Here's How You Should Really Answer the Dreaded Question, "What Are Your Salary Requirements?"

It goes without saying that how you answer this questions has huge consequences—and with the right approach, big benefits. So we've asked our experts how to handle this sweat-inducing question with serious cool. Here's what they had to say.

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There may be no more dreaded question in the entire application process than, What are your salary requirements? Being asked to throw around numbers—numbers that could impact your ability to accept your dream job or simply pay your bills—is an intimidating prospect to say the least.

But finding the perfect hire, just like the perfect job, can be a long, arduous, and expensive process—and quite simply, employers use this question to cut to the chase. "Although this question can be uncomfortable, it’s a necessary ingredient to sniff out candidates who aren’t on the same page when it comes to compensation," explains Elle Kaplan, finance expert and founder of LexION Capital.

It goes without saying that how you answer this questions has huge consequences—and with the right approach, big benefits. So we've asked our experts how to handle this question smoothly. Here's what they had to say.

Do your research. "Putting your salary cards out on the table can backfire if there’s nothing to back them up," says Kaplan. Start researching your salary requirements at the start of your application process so that you'll be prepared with an educated response sure to wow a potential employer, whenever the question is asked. You'll want to contact recruiters, reference job postings, and check sites such as Glassdoor to give yourself an idea of what others are paid in this role, Kaplan says.

Don't think about your current salary. Basing your salary requirements on what you make now is a big mistake that could cost you—literally. "Many employers will add a few percentage points to your current pay, and become stubborn about going any higher," Kaplan warns. "But every job has a unique set of requirements, and you’re comparing apples to oranges if you’re basing your value on your last position." Not only that, but recent data suggests the average pay increase this year will be just 2.9 percent—and you could stand to make a lot more than that by switching roles or companies, says Monster's career expert, Vicki Salemi.

Take your industry's temperature. If you work in an in-demand field—like healthcare or technology—you may have a little wiggle room to ask for a higher salary than, say, if you work in the newspaper industry. "Remember, there’s a labor shortage right now," points out Salemi. "And if you’re in an in-demand field or applying for a highly-specialized role, it’s even harder to fill those positions—and, therefore, you could have some more leverage in negotiations."

Ask your potential employer for his range. Give yourself a negotiating edge by keeping your money cards to yourself, and first asking your hiring manager what others have been paid in the position for which you're applying, suggests Salemi. "If they tell you, then determine where that falls within your range," she says. "Don’t be afraid to walk away from an opportunity if the salary is too low." And if they don't tell you, don't get down to brass tacks quite yet. "Tell them you have a package in mind and it’s based on base compensation, annual bonus, paid time off, benefits, and more," says Salemi. That will show the potential employer that you're willing to negotiate more than just the salary you can now present.

Be ready to negotiate. According to Kaplan, "Negotiation is the new norm, so you should always pad your ideal number with some wiggle room." How much wiggle should you give yourself, so to speak? "A wide range of around $10,000 should be enough to give your employer a clear sense while still leaving you room to negotiate," Kaplan recommends, while Salemi says $5,000 is a good place to start. Either way, "more often than not, you’ll be presently surprised when employers accept a number on the higher end," Kaplan says.

Push back. If the hiring manager tells you that your salary requirements fall higher than his range, you ask how much higher, Salemi says. "Prior to that conversation, decide what your walking away number will be. Is the differential $2,000 or $15,000? If it’s insignificant, then you can say something like, 'I’d still like to be considered for the job because I’m focused on this exciting opportunity and I’m a big fan of your corporate culture and this group,'" Salemi suggests.

Crunch the numbers. $3,000 can seem like a big chunk of change. But before you end the negotiation over a few thousand dollars, do the math. Ask yourself what that difference breaks down to per check—and if that smaller number is worth leaving behind a dream job. What's more, look at the other benefits on the table that can add up to more money in the bank. If your potential employer offers a lower salary than you'd hoped but a higher 401k match and low-cost medical benefits, your income has increased regardless of whether your paychecks do too, points out Salemi. "You could walk away from a salary requirement differential of $5,000 only to realize they would have paid $8,000 more per year in benefits," she says.

Walk away if you need to. You shouldn't accept a salary you just can't live with or live on, for that matter, our experts agree. "We’re often brighter and more valuable and talented than we give ourselves credit for," says Kaplan. The numbers support that theory, with few women actually going to bat for what they think they deserve. But, "you can avoid that plight by sticking closely to your bare-bones requirements," says Kaplan. "The worst that can happen is that you move on to a different employer who actually does recognize you for your fantastic abilities."