Contracting in the Banking sector?

[Tempted2Contract]

I anticipated a decent split of opinions...

Thanks for all the responses so far, much appreciated!

Based on all the reading I've done of other posts I anticipated there would be a few suggestions either way. To clear up a few details, here are some rough figures:

Current position: take home of 3.5k/month+9% pension+great health care and dental+28 days holiday+a host of other smaller perks+it's a huge software house so a decent chance for progression over the coming years, especially as I've worked hard on my rep and have been here 4 years already.

Offer:£500/day+6 Months initial+decent chance to roll for a good while if my face fits. I'm a global SME in the application they use (back office IT function) and existing guy has been in for a couple of years, they have a huge project coming up and want a fresh face.

The 2:1 ratio isn't far off and I've got a bit of cash behind me anyway and no commitments. The biggest consideration is that I'll be passing up a decent permie career path that genuinely has opportunities all over the world (I know there are no guarantees but I'm going with my best judgement in saying this). On the flip side right now the contract work would be so much more compelling.

Turning out to be a tricky call

[Advocate]

I've gone permie to shift OUT of banking....

[MarillionFan]

I've gone permie to shift OUT of banking....

To be fair I know someone who did the same. He got paid well but he felt that the extra pounds of flesh the bank he was at wanted wasn't worth the commute and overtime

[northernladuk]

Thanks for all the responses so far, much appreciated!

Based on all the reading I've done of other posts I anticipated there would be a few suggestions either way. To clear up a few details, here are some rough figures:

Current position: take home of 3.5k/month+9% pension+great health care and dental+28 days holiday+a host of other smaller perks+it's a huge software house so a decent chance for progression over the coming years, especially as I've worked hard on my rep and have been here 4 years already.

Offer:£500/day+6 Months initial+decent chance to roll for a good while if my face fits. I'm a global SME in the application they use (back office IT function) and existing guy has been in for a couple of years, they have a huge project coming up and want a fresh face.

The 2:1 ratio isn't far off and I've got a bit of cash behind me anyway and no commitments. The biggest consideration is that I'll be passing up a decent permie career path that genuinely has opportunities all over the world (I know there are no guarantees but I'm going with my best judgement in saying this). On the flip side right now the contract work would be so much more compelling.

Turning out to be a tricky call

Two important questions....

Have you got an offer.. in writing.. on the table... waiting to be signed? If you don't then you don't have anything.

Does it say £500 on the bottom where you sign, in blood, gauranteed? If it doesn't you don't have squat.

This is one of the things you will need to learn very quickly about contracting, people asking if you are interested, sending your CV, going for interview etc are all good signs in permie land. It is part of the day to day dross of contracting and in 99% of cases is followed up by an ear shreading silence.

The advertised rate when offered is also stupidly lower than the rate offered. This is also very common indeed.

Be warned...

[Tempted2Contract]

Good points...

Two important questions....

Have you got an offer.. in writing.. on the table... waiting to be signed? If you don't then you don't have anything.

Does it say £500 on the bottom where you sign, in blood, gauranteed? If it doesn't you don't have squat.

This is one of the things you will need to learn very quickly about contracting, people asking if you are interested, sending your CV, going for interview etc are all good signs in permie land. It is part of the day to day dross of contracting and in 99% of cases is followed up by an ear shreading silence.

The advertised rate when offered is also stupidly lower than the rate offered. This is also very common indeed.

Be warned...

Certainly a fair point and all I can say is that I am working on the assumption that the contract will look like that when/if it arrives. Granted this is my first exposure but I've had the complete opposite of silence, I've been asked for all the relevant paperwork and I have decent contacts into the end customer and feel pretty confident.

If it didn't arrive it'd actually do me a favour as I wouldn't have this decision to make! So, let's assume the world is all smiles and everything is legit, I'd still welcome some continuing opinions.

[Advocate]

To be fair I know someone who did the same. He got paid well but he felt that the extra pounds of flesh the bank he was at wanted wasn't worth the commute and overtime

Oh I'd consider going back, I just fancied a different sector for a while.

[SuperZ]

I fell into contracting and love it. First out it was commented that I had the permie mentality. These days I look at other newbies and think the same such as "oh look it's a permie in contractor clothing".

I don't want to consider going permanent but as I'm relatlively young I may try it again at some point in the future, when money is less of an important.

£3500 take home +9% pension and probably at least 20 days holiday isn't a bad package I will say. And sounds like you have career opportunities too. As a contractor you may find you stay in your current skillset for years, if of course there is a demand for your skills still in x years time. Then you've either alreayd reskilled yourself by taking a few risks possibly with the positions you've applied for, or you've been lucky enough to be offered the chance to do other stuff.If neither of these, you're potentially a contractor without work anymore.

Personally I do recommend contracting, but depending on your character. Having no ties helps, as you won't have the pressure of some old hag nagging at ya if you're on the bench for a few months .

[Scrag Meister]

Thats a pretty good package

With a 3.5k per month (42k per year) take home and the other factors you mention, you need to be 150% sure this is what you want and are prepared for the possibility of no work, and the work involved when there is no work.

[northernladuk]

Certainly a fair point and all I can say is that I am working on the assumption that the contract will look like that when/if it arrives. Granted this is my first exposure but I've had the complete opposite of silence, I've been asked for all the relevant paperwork and I have decent contacts into the end customer and feel pretty confident.

If it didn't arrive it'd actually do me a favour as I wouldn't have this decision to make! So, let's assume the world is all smiles and everything is legit, I'd still welcome some continuing opinions.

Well I have asked all the questions that would have put off the rose tinted spectacled spotty mid twenties guy looking longing at the rate and nothing else and you seem to have it all covered so have done my job to the best of my ability and can stop appearing to be so negative.

If everything you have said is true then I would seriously consider it. I can't compare as I got in to contracting after voluntary redundancy. I hated spending more than 2 years in one place so like the lifestyle of contracting, seeing new places, the buzz of a new start, the buzz of a finished project etc. Can't offer any advice on wether to leave or not. I didn't mention the fact that when this ends you could be commuting to the big smoke or spending time in Edinburgh but guess you have thought about that as well.

Do some sums, keep reading and keep an open minded. Either way I think you are in a pretty enviable position so feel for you having to make a decision...

Oh and one get out you may have is that this isn't the one and only contract in a bank so it isn't a do or die decision.

[Tempted2Contract]

Do some sums, keep reading and keep an open minded. Either way I think you are in a pretty enviable position so feel for you having to make a decision...

I hear you there, I'm the first one to admit that I'm lucky to even have the choice! I've had a few lucky breaks in recent years in that I have several years of Pharma on my CV and am SC cleared so I think my options could be fairly decent should everything fall apart relatively quickly.

I have reservations about the hours in particular but I wouldn't be working with traders in any way and this is strictly a core IT service based role.

All the comments are really helping, maybe I wont need that coin to flip after all...