You've probably heard these two terms—exempt and nonexempt—but do you know what the differences are? See how the specifics affect your job and pay.

Let's start at the beginning. The Fair Labor Standards Act (FLSA) requires that employers classify jobs as either exempt or nonexempt. Nonexempt employees are covered by FLSA rules and regulations, and exempt employees are not.

What is an exempt employee?

 You may feel like shouting a triumphant ‘yes!’ when the recruiter offers you the job, but you need to play it cool.

Catherine Conlan, Monster contributor

After all the work you’ve done researching, applying to jobs on Monster, and interviewing, you’ve been offered the position you’ve been aiming for. Go you!

You've got your ticket out, and you’re—understandably—psyched. But don’t be so quick to accept it right away.

“When an employer makes a job offer, they are laying all their cards on the table and giving up all their power,” says Marilyn Santiesteban, assistant director of career services at the Bush School of Government & Public Service at Texas A&M University in College Station. “As a result, they want the candidate to lay their cards on the table and accept the position right away, giving up your negotiation power. But that is never a good idea for the candidate.”

Here’s what to do instead:

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