Getting a contract in the banking world

[ChimpMaster]

Now is a great time to get into banking... in time for the next great crash

I left banking a few years ago and have only heard tales of rates falling since that time. The time to be in banking was prior to 2007. Now it's all offshore this and offshore that and onshore cheap labour and cut contractor rates etc. I'm sure there are a few good niches left, but by very definition they are not going to be easy to find or get into.

[uk contractor]

I've been contracting as a project manager for almost 3 years. The majority of my work has been digital project such as ios/android app and web builds, but I have a background in IT so quite enjoy interating with big ole horrible backend systems.

I generally get rates in the region of £450-£500 which is quite good for digital work.

Now I want to dip my toes in the finance water and go for the big rates. But the problem is that I have no experience.

Speaking to my mates in FS it's clear that the industry is full of useless lazy muppets () and I expect I'd be doing a better job than them within a couple of weeks. But no experience is, as we know, a big blocker.

So, does anyone have any bright ideas or suggestions on how I might get into the industry without any noticing that I've got no background in it?

Untouchable1

p.s. if 10% of the responses have some value I'll be happy! There is plenty of scope for pisstaking in this thread...

In London realistically you have little chance so do not bother wasting too much time chasing it the market is full of highly qualified/experienced candidates what could you possibly offer as an advantage & hire me now signal over those candidates? Clients want people with extensive relevant banking experience that's why the rates on offer are high those people have paid their dues & got their merit badges in the trenches.

Try offshore in europe or middle east. Luxembourg & Dubai I hear are much easier to break into the banking contracts arena as less people want to work there.

[MyUserName]

A real issue for you will be that being as there are so many contractors competing for so few places a lot of the time people applying will have worked at that bank before or will know people who can recommend them (personal recommendations are usually taken quite seriously).

If you don't know anyone who can get you in and don't have experience in the banks there how do you expect to compete with scores of contractors who have that in addition to everything you have?

[gigahoe]

If you're getting £450-500/day I'd stay with what you're doing. There are a few PM roles in finance that come with crazy wages but they normally don't just want some finance history, they want you to be an expert in a certain field or work as a Program manager on some huge money ship. Simply getting into finance as 'another PM' will just get you the same rates you're looking at now. If you're really determined then try to get a Digital PM role in one of the big banks then you atleast have the specialist knowledge they're looking for and they should overlook people like me (Finance history PM with no digital exp) for you.

[slice16]

450 to 500 a day is not a bad day rate, from what I have seen recently, all the FS roles are less than that!

I would personally recommend getting through the door by going to other FSCS regulated industries. My way in was via an Insurance Company as an Architect. You still need to know all the rules & regs for things like PCI-DSS etc.

[Dallas]

The current money ships are Risk & Reg, if you can get FO in that space, you are sorted , its an old boys club though.

[NickNick]

You absolutely must have FS on your CV - try smaller banks - anything, even shoe shining/orange peeling if it gets FS on your CV. Once you're in, its all ok. You also have to go through a vetting process where they look for "employment" history for the previous five years and want explanations of any gaps in between plus credit rating etc etc plus a personal reference plus details of any trips abroad blah blah blah. Look at Background Checks & Employment Screening Services| SterlingBackcheck
Hope that helps.

Nah, not true. I started work in FS with no previous FS experience and got my highest rate ever. (as BA). I also know PMs here who have done the same. You may however be talking about banks based in London, of whihc I have no experience.

As to the OP, the bnk here have just implemented a new iOS and Android app for thier customers, so it may be worth bigging up that area?

[kmge]

Nah,
As to the OP, the bnk here have just implemented a new iOS and Android app for their customers, so it may be worth bigging up that area?

But most Banks don't actually develop that stuff themselves. The user interface and back end guts are taken care of by M Commerce vendors (and there's not many of them around). One in particular (the largest) I'm thinking of certainly won't pay 4 to 500 a day for app work