Can i be tempted for a contract?

[secontrator]

Hi guys,

recently i have managed to secure a permie in a investment bank and it's going so far fine. in fact, it is going really good.

very demanding however, iam learning business so, iam not moaning about it and the pay is good (£65K) + reasonably good benefits + bonus (obviously, not guaranteed @ this time).

After a year, i will be in line for a pay hike (hopefully).

Can i be tempted to do contract after a year?. if yes, let's say i get £500/day with invoicing through umbrella companies it would be somewhere in the region of £6500 (65%return) with no holidays + no sick pay + no paternity leave + no work from home option(some do, some don't) + no big career progression do you think it is really worth it?

I know this question could be another Contract Vs Permie but, i think this one is a bit more specific as i have 10+ exp also i have IB exp under my belt.

Could someone/all shed their views about this thread?

Thanks

[HairyArsedBloke]

If you are new to IB then I'd say stick to perimie for longer than 1 year. Maybe stick till you have three years done. Keep the freelance in your mind though and try to work in ways to support it. i.e. gaining knowledge. Also record what you were doing so you can write in your sales brochure (CV) I achieved this (ref), that (ref), and the other (ref).

[nomadd]

Hi guys,

recently i have managed to secure a permie in a investment bank and it's going so far fine. in fact, it is going really good.

very demanding however

I'm just coming up to 1 year in IB as a contractor who has recently moved back into it after 10+ years out of it. The Manager had the "permie" talk with me last week. I thanked him for the comedy. He understood, as he used to be a contractor. Permie? No dice. Ever. Especially not for an IB.

My role is superb at the moment. No complaints. Still, I wouldn't call it "demanding" like yours, as I do a strict 8 hour day, as that's all I get paid for. Once again, the manager is completely understanding. The permies seem to work a 10+ hour day and seem mega-stressed all the time. They earn about half what I pull in, based on me working a 46 week year (i.e. 5 weeks holiday + an extra week to make up for the bank holidays).

Each to his or her own, I guess. But on the contracting side of things, IB is booming, with much higher rates than either last year or the year before. I know which side of the fence I'm staying on.

EDIT: Typo.

[secontrator]

I'm just coming up to 1 year in IB as a contractor who has recently moved back into it after 10+ years out of it. The Manager had the "permie" talk with me last week. I thanked him for the comedy. He understood, as he used to be a contractor. Permie? No dice. Ever. Especially not for an IB.

My role is superb at the moment. No complaints. Still, I wouldn't call it "demanding" like yours, as I do a strict 8 hour day, as that's all I get paid for. Once again, the manager is completely understanding. The permies seem to work a 10+ hour day and seem mega-stressed all the time. They earn about half what I pull in, based on me working a 46 week year (i.e. 5 weeks holiday + an extra week to make up for the bank holidays).

Each to his or her own, I guess. But on the contracting side of things, IB is booming, with much higher rates than either last year or the year before. I know which side of the fence I'm staying on.

EDIT: Typo.

Interesting.. I have a contractor who sits next to me he's had a 20% pay cut in order to stay here and also he is totally out of date with respect to tech (he can't spell weblogic properly)

Looks like you are in a good role.

[ChimpMaster]

Interesting.. I have a contractor who sits next to me he's had a 20% pay cut in order to stay here and also he is totally out of date with respect to tech (he can't spell weblogic properly)

Looks like you are in a good role.

work in IBs will kill your technical skills, especially if you're a contractor. Expect to go in, contract for a few years and earn your money. Save it, you'll most certainly need it.

On the subject of rates, the last 2 years have been very harsh with rates going down anywhere up to 25% from what I've seen. However, there has been a major resurgence in demand these past few months, with a knock on rise in rates.

[thunderlizard]

recently i have managed to secure a permie in a investment bank

let's say i get £500/day with invoicing through umbrella companies it would be somewhere in the region of £6500 (65%return) with no holidays

With maths like that, I'm guessing RBS? The taxpayer wants its 0 back.

[Fred Bloggs]

I think you're nuts even considering giving up a steady £65k a year job. Many are on £0k a year right now.

[Scrag Meister]

Good idea, but as a previous poster said, I would wait a couple of years,
1. to gain valuable business knowledge.
2. the market is quite slow at the moment
3. better view of what tech is taking the lead.

On the rates front, it fluctuates a lot. I started on Xpd at ClientCo1, After 1 year went up to X+50pd, 6 months later they chopped it by 15% where it stayed for 18 months, then I moved to ClientCo2 and got a 36% rise.

GL and be patient.

[secontrator]

With maths like that, I'm guessing RBS? The taxpayer wants its 0 back.

I can tell you mate it is NOT RBS.

[secontrator]

I think you're nuts even considering giving up a steady £65k a year job. Many are on £0k a year right now.

Fred,

I didn't say that iam going to give up my £65K job. It is just iam tempted for the contract role... to be honest,i really want to assess the pros & cons of doing it.

Thanks