Advice needed on breaking into Contracting (in Finance)

[joy division]

I have a background in software development and within the last few years moved solely into Business Analysis and Project Management, a move that made sense because I found that much of the more mainstream development work (such as what I was doing) was being outsourced.

Although I thoroughly enjoyed my job, I voluntarily left my position (which was in a Bank) at the end of Feb this year. My decision to leave was based on two reasons:
1 - I wanted to have some time to study for a finance exam, which I wrote in mid-June
2 - my company would not budge at all on giving me a renumeration increase or promotion despite the fact that my role and responsibilities evolved and increased tremendously over the 3.5 years I was at the bank.

Following my exam, I took some holiday time off, thereafter hitting the Contracting job-sites (mainly Jobserve) in order to break into Contracting within Finance. I have now been searching since the end of July. Although I have been for a few interviews, I've not yet successfully landed anything. I am now starting to get very worried about my situation. Although I can account for some of time time spent out of work, I feel it is becoming tougher to convince people I am still on top of my game.

I am in touch with agents all the time and apply for roles as they are advertised (only applying for positions I do have experience in though!). I also try to chase up with the agents too. I have used tools such as LinkedIn to research firms I'd like to work for and email their 'Talent Acquisition' personnel directly. I have tried using my network to respectfully ask if anyone knows of anything. I have reworked my CV about 100 times so that it is now not too long and well reflects my solid working credentials. My rate is not outrageous - recruitment agents seem to largely agree with the rates I have specified.

So what am I doing wrong? What more can I be doing to break into Contracting? The contracting circles seem to have been close to dead for most of the year. Do you think there will be any sign of a pickup? What else can I do to land a frigging Contract???

Any advice welcome!! BTW I am based in London.

[jmo21]

So what am I doing wrong? What more can I be doing to break into Contracting? The contracting circles seem to have been close to dead for most of the year. Do you think there will be any sign of a pickup? What else can I do to land a frigging Contract???

Any advice welcome!! BTW I am based in London.

Who knows!

Some things that *may* go against you:
- permie moving to contracting - newbie contractors can often struggle as the agents may only want to put forward experienced contractors (flip side: they might put you forward if they think they can stiff you on rate)
- Time off like that can certainly be a red flag to some agents, and the longer it lasts the worse it looks. And in your case (an ex-permie, moving to contracting) it may look to some like you were made redundant/got fired and can't get anything else, despite what you would clearly be telling them.
- less jobs (as you have experienced yuorself), more people on the market, less chance of getting in.

Without seeing your CV, and without hearing how you position yourself on the phone with agents, it's difficult to say where you might be going wrong.

But don't give up. Keep trying. Apply quickly (as soon as a job shows up online, RSS feed, email alert), follow up with a call etc)

Consider lowering your rate to get the foot in the door.

Keep refreshing your CV on the job boards, agents get alerts when they get updated.

Get your linkedIn uptodate - others have slagged it on here recently, but I got a lot of good leads, a number of interviews, and a couple of offeres just this last few weeks (started new contract today) based on putting up a simple status update on LinkedIn, and messaging a bunch of agents.

Consider your savings. Should you fall back to permie?

Good luck!

[Draco]

2 - my company would not budge at all on giving me a renumeration increase or promotion despite the fact that my role and responsibilities evolved and increased tremendously over the 3.5 years I was at the bank.

If you couldn't show value back then, what makes you think you're better at showing value now?

Why do you need to convince people of your time off? Chasing agents doesn't work. Are you dancing to the agents' tune? Worst mistake ever. Even if you're in a powerful position, they'll continue power-tripping, lying to you and deceiving you.

Did you jump into contracting just because of the money? I certainly did. And now have to deal with all the instability, call after call, negotiations, ... Very worthy business experience as a nice side effect! Hopefully you didn't jump into contracting "because contracting" - there is absolutely no prestige in that - I myself thought there was after meeting these incredible independent people - who have chosen this path to escape the hamster-wheel of permiedom (or contractordom where they still live hand-to-mouth).

Frankly when you say you're out of work people think you're being a lazy ass watching TV all day. Sell a different picture.

And figure out who the time-wasters are. I find that something like 25% of the incoming messages and calls I get are genuine. So for every 4 calls, 3 could be time wasters. Try to find the commonalities. YMMV nonetheless.

[uk contractor]

We discuss it here just go back to permie land (you will struggle to even find that right now FS sector is shedding jobs left right & center in both front & back office whever possible to shave costs & increase operating profits. Either outsourcing, consultancies grabbing the contracts instead & or a combination of both. The golden egg days are coming to a close sadly:
http://forums.contractoruk.com/busin...iday-lull.html

There has been little to no growth for IT jobs in this sector for years its just been treading water like most of the UK economy stuck in stagnation zero growth mode since about 2008 is the reality. Until people are forced to find jobs they do not realise & or just fail to understand when the government via media say there are jobs what they mean are zero hour contracts or part time jobs no-one could possibly survive on!

2015 FS sector in London is treading water for contractors unless its a niche skill whatever you can offer the reality is there are many more highly qualified people able to offer the same & a whole lot more with a current FS contracting background.

Look at other sectors or drawdown your savings until Jan now its unlikely to show any upward change as Nov-Dec & early Jan are usually quiet anyway but this year has been awful probably the worse its been since 2008.

[stek]

Are you waiting for a guy to come and take you by hand?

[BolshieBastard]

Forget about trying to break into banking with your first contract. You'll be very fortunate for all the pieces to fall into place to achieve this although it does sometimes happen.

Oh and I hope your cv isnt written like you 'being on the top of your game'! WTF!?

Concentrate on getting any contract in your specialism BA or PM but imo, you need to decide whether you want to go BA or PM. Agents are thick as pig muck and trying to convince them you can do either role will just confuse the poor loves.

Other than that, its a numbers game but bear in mind, nearly every sector of contracting has too many contractors chasing too few roles.

IMO (again), contracting is a dead man walking. Id advise anyone to stay clear and concentrate of getting a well paid permie position.

[PerfectStorm]

Forget about trying to break into banking with your first contract. You'll be very fortunate for all the pieces to fall into place to achieve this although it does sometimes happen.

That's what I did and am still going. He who dares wins, and ask questions/Google if you get stuck.

[jamesbrown]

Id advise anyone to stay clear and concentrate of getting a well paid permie position.

This is your best bet. Given your circumstances, and the market you're trying to access, the odds are stacked against you, and the financial benefits of contracting are going to be reigned in significantly in the next year or two (to the point that contracting may be uneconomic for a lot of people, and the competition for permie jobs will increase, so better to secure something now).

[BrilloPad]

Although I have been for a few interviews, I've not yet successfully landed anything.

Did you get any feedback from the agents as to why? Hard to tell from a post - but it sounds like this is where things are going wrong.

How do you think the interviews went?

[joy division]

Thank you for your advice jmo21

- permie moving to contracting - newbie contractors can often struggle as the agents may only want to put forward experienced contractors (flip side: they might put you forward if they think they can stiff you on rate)
- Time off like that can certainly be a red flag to some agents, and the longer it lasts the worse it looks. And in your case (an ex-permie, moving to contracting) it may look to some like you were made redundant/got fired and can't get anything else, despite what you would clearly be telling them.
- less jobs (as you have experienced yuorself), more people on the market, less chance of getting in.

I do worry about the amount of time off I've had and am considering doing something like a BA qualification just to show that I am not sitting around watching Jeremy Kyle all day (I don't even own a TV!)
I was previously studying for the CFA exam, and for those who are aware of it, will know really is no walk in the park. I passed level 1, so feel my asset class knowledge and broad business understanding is pretty solid.

Consider lowering your rate to get the foot in the door.

Until recently I was applying for roles upwards of £500 pd. I lowered since that to £450. I suppose, given I am new to this, rate is something that should be compromised on. Going any lower though, will make it uneconomical.

Keep refreshing your CV on the job boards, agents get alerts when they get updated.

Get your linkedIn uptodate

Good advice, will do

Consider your savings. Should you fall back to permie?

It's becoming a hard reality that I might just have to go back to perm. I REALLY DO NOT WANT TO THOUGH! Tired of the all BS that comes with it. But needs must, so I may have to start considering it.