When I'm asking for compensation, should I ask for more than what I want? Should I go higher on base vs bonus? Any strategy involved?

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Ask for more. If they want you, they're more likely to come back with a lower offer than shut you down completely. Don't be so afraid to lose an opportunity that you forget to advocate for yourself.

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Good thought process...
If they want us.. they will try to negotiate with Lower then what we put on.

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Try to go higher on base. And yes, you should always ask for more because you know they are going to try to negotiate for lower.

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You must be having some CTC figure in your mind.

Therefore, always quote a bit over that since companies tend to negotiate and bring down the number unless they have an open budget.

Also, higher base is always preferred but companies tend to switch it with RSUs or variable pay and nowadays joining bonus as well.

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