Have you contracted in a bank?

[heyya99]

I'm considering getting into banking, switching from e-Commerce. My current gig is very relaxed and mostly stress-free. Is banking worth the higher day rate? Is it stressful?

[MattZani]

The rate is higher but behind the corner there's always a 10% rate cut take it or leave...seems like a normal practice in banks these days.

[SussexSeagull]

I have always assumed banking is quite hard to break into.

[Batcher]

I've worked in most of the banks over the years, some projects were stressful and others were pretty laid back so it depends on the project.

Remember to add 10% on to the rate though because you will probably be hit with a 10% reduction if you are there long enough.

[glippiglop]

If you're genuinely interested in finance, economics and the markets then it could be worth giving it a shot. Even if just to see how things actually work behind the scenes. It helps if you're a type A personality though, as being a contractor in this environment you'll be expected to deliver to the client's expectations and time frames can be very tough. Being able to cope with stress is an important factor IMO.

Also, it is possible to get a contract without prior experience in a financial institute. That happened to me, but in my case the job was generic and prior experience in finance wouldn't have been an advantage. Going perm is without doubt a much easier way to get your foot in the door in this sector if you're seriously considering it for your future.

[heyya99]

I've worked in most of the banks over the years, some projects were stressful and others were pretty laid back so it depends on the project.

Remember to add 10% on to the rate though because you will probably be hit with a 10% reduction if you are there long enough.

I've heard places like Deutsche bank are very stressful but UBS are not so much.

Why are people's rates reduced?

[centurian]

Why are people's rates reduced?

Any number of reasons are quoted. It all boils down to two things:-

1. They can get away with it - the majority moan like hell, but take it anyway
2. It makes a bean-counter look good at having "saved" a load of expenditure

The other posters are right though - rate cuts are a near certainty once you have been there a while - and rate rises are very, very difficult to achieve.

[Zero Liability]

What kind of banking work? There's lots of entry level stuff, even as a contractor. Outside of business analysts, IT, accountants and PMs and the like, the highest paying roles seem to be in compliance and KYC/due diligence, and if you're interested in particular product areas, pensions and wealth management. Generally, with the diploma in financial planning you can qualify for most banking work with a bit of experience.

[Scrag Meister]

It depends on the project and the management team.

Rates are good, but as others have said remember to be ready for a cut.

I have only worked in IT at banks since I went contracting and have never had a bad one yet. Maybe I am just lucky.

Certainly give it a go, you'll only wonder if you should have, if you don't.

[heyya99]

Are rates much higher than normal? I'm getting calls from agents re banking positions and am not sure what to answer when asked my rate. I'd hate to accept a low one, then realise it doesn't match the hours/stress.