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Learning to Dissect a Job Offer

An official job offer can be a welcome relief after you've disseminated your résumé to countless companies and sat for a string of interviews. Yet, your hard work isn't over. It's crucial to know how to evaluate a job offer so you can make an informed decision about whether to accept it, negotiate changes, or reject it.

"When you receive an offer in writing, take a look at what's there, but - more importantly - pay attention to what's not there," says Robin Bond, managing partner and workplace legal expert for Transition Strategies LLC. "The offer letter sometimes fails to address things like severance pay, and that's by design. It's important that job candidates know exactly what they're accepting."

Decide what factors would make the offer "perfect" in your book, and then consider requesting those changes. But be prepared to justify your proposed amendments, Bond says. For instance, if you're negotiating for a slightly higher salary, perhaps it's because you can offer more field experience than most recent graduates due to consecutive internships with brand-name companies in your industry.

"If you decide to negotiate for a change, don't let your ego rule," Bond advises. "You're good and they know you're good because they've made you an offer. What you want to do is respectfully request a better deal and then provide justification for the changes."

Use this checklist to evaluate your job offer. If these details aren't addressed in the offer, this is the appropriate time to ask your potential employer - and get it in writing.

Job title and responsibilities. Sometimes the job advertised and the job offered aren't identical. Get an official title and job description. Also, ask: To whom will I report? What is the logical career track within the company if I accept this job? "The reporting chain is important," says Bond. Know where this job can take you in the future.

Salary. Don't just look at the base salary. Are their bonuses? Is there a signing bonus? Are there opportunities to make commission?

401k, stock options, profit sharing, pension plan. Again, total compensation includes more than salary. Are you going to have equity in the company? How will this company help you save for your future? "Don't underestimate the value of these benefits," Bond says. "Max that stuff out when you're young."

Health plans. Does the employer offer medical and/or dental plans, life insurance, and short-term and long-term disability insurance?

Training/professional development. Does the company offer training and opportunities for professional development? Is there a tuition reimbursement program for pursuing field-related degrees and certifications?

Vacation day, personal days, and sick days. Most companies offer little flexibility to entry-level employees, but it's good to know what is available to you and if it will increase as you invest more time with the company.

Travel. Does this position require travel? How does the company handle associated expenses?

Severance pay. According to About.com human resources expert Susan Heathfield, companies may offer severance pay if an employee is laid off, the job is eliminated, or there's a mutual agreement to part ways. A typical severance is one to two weeks' pay for each year with the company. What is the policy of your potential employer?

Performance/salary reviews. It's common for companies to conduct these reviews annually.

Lastly, Bond says to beware of offers tied to restrictive clauses, such as a noncompete agreement. They vary in terms, but noncompete agreements basically restrict you from working for competitors for a certain amount of time after leaving the company. If a job offer is contingent upon signing a "standard confidentiality agreement," ask to see that document and have a lawyer review it before signing anything, as it could contain a noncompete clause.

When you have more than one offer and they look equally appealing upon evaluation, go with your gut.

"Pick the position where you fit in best with the company's culture. What sense of rapport did you have with the people you've met? How well do you think you'll blend with the team?" Bond says. "When it comes to success in corporate America, fit is it."