New to Contracting - Did I jump in too soon?

[northernladuk]

We tend to work on

Contract hourly rate X 1000 = annual perm salary.

I wouldn't really say 'tend to' as it is a debatable figure that a very rough guide at best. That's IMO anyway.

[Cirrus]

I wouldn't really say 'tend to' as it is a debatable figure that a very rough guide at best.

It was rough last year so it's even rougher this year given contractor tax has gone up. However it does lead you away from multiplying your daily rate by 230.

[LondonManc]

Then again if I'm competing with people with your math skills for a contract I fancy my chances

No, you'll be competing with the likes of MrMarkyMark and myself who have about 38 years combined experience in MI/BI.

[RidgewayPele]

Have to agree

No, you'll be competing with the likes of MrMarkyMark and myself who have about 38 years combined experience in MI/BI.

Have to agree I have 18 years BI/MI experience and only went contracting 2 years ago. You haven't had the time to build up the experience to command the larger day rates. My personal opinion would be to see the contract out and look at the permanent consultancy market. Brush up the SQL and Tableau skills, build your own portfolio of work on your own laptop and I am sure you could get £30k + permanent. Get 5 years under your belt and you may be ready to go back to contracting and command the higher rates.

[Taita]

Bank are using you to avoid business NICs and hassle. Better sticking with perm for longer. You'll climb higher and command a better contract rate longer term. A good MI analyst should be earning treble what you're on as a perm and same for your day rate.

21k isn't bad for a first job role, it's the house deposits that are higher these days

"You will climb higher".....otherwise you are stuck at MI analyst as far as the recruiters (or their software) can read a CV.

[SussexSeagull]

As I have said before and got some agreement over, I stayed permanent until I hit my glass ceiling after about a decade.