IB - Permie or Contracting

[secontrator]

Hi all,

managed to secure a permie in IB (75K VP role) also, im in a final round for a contracting role pays £475/day in IB (likely i will get it)...So, im in a dilemma to pick one... going thru all sort of pros & cons of both...

any comments will be much appreciated!..

Ofcourse, i know it depends on individual circumstances when it comes to make up the mind...

Thanks

[malvolio]

Hi all,

managed to secure a permie in IB (75K VP role) also, im in a final round for a contracting role pays £475/day in IB (likely i will get it)...So, im in a dilemma to pick one... going thru all sort of pros & cons of both...

any comments will be much appreciated!..

Ofcourse, i know it depends on individual circumstances when it comes to make up the mind...

Thanks

Your call, of course, but the net take home from a £475 a day contract is very roughly equivalent to £63k gross salary as a permie by the time you factor in stuff like holidays, employers NICs, sick pay and so on.

[Wanderer]

Ofcourse, i know it depends on individual circumstances when it comes to make up the mind...

Based on the information you've given (ie almost none) you've considered all the factors of job stability, career progression, healthcare, pension, sick pay, holiday pay, fringe benefits etc so it just comes down to money as the deciding factor?

Then go for the money - take the contract.

[d000hg]

Sounds like a VP role could lead to positions paying WAY more than that, which no contract work could achieve.
If you don't have a colander up your bottom about being a permie, that seems the clear route.

[BlasterBates]

Well VP is just a senior techy role, not really even Project Manager, basically where most people to get to, kind of "Adjutant" role.

You need to judge yourself, are you a managing type "Alpha Male" Rugby team captain type? do you have that presence if so go VP in the bank, and head towards the "riches" of a "Managing Director". A senior VP role would be paid more but it'll be nothing more than an increment.

If you're techy through and through you'll never get promoted beyond the next level, then you might as well go contracting, unless you want some sort of staibility.

You also need to look at the roles, if the permie role gets you into algorithmic tradîng or some fancy derivatives system, that would be better than for example "grunt work" on some data feed.

[secontrator]

Based on the information you've given (ie almost none) you've considered all the factors of job stability, career progression, healthcare, pension, sick pay, holiday pay, fringe benefits etc so it just comes down to money as the deciding factor?

Then go for the money - take the contract.

Honestly, i haven't considered all these factors mate!

[secontrator]

Sounds like a VP role could lead to positions paying WAY more than that, which no contract work could achieve.
If you don't have a colander up your bottom about being a permie, that seems the clear route.

Thats what i thought... have been a contractor before...VP gives more carreer progression to move forard as well...

[BlasterBates]

The other thiing is, if the permie role is in an American bank, forget your social life.

There are two types of banks.

There are the Goldman Sachs high pressure banks and there are the more hum drum "lets not overdo it" types of banks.

Basically if the bank is a high street bank as well, it'll have a culture of a typical high street bank, go home at 5 pm, if it's Goldman Sachs going home before 10 pm will be frowned on.

[nomadd]

Hi all,

managed to secure a permie in IB (75K VP role) also, im in a final round for a contracting role pays £475/day in IB (likely i will get it)...So, im in a dilemma to pick one... going thru all sort of pros & cons of both...

any comments will be much appreciated!..

Ofcourse, i know it depends on individual circumstances when it comes to make up the mind...

Thanks

£475 is a low rate for IB on contract.

Was offered permie "VP" role at my current client last year. Turned it down flat. I can make a lot more money contracting - and without the insane stress and the crazy hours the permies do - for free (I do zero overtime, as they don't pay for it.)

A quick flick through the IT email system here shows nearly half the UK/US staff are "VP"s. Absolute bollocks of a name tag brought over by the Americans a few years ago, when "Executive" lost it's charm.

Stay contract. Skill up. Get paid more.

Oh, and if you'd just watched the miserable set of faces coming out of the permie "bonus" meetings I've seen over the last few weeks, you'd never consider permie.

Still, if you fancy being worked like a dog for peanuts, it's your choice.

[d000hg]

£75k isn't peanuts. £75k + ANY bonus is more bonus than you get as a contractor, especially if you view a bonus AS a bonus, not part of your salary.