |
| Signing bonus | Amount, when paid, clawback if you leave within [12] months, whether it is grossed up for tax | Moderate |
| Performance bonus | Target percentage, past payout range, proration in year 1, guaranteed or discretionary | Low on target; sometimes a first-year guarantee |
| Tuition reimbursement | Amount for the second year (for return offers), conditions, clawback | Low to moderate |
| Equity | Type (stock options, restricted stock units), number of units, strike price, vesting schedule and cliff, what happens on leaving, last valuation | Moderate at growth-stage firms |
| Relocation | Lump sum or managed move, temporary housing, clawback | Moderate |
| Start date | Earliest and latest, deferral options | Often high |
| Title, level, team, office | Written in the letter | Moderate before acceptance |
| Retirement and health benefits | Employer match, waiting periods, cost of health cover | Low |
| Visa sponsorship | Willingness to sponsor, timeline, who pays fees | Ask early; this template gives no immigration advice |

Tax treatment of bonuses, equity and relocation depends on your country and situation. Record the questions in the
table below and ask a qualified adviser or the employer's benefits team; do not rely on this template for tax.

| Question for the recruiter or a qualified adviser | Answer |
|---|---|
| Is the signing bonus repayable if I leave, and on what schedule? | [ ] |
| Is relocation paid net of tax or gross? | [ ] |
| What were bonus payouts as a percentage of target in recent years? | [ ] |
| For equity: last valuation date, number of fully diluted shares, preferred stock liquidation preferences | [ ] |

## 5. Total compensation comparison (worked example)

<!-- Guidance: Compare on the same basis: expected cash, three years, present value, adjusted for living costs. State each assumption so you can change it. -->

### 5.1 Assumptions *(Example)*

| Assumption | Value | Why |
|---|---|---|
| Annual base increase (all offers) | 4% | Placeholder; ask each employer about review cycles |
| Personal discount rate | 5% | Placeholder for the value of money now versus later |
| Cash timing | End of each year | Keeps Excel `NPV` simple |
| Bonus payout as share of target | Northfield 90%, Tallow Creek 80% | From recruiter answers on recent payouts *(Example)* |
| Corvane options | 20,000 options, strike USD 4.00, 4-year vesting | Offer letter *(Example)* |
| Option outcomes per share at liquidity | 50%: USD 0; 35%: USD 9.00; 15%: USD 20.00 | Your own scenarios; not a valuation |
| Cost-of-living index (Northfield city = 1.00) | Corvane 1.10; Tallow Creek 0.92 | From a cost-of-living source you trust *(Example)* |

Expected value per option $= 0.50 \times 0 + 0.35 \times (9 - 4) + 0.15 \times (20 - 4) =$ USD 4.15, so the grant has an
expected value of $20{,}000 \times 4.15 =$ USD 83,000, or USD 20,750 per vesting year. Excel: put probabilities in
B2:B4 and share values in C2:C4, add a helper column D with the payoff per option `=MAX(0,C2-$F$1)` (F1 holds the
strike), then `=SUMPRODUCT(B2:B4,D2:D4)`. Treat this as a rough expected value: most start-up options have a high chance of being
worth nothing, cannot be sold before a liquidity event, and carry tax questions you should take to an adviser.

### 5.2 Year 1 components *(Example)*

| Component (USD) | Corvane Robotics | Northfield Outdoor Co. | Tallow Creek Medical Center |
|---|---|---|---|
| Base salary | 165,000 | 150,000 | 140,000 |
| Expected bonus (target times payout) | 0 | 20,250 (15% x 90%) | 11,200 (10% x 80%) |
| Retirement match | 4,950 (3%) | 7,500 (5%) | 8,400 (6%) |
| Signing bonus | 30,000 | 25,000 | 15,000 |
| Relocation | 0 | 10,000 | 12,000 |
| Equity, expected value per vesting year | 20,750 | 0 | 0 |
| **Year 1 total** | **220,700** | **212,750** | **186,600** |

Excel, with the component names in A2:A7 and Northfield in column C: expected bonus `=C2*15%*90%`; Year 1 total
`=SUM(C2:C7)`.

### 5.3 Three-year view, present value and living costs *(Example)*

Years 2 and 3 grow base, bonus and match by 4% a year and exclude the one-off signing and relocation payments.

| Measure (USD) | Corvane Robotics | Northfield Outdoor Co. | Tallow Creek Medical Center | Excel |
|---|---|---|---|---|
| Year 1 | 220,700 | 212,750 | 186,600 | `=SUM(...)` |
| Year 2 | 197,498 | 184,860 | 165,984 | `=(Base*1.04)*(1+bonus*payout+match)+equity` |
| Year 3 | 204,568 | 192,254 | 172,623 | as above with `1.04^2` |
| Three-year total | 622,766 | 589,864 | 525,207 | `=SUM(B2:B4)` |
| Present value at 5% | 566,040 | 536,369 | 477,385 | `=NPV(5%,B2:B4)` |
| Cost-of-living index | 1.10 | 1.00 | 0.92 | input |
| **PV adjusted for living costs** | **514,582** | **536,369** | **518,897** | `=B6/B7` |

Here Excel `NPV` is used correctly on its own, because the first cash flow arrives at the end of year 1. Discount
factors are 0.9524, 0.9070 and 0.8638.

The ranking changes with the lens. Corvane leads on Year 1 cash and on the three-year total, but much of its lead is
the uncertain option value and a higher-cost city. After adjusting for living costs, Northfield leads, and Tallow
Creek moves to second place. The lesson is not which employer is "best"; it is that the comparison basis matters and
should be chosen before you look at the answer.

```vega-lite
{
  "$schema": "https://vega.github.io/schema/vega-lite/v5.json",
  "description": "Year 1 compensation components by offer (Example, USD)",
  "width": 380,
  "height": 240,
  "data": {
    "values": [
      {"offer": "Corvane", "component": "Base", "usd": 165000},
      {"offer": "Corvane", "component": "Expected bonus", "usd": 0},
      {"offer": "Corvane", "component": "Retirement match", "usd": 4950},
      {"offer": "Corvane", "component": "Signing and relocation", "usd": 30000},
      {"offer": "Corvane", "component": "Equity (expected)", "usd": 20750},
      {"offer": "Northfield", "component": "Base", "usd": 150000},
      {"offer": "Northfield", "component": "Expected bonus", "usd": 20250},
      {"offer": "Northfield", "component": "Retirement match", "usd": 7500},
      {"offer": "Northfield", "component": "Signing and relocation", "usd": 35000},
      {"offer": "Northfield", "component": "Equity (expected)", "usd": 0},
      {"offer": "Tallow Creek", "component": "Base", "usd": 140000},
      {"offer": "Tallow Creek", "component": "Expected bonus", "usd": 11200},
      {"offer": "Tallow Creek", "component": "Retirement match", "usd": 8400},
      {"offer": "Tallow Creek", "component": "Signing and relocation", "usd": 27000},
      {"offer": "Tallow Creek", "component": "Equity (expected)", "usd": 0}
    ]
  },
  "mark": "bar",
  "encoding": {
    "x": {"field": "offer", "type": "nominal", "title": "Offer"},
    "y": {"field": "usd", "type": "quantitative", "aggregate": "sum", "title": "Year 1 compensation (USD)"},
    "color": {"field": "component", "type": "nominal", "title": "Component"}
  }
}
```

### 5.4 Your comparison

| Measure | [Offer A] | [Offer B] | [Offer C] |
|---|---|---|---|
| Base salary | [ ] | [ ] | [ ] |
| Expected bonus | [ ] | [ ] | [ ] |
| Retirement match | [ ] | [ ] | [ ] |
| Signing bonus (note clawback) | [ ] | [ ] | [ ] |
| Relocation | [ ] | [ ] | [ ] |
| Equity, expected per year | [ ] | [ ] | [ ] |
| Year 1 total | [ ] | [ ] | [ ] |
| Three-year PV at [ ]% | [ ] | [ ] | [ ] |
| Living-cost index | [ ] | [ ] | [ ] |
| Adjusted PV | [ ] | [ ] | [ ] |

## 6. Non-financial criteria

<!-- Guidance: Set the weights before you score. If the money ranking and this ranking disagree, write down why you chose. -->

Compensation is one criterion among several, and for many MBA graduates not the most important one in the first
role. Score each offer from 1 to 5 on the criteria you care about, with weights that sum to 100%, and compare the
result with the money ranking. The method is the same additive weighting used in mba/mba-admit-decision and
career/offer-comparison.

| Criterion | Weight | [Offer A] | [Offer B] | [Offer C] |
|---|---|---|---|---|
| Learning and role scope | [ ]% | [1 to 5] | [ ] | [ ] |
| Manager and team | [ ]% | [ ] | [ ] | [ ] |
| Fit with 3 to 5 year plan (mba/mba-post-mba-career-plan) | [ ]% | [ ] | [ ] | [ ] |
| Location, partner and family | [ ]% | [ ] | [ ] | [ ] |
| Stability and visa sponsorship | [ ]% | [ ] | [ ] | [ ] |
| Compensation (from section 5) | [ ]% | [ ] | [ ] | [ ] |
| **Weighted score** | **100%** | `=SUMPRODUCT(weights, scores)` | | |

## 7. Negotiation plan: BATNA, reservation point, target

<!-- Guidance: Write these numbers down before the first call. Use mba/mba-negotiation-planner for the full preparation sheet. -->

Four ideas structure the plan.

- **BATNA** (best alternative to a negotiated agreement, Fisher and Ury 1981): what you will do if this negotiation
  fails. For an offer, it is usually your next-best offer, or continued recruiting if you have none.
- **Reservation point** (Raiffa 1982): the least favourable package you would accept. It follows from the BATNA:
  accept anything better than your best alternative, after allowing for non-financial differences.
- **Target**: the ambitious but justifiable outcome you aim for, supported by objective criteria such as market data,
  a competing offer or the value of your summer work.
- **ZOPA** (zone of possible agreement): the range between your reservation point and the employer's. You do not
  know the employer's, so estimate it from recruiter signals, internal pay bands if disclosed, and peers' data.

Worked example *(Example)*. The candidate prefers Northfield (the return offer) for role and location. On the
living-cost-adjusted PV, the best alternative is Tallow Creek (USD 518,897), just ahead of Corvane (USD 514,582).

| Item | Value | How computed |
|---|---|---|
| BATNA | Tallow Creek offer, adjusted PV USD 518,897 | Section 5.3 |
| Reservation point on Northfield base (all else equal, no fit premium) | USD 144,790 | Base at which Northfield's adjusted PV equals the BATNA; Excel Goal Seek |
| Current Northfield offer | Base USD 150,000, signing USD 25,000, adjusted PV USD 536,369 | Section 5.3 |
| Value of each USD 1,000 of base over 3 years | USD 3,354 in PV | Recompute PV with base + 1,000 |
| Target | Base USD 160,000 (PV gain USD 33,536) | Justified by the Corvane base of USD 165,000 and the summer project result |
| Alternative package if base is fixed | Base USD 155,000 and signing USD 35,000 (PV gain USD 26,292) | Same model |
| Non-money asks | Start date 15 September; team placement in pricing strategy | Interests from section 1 |

Two observations. First, the current Northfield offer already beats the BATNA, so the candidate should not threaten
to walk away; the honest framing is enthusiasm plus a specific, supported request. Second, base salary compounds
through raises, bonus and match, so USD 1,000 of base is worth more than USD 1,000 of signing bonus over three years
(USD 3,354 against USD 952, the present value of USD 1,000 paid at the end of year 1, in this example, before tax).
The reservation point above assumes no fit premium. As in mba/mba-negotiation-planner, if you would give up some
value for Northfield's role and location, subtract that fit premium from the BATNA value: your true reservation
point on base is then lower than USD 144,790, which strengthens the case for not threatening to walk away. If the employer says base is fixed for the class, move to
the signing bonus, start date or other terms.

Research on anchoring suggests that the first offer on the table pulls the outcome towards it (Galinsky and
Mussweiler 2001). In offer negotiations the employer has usually made the first offer, so your counter-proposal
should be specific and supported by objective criteria, not a vague "can you do better?".

| Your plan | Value |
|---|---|
| BATNA | [Your best alternative and its value] |
| Reservation point | [Lowest acceptable package] |
| Target | [Ambitious, justified package] |
| Objective criteria for the target | [Competing offer, market data with source, scope of role] |
| Employer's likely interests | [Fill the class, keep pay equity, start date, retain you after the summer] |
| Employer's likely constraints | [Class-wide base, approval levels] |
| Trade-offs you can offer | [Earlier start date, longer commitment, flexible office] |
| Order of asks | [1, 2, 3] |

## 8. The conversation

<!-- Guidance: Negotiate by phone or video, confirm by email. One consolidated request is better than a series of small ones. -->

A simple structure for the call:

1. **Appreciation and commitment signal.** "Thank you. I enjoyed the summer and I would very much like to join the
   team."
2. **The request, as one package.** "Having compared the offers I hold, I would like to ask whether there is
   flexibility on the base salary, to [amount], and on the start date, to [date]."
3. **The reason, with objective criteria.** "My other offer is at a base of [amount] for a comparable role, and the
   pricing work I did this summer is directly relevant to the team I would join."
4. **Pause.** Let the recruiter respond; do not negotiate against yourself.
5. **Close the call.** Agree when you will hear back, and thank them.
6. **Confirm in writing** the same day, and ask for the revised offer in writing.

Answers to common recruiter questions:

| Question | A truthful answer that keeps options open |
|---|---|
| "What are your salary expectations?" | "I would like to understand the full package first. Based on [market data], I would expect [range]." |
| "What is your other offer?" | Share facts you are free to share, at the level of detail you choose; never invent or inflate an offer. |
| "If we match, will you accept today?" | "If we can agree on [items], I would be ready to accept by [date]." Only say this if true. |
| "Base is the same for the whole class." | "I understand. Is there flexibility on the signing bonus or the start date?" |

Ethics: never invent an offer, inflate a number or claim a deadline you do not have. Recruiters talk to each other and
to schools, and a misstatement discovered later can cost the offer.

## 9. Exploding offers: a decision example

<!-- Guidance: Use this only if an extension has been refused. The utilities are your own scores, not market data. -->

Suppose the Tallow Creek deadline (O-03) falls before Northfield's final decision on your requested changes, and the
other employers have not finalised their offers. You can accept Tallow Creek now, or decline and wait. Score each
outcome on a 0 to 100 scale (your own weighted score from section 6), and estimate the probability that the preferred
outcome happens.

| Outcome *(Example)* | Utility (0 to 100) |
|---|---|
| Accept Tallow Creek now | 70 |
| Decline, and the preferred outcome (Northfield on acceptable terms) happens | 90 |
| Decline, and you end up with a weaker fallback | 55 |

With probability $p$ that the preferred outcome happens, the expected utility of waiting is
$p \times 90 + (1-p) \times 55$. With $p = 0.6$ this is 76.0, above the 70 of accepting now. The break-even probability
is

$$
p^{*} = \frac{U_{\text{accept}} - U_{\text{fallback}}}{U_{\text{preferred}} - U_{\text{fallback}}} = \frac{70 - 55}{90 - 55} = 0.429
$$

Excel: `=(B2-B4)/(B3-B4)`. If you believe the preferred outcome is more likely than about 43%, waiting has the higher
expected utility in this example. Two cautions: the result depends on your utilities, which are judgements; and
expected value ignores how much you dislike risk. If ending up with the fallback would be unacceptable (for example,
because of visa or loan constraints), weigh that explicitly rather than averaging it away.

## 10. Decision and closing

<!-- Guidance: Accept in writing, decline the others promptly and graciously, and tell your career office. -->

| Step | Done | Date |
|---|---|---|
| Revised offer received in writing | [ ] | YYYY-MM-DD |
| Final comparison (sections 5 and 6) updated | [ ] | YYYY-MM-DD |
| Decision recorded with reasons | [ ] | YYYY-MM-DD |
| Acceptance signed and sent | [ ] | YYYY-MM-DD |
| Other employers declined (call or email, thank them) | [ ] | YYYY-MM-DD |
| Active processes withdrawn | [ ] | YYYY-MM-DD |
| Career office informed (employment reporting) | [ ] | YYYY-MM-DD |
| Debrief written (mba/mba-negotiation-debrief) | [ ] | YYYY-MM-DD |

Decision record: [Which offer, the two or three reasons, what you traded off, what would have changed your mind.]

A short decline message: "Thank you for the offer and for the time your team spent with me. After careful thought, I
have accepted another role. I hope our paths cross again, and I would be glad to stay in touch."

## 11. Timeline with relative dates

<!-- Guidance: D = date of the first written offer. Adjust to your school's guideline. -->

| When | Action |
|---|---|
| Before D | Know your school's guideline; draft section 1 priorities |
| D | Record offer and deadline; thank the recruiter; ask for missing details in writing |
| D + 1 to 3 days | Build the comparison (section 5); list questions |
| D + 3 to 7 days | Write BATNA, reservation point and target; prepare the call |
| D + 1 to 2 weeks | Negotiation call; written confirmation |
| Before the earliest deadline | Ask for extensions if needed; update other employers |
| Decision day | Accept in writing; decline others; inform the career office |
| Start date - 8 weeks | Relocation, start-date logistics, loan repayment plan (mba/mba-loan-repayment-plan) |

## 12. Quality checklist

<!-- Guidance: Go through it before the negotiation call and again before you sign. -->

- [ ] Every offer and deadline recorded from the written letter, with time zones.
- [ ] School guideline on offer deadlines and reneging read and dated.
- [ ] All components captured, including clawbacks and vesting.
- [ ] Comparison on a stated basis: expected cash, three-year PV, living costs.
- [ ] Equity valued as a rough expected value with an explicit chance of zero.
- [ ] Non-financial criteria weighted before scoring.
- [ ] BATNA, reservation point and target written before the first call.
- [ ] Asks combined into one package, with objective criteria.
- [ ] Nothing untrue said about other offers or deadlines.
- [ ] Revised terms confirmed in writing before acceptance.
- [ ] Tax, legal and visa questions taken to qualified people.
- [ ] Other employers declined promptly after acceptance.

## 13. Common mistakes

<!-- Guidance: Most offer mistakes are about timing and honesty, not about the size of the ask. -->

1. **Comparing headline base only.** Bonus payout history, match, equity and living costs can reverse the ranking.
2. **Counting start-up equity at its paper value.** Use an expected value with a large probability of zero.
3. **Missing a deadline.** Offers lapse; record every deadline with its time zone.
4. **Not knowing the school's rules.** You may have more time than the employer's letter suggests, or less flexibility than you think.
5. **Negotiating piece by piece.** A series of requests irritates; one package is cleaner.
6. **Negotiating base where it is fixed.** In structured programmes, ask about signing bonus, start date or team instead.
7. **Inventing or inflating competing offers.** It is unethical and often discovered.
8. **Revealing your reservation point.** Once disclosed, it becomes the ceiling.
9. **Accepting with a plan to renege.** It breaks a commitment and most school policies.
10. **Forgetting clawbacks.** A signing or relocation bonus may have to be repaid if you leave early.
11. **Ignoring loans and fixed costs.** Check the monthly budget against your loan repayment plan before you choose.
12. **Treating tax as obvious.** Bonuses, equity and relocation can be taxed differently; ask a qualified adviser.

## Sources and further reading

<!-- Guidance: Your school's recruiting guideline and the offer letter itself come first. -->

- Fisher, R. and Ury, W. (1981). *Getting to Yes: Negotiating Agreement Without Giving In*. Houghton Mifflin. Interests,
  options, objective criteria and the BATNA.
- Raiffa, H. (1982). *The Art and Science of Negotiation*. Belknap Press of Harvard University Press. Reservation
  points, the zone of agreement and negotiation analysis.
- Galinsky, A. D. and Mussweiler, T. (2001). First offers as anchors: the role of perspective-taking and negotiator
  focus. *Journal of Personality and Social Psychology*, 81(4), 657-669.
- Malhotra, D. and Bazerman, M. H. (2007). *Negotiation Genius*. Bantam. Preparation and value creation.
- Lewicki, R. J., Barry, B. and Saunders, D. M. *Negotiation* (current edition). McGraw Hill. Course textbook.
- Your school's career services recruiting guidelines on offer deadlines and reneging (check the current year).
- Related templates: mba/mba-negotiation-planner, mba/mba-negotiation-guide, career/offer-comparison,
  mba/mba-loan-repayment-plan, mba/mba-post-mba-career-plan.

## Revision history

<!-- Guidance: Add a version for each new or revised offer. -->

| Version | Date | Author | Change |
|---|---|---|---|
| 0.1 | YYYY-MM-DD | [Name] | First version from template |
| [0.2] | YYYY-MM-DD | [Name] | [Revised Northfield offer added] |
| [1.0] | YYYY-MM-DD | [Name] | [Decision recorded] |

## Standard and licence note

Structure aligned with principled negotiation (Fisher and Ury 1981), negotiation analysis (Raiffa 1982) and research
on anchoring in negotiation (Galinsky and Mussweiler 2001). The text, examples and calculations are original; the
employers, people and figures are fictional. The template is not affiliated with or endorsed by any business school,
employer or recruiting body, and it does not describe any particular school's recruiting policy. Check your school's
current guideline and take tax and legal questions to a qualified adviser. Template licence: MIT.