Contracting in the Banking sector?

[northernladuk]

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...

To be honest if this was the case I would be following this route rather than the banks if you want to be 'in for life'. Just look at the rants recently about SC cleared jobs not accepting anyone else. If I could ever get my SC clearance back I would be doing everything to get in to this inustry and protect it (only lasts 2 yeards between uses).

[Worzel]

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

Not too shabby then is it? And you want to risk all this at such a time of economic uncertainty? Sure about the culture change of a laid back tech company vs highly political banking environment? You up for conference calls to discuss future conference calls?! Don't get me wrong, some people love all this stuff and you might too but personally I'd wait a year.

One other thing, once you've gone down the banking route it's surprisingly hard to get out! I've got a few banks on my C.V. and now agencies assume that's all I ever want to do. Couldn't be further from the truth, I'd take a local well-paid SC number any day!

[MarillionFan]

If I could ever get my SC clearance back I would be doing everything to get in to this inustry and protect it (only lasts 2 yeards between uses).

I agree. I started in banking and then moved out. Once had SC clearance and then didnt bother. Now it seems there is competition everywhere and the 'niche' skill that you could do with isnt bloody technical it's industry and SC!!!

[ChimpMaster]

I agree. I started in banking and then moved out. Once had SC clearance and then didnt bother. Now it seems there is competition everywhere and the 'niche' skill that you could do with isnt bloody technical it's industry and SC!!!

I thought the case was that you might have SC but without the technical skill you ain't gettin the contract! Seriously, SC can of course be very useful but without that niche skill you might as well be selling peanuts at a kilmarnock game.

[MarillionFan]

I thought the case was that you might have SC but without the technical skill you ain't gettin the contract! Seriously, SC can of course be very useful but without that niche skill you might as well be selling peanuts at a kilmarnock game.

You're right about niche.

IMO, having SC seems to pay an extra £100 per day on top of a skill. IMO.

[tommyc]

My thoughts on the finance world echo what a few others have said here..

My experience is in hedge funds (my permie role after uni and now my current contract) certainly finance is a lot more political and I think work ethic expected to be alot harder than other jobs.. most people who work in these firms (the permies) are ambitious and chasing the $$ hence prepared to put in loads of hours.. Perception is the key, if the people running the firm and paying the bonuses think you're doing a good job then you get more money / promotion etc.. of course as a contractor this doesn't really affect you which brings me to the bonuses issue.. As a permie you can potentially receive a bonus which puts your income above what you'd have earned contracting, but of course you also have the other permie benefits of job security holiday/sick pay etc.
Unfortunately as a contractor you will still be exected to pull in the hours and make the good impression otherwise you'll be dropped and replaced with another.. my firm is hiring contractors because they are easy to hire and fire.. get us in to build the system and then get rid of us and leave a permie to maintain it. Amount of hours / slavery does depend on your manager although alot of them are workaholics.. In my experience your lunch break will consist of nipping round the corner for a sandwich then eating it at your desk while you read up on the API you are using for your project, don't expect to surf the web or access web mail either.

Skills development is poor both as a contractor and a permie I think.. You get hired based on your current skills to do whatever they need and you keep doing it.. certainly in hedge funds anyway, they are small firms and will not spend money on training IT staff they'll just hire someone who has the training.

Having said that the experience in finance will make you attractive for all the other finance roles. Depending on the role product knowledge e.g. of options / futures etc will help alot.. Although my coding skills aren't too hot I make up for it by understanding what my managers and team are talking about when they discuss what they want the system to do and the mathematical implications of calculating the things they want.

City living / commuting has its pros and cons.. I used to like it but after having gone travelling a bit I'm not a fan of big cities anymore.

I would think very carefully about ditching a nice permie role you are happy with for a career in finance.. Unless you are ambitious (well maybe not because career development is poor) and very money oriented it may not be your cup of tea, and I don't think you earn much more contracting than you would if you landed a permie role due to the bonus situation.
As you may have guessed I'd rather be out of the finance world but for now its where my experience lies and what will pay my bills. Once I have a bit more experience under my belt I may well try and jump ship.

[MarillionFan]

My thoughts on the finance world echo what a few others have said here..

My experience is in hedge funds (my permie role after uni and now my current contract) certainly finance is a lot more political and I think work ethic expected to be alot harder than other jobs.. most people who work in these firms (the permies) are ambitious and chasing the $$ hence prepared to put in loads of hours.. Perception is the key, if the people running the firm and paying the bonuses think you're doing a good job then you get more money / promotion etc.. of course as a contractor this doesn't really affect you which brings me to the bonuses issue.. As a permie you can potentially receive a bonus which puts your income above what you'd have earned contracting, but of course you also have the other permie benefits of job security holiday/sick pay etc.
Unfortunately as a contractor you will still be exected to pull in the hours and make the good impression otherwise you'll be dropped and replaced with another.. my firm is hiring contractors because they are easy to hire and fire.. get us in to build the system and then get rid of us and leave a permie to maintain it. Amount of hours / slavery does depend on your manager although alot of them are workaholics.. In my experience your lunch break will consist of nipping round the corner for a sandwich then eating it at your desk while you read up on the API you are using for your project, don't expect to surf the web or access web mail either.

Skills development is poor both as a contractor and a permie I think.. You get hired based on your current skills to do whatever they need and you keep doing it.. certainly in hedge funds anyway, they are small firms and will not spend money on training IT staff they'll just hire someone who has the training.

Having said that the experience in finance will make you attractive for all the other finance roles. Depending on the role product knowledge e.g. of options / futures etc will help alot.. Although my coding skills aren't too hot I make up for it by understanding what my managers and team are talking about when they discuss what they want the system to do and the mathematical implications of calculating the things they want.

City living / commuting has its pros and cons.. I used to like it but after having gone travelling a bit I'm not a fan of big cities anymore.

I would think very carefully about ditching a nice permie role you are happy with for a career in finance.. Unless you are ambitious (well maybe not because career development is poor) and very money oriented it may not be your cup of tea, and I don't think you earn much more contracting than you would if you landed a permie role due to the bonus situation.
As you may have guessed I'd rather be out of the finance world but for now its where my experience lies and what will pay my bills. Once I have a bit more experience under my belt I may well try and jump ship.

Good post.

[Scrag Meister]

Bonuses

To be honest everything I have heard, particularly from Middle and Back Office is that bonuses for the last couple of years have been dire.

Front Office never speak about it cos their bonuses are sooooooo huge.

So unless you are working FO, I don't think the bonus is that important.

With all the Hoo Haa over the past 18 months during the crunch, bonuses are smaller, deferred and if sizeable taxed.

[BlasterBates]

Unfortunately as a contractor you will still be exected to pull in the hours and make the good impression otherwise you'll be dropped and replaced with another.. my firm is hiring contractors because they are easy to hire and fire.. get us in to build the system and then get rid of us and leave a permie to maintain it. Amount of hours / slavery does depend on your manager although alot of them are workaholics.. In my experience your lunch break will consist of nipping round the corner for a sandwich then eating it at your desk while you read up on the API you are using for your project, don't expect to surf the web or access web mail either.

Would I be correct in concluding that this is a life of hell?

I work in a German and Swiss banks, and it is easy peasy, I bugger off at 12:30 on Friday etc. I used to get annoyed with my PM if made me stayed past 17:30.

This kind of description puts me off a return to London.

[Scrag Meister]

Banking in London

No problem here.

8-5, flexible/understanding manager is the essential in the mix.