Investment Banking: Quit Perm -> Contract?

[Krav]

Hello,

I've been reading this forum casually over the years out of pure interest, and recently more regularly and decided to finally register and get some advice

I currently work for an Investment Bank as a perm (little over 2 yrs) and have been wondering about switching to contracting. Is now a good time to move? I am most interested in front office pricing/trading type roles where financial product knowledge is required. With record high unemployment and the current recession, you'd think I would know better. But we are going through a merger so there is a lot of uncertainty. I am not sure if I should just move to another IB (and then continue to regret it later). I have seen quite a few contracting roles which I have liked.

Also, I am worried I would lose a very good permy IB recruiter who I have worked with for a while if I suddenly switch to contracting - I do not want to burn bridges (in case I need to return to permy land) as I have only used him to find me roles in the past (and continue to do so) and we have a good relationship.

Any input is appreciated.

[jmo21]

Well, you acknowledge how bad the market is now, and my answer is the same, stay where you are.

If you get made redundant, then yes, go for it.

The recruiter - don't worry about him in the slightest. He'll deal with hundreds of candidates, and besides, it's your life!

[TykeMerc]

Well, you acknowledge how bad the market is now, and my answer is the same, stay where you are.

If you get made redundant, then yes, go for it.

The recruiter - don't worry about him in the slightest. He'll deal with hundreds of candidates, and besides, it's your life!

WHS big time.

The market while improving is still very poor compared to a couple of years ago, there are loads of people on the bench with experience in every sector.

If you get made redundant that's a different matter of course since contracting is another option.

[RichardCranium]

Now would be a good time to look at what the different accountant's offer, download and print off (at work, of course) all the umpteen First Timer's Guides there are out there, look at the PCG web site, look into business bank accounts, and do all the research necessary in preparation for when the market is picking up again / you get the elbow.

This statement puzzled me though:

Also, I am worried I would lose a very good permy IB recruiter who I have worked with for a while if I suddenly switch to contracting - I do not want to burn bridges (in case I need to return to permy land) as I have only used him to find me roles in the past (and continue to do so) and we have a good relationship.

If you are using a permie agent to find you roles that often that you have a working relationship, you're halfway to being a contractor anyway. You certainly won't need to adjust to the different way of working!

[Fred Bloggs]

That agent very probably places as many contractors as permies anyway. Why not ask him what he thinks your chances are if you trust him? I'd sit tight for now unless you get the push or you hear a reliable gypsies warning that something bad is going to happen.

[EddieNambulous]

Is now a good time to move?

<snip>

With record high unemployment and the current recession

Does anything more need to be said than this?

[RichardCranium]

Does anything more need to be said than this?

How about:

Is now a good time to do some research, in case I suddenly need to move?

<snip>

What with record high unemployment and the current recession.

[BrilloPad]

Do you have a contract offer on the table at the moment?

[Not So Wise]

Anyone thinking of leaving a good permi job to go contracting in the current state of the market needs their head examined

[Fred Bloggs]

Anyone thinking of leaving a good permi job to go contracting in the current state of the market needs their head examined

I agree.