What are the key elements of negotiating compensation once I have an offer?

Negotiate each compensation bucket separately rather than all at once. The four buckets are: base salary, annual bonus, equity (RSUs or stock), and one-time payments (sign-on bonus or one-time grant). Never assume the stated base is the ceiling — PCA has helped members get $75,000 over the stated base cap plus improved equity and sign-on bonuses in the same negotiation, even when the recruiter opened by saying there was no room to move. If it's a company with an IPO, pre-IPO equity can be a particularly powerful bucket. The important thing is to treat it like a real negotiation: introduce pauses, restate your position in different ways, and go back and forth multiple times before accepting a "best and final."