Contracting vs Perm

[jayn200]

To be honest, my thoughts have changed from my initial post in this thread. PMO isnt for me and i would like to go into Data Analysis/BI, i find that way more interesting.

How much can i expect to earn as a mid level Data Analyst/Bi Analyst?

My only worry is i'm not naturally 'technical minded' enough. Although i can interview well and im good at Excel, currently learning SQL and i'm decent at Macros VBA and i'm willing to put the time in to develop myself. I've had a look on Job websites, but i feel like the rates for perm and contracting are lower than they were before lockdown? eg. im seeing rates vary from as little as 35k perm to 65k perm.

What can i expect to earn as a perm/contractor in this field in the long term in London? Many thanks guys for your inputs.

Mid level data/Bi analyst who knows excel and a little bit of SQL? Realistically you're looking at the lower end of that scale. 35-45k for perm roles if you have 4-5 years experience.

I know it sucks but that's what is realistic.

Excel is an end user tool, it's not an IT tool, it's not really a BI tool.

Spend less time on excel and learn something current. Probably pick up a data visualisation tool. Just pick 1 and get amazing at it. That would be my recommendation. Probably can get to 50-60k in 2 years for permie salaries. Would be ideal if you can create a bi strategy, set up and configure the software, connect to data sources, and build reports. If you have time after all that start picking up complimentary skills such as data warehousing and learn one of the major cloud platforms.

Thats if you want to stay in BI, can always go data science/AI/ML route which is much less IT systems and much more statistics. Might be easier if you're less technologically inclined but still good with logic/math.

As far as contracting goes, no one knows, the entire contract market in London could be gone and never come back. There are other major countries/cities that don't have a contract market. It's not crazy to think that London could end up like that, especially considering whats going on right now with coronavirus and ir35.

[tl97]

You’re only 24, you can take risks. Build up your skills as a permie, and crucially, build up your professional network, them you’ll be ready to go contracting.

[NotAllThere]

Those old farts were predicting gloom in 2000...

I remember 2000. Rates collapsed to about 60% of late 90s levels and reasonably interesting contracts were far and few between.

if I have a mortgage when I'm 50 I will have failed in life.

Silly. There's all kinds of reasons why it might make sense to retain a mortgage. For example, you have a £2M house with £1M mortgage, you might invest that £1M somewhere else. If the worst comes to the worst, you downgrade to a £1M house to dispose of your mortgage.

Or you might live in a country with tax deductible mortgage interest payments or a wealth tax.

Anyway - for the OP. It's always a good time to go contracting if you've skills that you think clients want to buy.