Just finished final round at a company and will be discussing compensation soon. How do I leverage an offer from a competing firm for a higher salary at the firm I’d actually like to work at?

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I usually wait till the firm I want to join has extended an offer. If I want to join company A and already have an offer from company B, it normally goes something like this:

(Receive offer from A for, say, $160 while I've got an offer from B for $180)

"Thank you for the offer. I've got an offer from B for $180, are you able to match that or come close? I've been really impressed by A...yada, yada, yada...and that would help me make the right decision for all parties."

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