Advice needed on breaking into Contracting (in Finance)

[northernladuk]

NLUK is just saying that:

1) It's highly unlikely that anyone is looking for 15 years of solid experience being a software dev for a bit, AND a BA for a bit, AND a PM for a bit. So really your solid experience that anyone would be interested in buying is far fewer years.

2) People like to see that experience in a contracting context. It's not a deal breaker, but you'll be lower on the totem pole than a similar candidate with a few years contracting.

3) So given the above, you may have more luck if you lower your rate. for your first contract or 2.

Note to self... Must use numbers rather than just rant. Looks a lot better and not as aggressive

[nomadd]

Note to self... Must use numbers rather than just rant. Looks a lot better and not as aggressive

Aren't you "666"?

[jmo21]

1) It's highly unlikely that anyone is looking for 15 years of solid experience being a software dev for a bit, AND a BA for a bit, AND a PM for a bit. So really your solid experience that anyone would be interested in buying is far fewer years.

This is the most likely reason.

OP - keep at it, chances are something will stick sooner or later, and you won't look back.

[oliverson]

Not sure why anybody would want to break into contracting and finance right now, bad enough one or the other. The reality is that both markets are stuffed. Contracting is a dying game, government wants to kill it and is doing a good job. Finance is a dwindling market with crippling pressure from regulation, leading to downsizing and cost cutting to lower cost centres such as Eastern Europe, along with the established offshore locations. I'm noticing an increase in consultancies mopping up the work. In short, both are very bleak places to be. I was 'lucky' enough to get into the scene back in 2008 but even then the game was very much over compared to previous years. Having said that, it was infinitely better than it has been the last few years. I'm talking massive, massive decline. I took August off after my gig ended with the view that September is usually a busy period but it failed to materialise. I've never seen the market so dead in the London banking sector. Fortunately I landed something and with the compliance complete I'm awaiting a confirmed start date. The pencilled-in date is for next Wednesday. My good friend also followed a similar path and he's now struggling to find work with less than 3 weeks remaining on his contract. We are talking contractors with 12-15 years commercial experience, much of it in banking and with in-demand skills. If we are/were struggling with our experience, contacts and connections, then I pity the newbie who is trying to break into the scene. In short, it's unlikely to happen unless you are very, very lucky.

But I've posted on here before about whether this is something you really want. I guess you have to go through it, tick that box and then ask yourself whether it's a place you want to be longer than maybe 5 years. Do it, tick the box but make sure you have an exit strategy because boy are you gonna need it.

[vadhert]

I'm finding finance a dire game to be in at the moment. Finished my last contract in mid August and have started a new one this week in another sector paying more money then current finance rates.

In total I was out for 8 weeks but this is coming from a seasoned contractor 16 years experience of which 1 year was permie.

My advice is not to bother getting into contracting nowadays if you are looking for a cushier life walking into one gig from the next. It takes years to build up the contacts so you will need a stellar war chest behind you.

[PermMCCon]

Hi Guys,

Newbie CUK poster here.

10 pages of thread in this one, I will keep it fairly brief (meeting at 10am so I have a cheeky 10mins for the below!).

Joy, a bit of background first:
- Permie in FS for x years, enjoyed but decided a move would be good
- Applied for a few Management Consultancy (MC) roles, ONCE I HAD ONE IN THE BAG, quit permie role with 3 months notice
- Now had good mix of permie PM and Consultant experience, started applying for contracting roles. ONCE I HAD ONE IN THE BAG, quit MC role and went straight into that contract (again long notice period as an MC), been doing so for a number of years without breaks. At all. None. Touch wood and thank god.
- Each of the above was done with a lot of research. Every single time. Took my own a/l time for some interviews etc (eg for MC role 4 separate interview stages ending with Partner chat...). ie Personal sacrifice away from family and less hols
- Having skimmed through some of this threads, yes it reminds me again how lucky I have been

But then I look at some of your posts and it reminds me - the harder you work and sacrifice you are prepared to make the luckier you get... What I mean; why the hell wouldnt you have applied for a bucket load of contracting roles and interviews while a permie!?! Why? That would have told you straight away whether you may be able to cut it or your CV was wanted market wise... But we are where we are so lets move on

Top 3 suggestions:
1) DECIDE what you are... PM or BA or Dev!?! Which? What does your CV show!?! I find being black and white on this helps, don't go down the "I am anything you want gimme a contract!" route
2) Start applying for FS and Non FS permie roles, we all need £££ to survive, get a role that is towards what you want to finish in contracting
3) Key for me having read the thread and your experience (or lack of) - I know its not what you really want to hear... but believe me that a few years in Accenture / CapGemini / MCs / whichever will help you immensely re developing lots of skills you will need as a contractor and getting you closer to contracting. Selling work, being on lots of different client sites, huge amount of training you get etc. My MC work hours were long, but the contacts and experience and all the other bits will be useful for you.


On a personal note, I'm sorry it hasnt worked out, can't be nice to be out there without a contract when you clearly can contribute but please take this period as a learning... get a role or at least something potentially lined up BEFORE quitting, it is incredibly cut throat and tough out there.

If anything, thank you for this thread, it has helped to bring me back to earth re how lucky I am with the way things have worked out. I know this doesnt help you, but it is good we all sometimes remember that. So should some of the other guys who could cut you a bit of slack here.


Best
PermMCCon

[northernladuk]

<good stuff>

Thank god you didn't give us the long version . Nice post about your experiences though. Thanks

[FatGit]

less is more

Everything that is not on the job spec is not just a waste of space, it can easily hide the relevant bits.

[PermMCCon]

Thank god you didn't give us the long version . Nice post about your experiences though. Thanks

That was fun, 1 hour of my life that I wont be getting back. Love meetings. Looking forward to a 3 hour workshop tomorrow, yay.

Anyway;

Hi Northernlad

Yes looking at it again, ended up as a post rather longer than it looked on my screen.

Nonetheless, thanks for the positive thread.

Question is, do you wear a coat during winter up there in Narnia!?! Or is that a "Southern pansies" thing?

[northernladuk]

That was fun, 1 hour of my life that I wont be getting back. Love meetings. Looking forward to a 3 hour workshop tomorrow, yay.

Anyway;

Hi Northernlad

Yes looking at it again, ended up as a post rather longer than it looked on my screen.

Nonetheless, thanks for the positive thread.

Question is, do you wear a coat during winter up there in Narnia!?! Or is that a "Southern pansies" thing?

Coat? I've got tee-shirt and shorts on today....