State of the Market

[Cookielove]

What is the difference between agency PAYE and umbrella... would they not just be the same?

Now I've started agency playing games and saying my rate is lower than was agreed...unbelievable

[hobnob]

What is the difference between agency PAYE and umbrella... would they not just be the same?

You're better off posting this in the Umbrella Companies section. However, the PAYE rate is your gross salary, whereas the umbrella rate will be higher because it includes employer's NI, apprenticeship levy, etc.

[Cookielove]

Okay thanks. I have used umbrella a few times and kind of know where I am at with that...

[oliverson]

I have had a couple of stints in insurance and I can confirm I am not that special.

I 'broke into' investment banking via a couple of previous contracts working for retail banks.

I've also had three contracts in insurance, but I did have 10 years experience working in the insurance sector (claims clerk -> loss adjuster) prior to my career in IT. I also have some obscure insurance qualification from that period but can't remember what it is, or if it even matters. CII (Chartered Insurance Institute) Certificate of Proficiency! Just came to me right then. Tooley Street fire, Lloyds bell, syndicates, 'names', etc. But even then, the Lloyds insurance market was always completely different to the general insurance market. 'Never the twain shall meet' and all that.

So I can confirm that I'm not special either. No, I'm VERY special. ;-)

[avonleigh]

Probably different for devs but for testing I have never even had an interview for IB or Insurance roles. So don't even waste my time applying anymore. I do wonder too that because the roles are pretty much always in London if they only look for people who are local(ish).

[ladymuck]

Probably different for devs but for testing I have never even had an interview for IB or Insurance roles. So don't even waste my time applying anymore. I do wonder too that because the roles are pretty much always in London if they only look for people who are local(ish).

Same. It's a closed shop as far as I'm concerned. I occasionally get a clueless agent contacting me about a role and they strangely go silent when I express my surprise that the client is willing to engage with someone without direct industry experience that's within the last 5 minutes.

The only way to get in these days is via someone you know.

[Dorkeaux]

Probably different for devs but for testing I have never even had an interview for IB or Insurance roles. So don't even waste my time applying anymore. I do wonder too that because the roles are pretty much always in London if they only look for people who are local(ish).

Clients in one business domain do not all behave/hire in lockstep.

I would argue that time spent applying for roles in domains you imagine are locked is a far better value than spending time and mental energy "tailoring" your CV and writing covering letters.

Maybe you are right about the London market prefering people who are localish, but refer to my first point. Since Covid there are far more opportunities for hybrid/remote working. It's one major way the market has actually improved.

Also, one of my past London market clients was based in Scotland. Fully remote, baby!

[oliverson]

Probably different for devs but for testing I have never even had an interview for IB or Insurance roles. So don't even waste my time applying anymore. I do wonder too that because the roles are pretty much always in London if they only look for people who are local(ish).

No, I'm from Yorkshire and my long-time contracting pal, with a similar skillset, currently at an IB in London is from Lancashire.

[SussexSeagull]

I 'broke into' investment banking via a couple of previous contracts working for retail banks.

I've also had three contracts in insurance, but I did have 10 years experience working in the insurance sector (claims clerk -> loss adjuster) prior to my career in IT. I also have some obscure insurance qualification from that period but can't remember what it is, or if it even matters. CII (Chartered Insurance Institute) Certificate of Proficiency! Just came to me right then. Tooley Street fire, Lloyds bell, syndicates, 'names', etc. But even then, the Lloyds insurance market was always completely different to the general insurance market. 'Never the twain shall meet' and all that.

So I can confirm that I'm not special either. No, I'm VERY special. ;-)

Geography was my friend in this instance. One of the Insurance firms had a large office local to me that I was a temp in so I had a bit of knowledge of insurance (as did half the town as it was a major employer). My first contract was with an outfit that were spun off from them and were still based locally. After the interview I had with them the women pointed out I had worked with her son in my final permanent role.

I suspect if there was an Investment Bank rather then an Insurance firm based locally when I was growing up I would have had a different career path.

[oliverson]

Geography was my friend in this instance. One of the Insurance firms had a large office local to me that I was a temp in so I had a bit of knowledge of insurance (as did half the town as it was a major employer). My first contract was with an outfit that were spun off from them and were still based locally. After the interview I had with them the women pointed out I had worked with her son in my final permanent role.

I suspect if there was an Investment Bank rather then an Insurance firm based locally when I was growing up I would have had a different career path.

Yep, plenty of rate cuts and furloughs!