You really want a piece of London/Banking ?

[oliverson]

As another contract comes to an unexpected end, it gives me cause to reflect on contracting in the London banking sector. May give an insight into those daft enough to be considering it.

Client 1 - 3 days into contract and a 10% rate cut

Client 2 - 12 months into contract and a second 'trivial' renewal didn't happen. Found out from a colleague, wishing me well, about 2 weeks before contract end!

Client 3 - 6 months into project and politics kicks in - project moved to New York

Client 4 - 3 months into 6 month contract and a 15% rate cut.

Client 5 - 7 months into contract and 10% rate cut. 12 months later and another 10% rate cut. Needless to say I left soon after

Client 6 - big program of work turns sour and 100% rate cut at end of contract

So, the question remains. Do you want a piece of the IB sector in London? Do you really?

[cherhill]

Couple of points.

1) Investment Banking contracts are typically a lot better paid than other sectors. So you have to expect some crap.

2) I have had pay cuts and projects be canned many times and I have never worked in IB. So it goes on everywhere. Btw the reason I haven't worked in IB as there is always a massive snobbery about it like people who work in IB are better than the rest of us.

So although it is not great I really don't see why you have anything more to gripe about then the rest of us.

[oliverson]

Couple of points.

1) Investment Banking contracts are typically a lot better paid than other sectors. So you have to expect some crap.

2) I have had pay cuts and projects be canned many times and I have never worked in IB. So it goes on everywhere. Btw the reason I haven't worked in IB as there is always a massive snobbery about it like people who work in IB are better than the rest of us.

So although it is not great I really don't see why you have anything more to gripe about then the rest of us.

I guess because the 4 years I've had outside IB, none of this has happened, ever.

[jamesbrown]

I guess because the 4 years I've had outside IB, none of this has happened, ever.

The X% rate cut seems to be particularly prevalent (if not completely unique) in IB, so you almost have to factor that into the rate on signing. However, the political crap is universal, so it's probably a combination of your being lucky with the non-IB contracts and the issues with rate cuts that do seem to be routine in IB.

[sal]

The frequent 10% rate cuts across the board in the banking sector are hardly news. This has been discussed in length here many times. When discussing banking role just up your rate by 10-20% to cover for the inevitable rate cut.

Canned projects, budget cuts and contracts falling through are not in any way limited to IB or financial sectors. You have been lucky in these 4 years mentioned.

What is amazing, is that if it's that bad, why did you sign up for it 6 times...

[oliverson]

The frequent 10% rate cuts across the board in the banking sector are hardly news. This has been discussed in length here many times. When discussing banking role just up your rate by 10-20% to cover for the inevitable rate cut.

Canned projects, budget cuts and contracts falling through are not in any way limited to IB or financial sectors. You have been lucky in these 4 years mentioned.

What is amazing, is that if it's that bad, why did you sign up for it 6 times...

If only it was as easy as applying a 10-20% extra to your fees when they're already up there at the top.

Why am I still here? Well, for right or for wrong, people tend to cut their cloth to what they earn. I am (or largely was) one of those people.

The point of this post was to warn others that they might think again before stepping onto this roller coaster. Several years ago I was that person, contrating well away from London in a lovely part of the world, but like many readers here, I wanted a crack at the investment banking market. Eventually I got in there, only now I want out. What I would give to reverse the situation, and reverse it I will. Glad I did it or I'd always have been wondering, but enough is enough. Funny old world isn't it?

[cherhill]

If only it was as easy as applying a 10-20% extra to your fees when they're already up there at the top.

Why am I still here? Well, for right or for wrong, people tend to cut their cloth to what they earn. I am (or largely was) one of those people.

The point of this post was to warn others that they might think again before stepping onto this roller coaster. Several years ago I was that person, contrating well away from London in a lovely part of the world, but like many readers here, I wanted a crack at the investment banking market. Eventually I got in there, only now I want out. What I would give to reverse the situation, and reverse it I will. Glad I did it or I'd always have been wondering, but enough is enough. Funny old world isn't it?

It is a pointless warning. Unless you are already in IB it is a closed shop as I already said.

I personally don't have much sympathy, you get paid more than the rest of us even though what you do is no different and the snobbery that goes on within that sector is appalling.

[oliverson]

It is a pointless warning. Unless you are already in IB it is a closed shop as I already said.

I personally don't have much sympathy, you get paid more than the rest of us even though what you do is no different and the snobbery that goes on within that sector is appalling.

Got me curious as to why you think it's a 'closed shop'? Most of the people I work with have come from different countries. If they can get in, what's stopping you? Drive?

Not sure about the snobbery either. Maybe the traders have a high opinon about themselves, same for some developers I've had the misfortune to meet, but by and large it's no different to anywher else.

[cherhill]

Got me curious as to why you think it's a 'closed shop'? Most of the people I work with have come from different countries. If they can get in, what's stopping you? Drive?

Not sure about the snobbery either. Maybe the traders have a high opinon about themselves, same for some developers I've had the misfortune to meet, but by and large it's no different to anywher else.

Applied loads of times over the years and never even had one interview. Had all the skills etc.

Now I don't waste my time applying anymore.

[oliverson]

Applied loads of times over the years and never even had one interview. Had all the skills etc.

Now I don't waste my time applying anymore.

Persist and you'll get in but like I said above, do you really want to? The rates can be good but the work is pretty boring really. The most interesting projects I've had have all been outside of London. If you don't live in London then a sizable proportion of your day rate and your time is eaten up anyhow. For me it's about £ 100 a day travel, accommodation and expenses so chop that off your target rate and see if it makes sense.