IT contracting in Finance

[7of9]

Hi all,

I am a new IT contractor and my second 6 months contracts are almost over. I have been working in the Health sector and have no experience in Finance. I am hoping to switch to a different industry to learn more experience. Finance is my first choice at the moment.

Previously I have managed to get permanent roles in investment banks very easily, but turned them down. Will it be as easy to get a contractor role? Or shall I go for the permanent roles first?

Any advice will be greatly appreciated.

7

[SneakySimon]

Investment Banks

Tough times in the world of banks – of the banks I am connected to, Lloyds, RBS, Bank of America etc have recruitment freezes and at Lloyds and RBS. I work at Lloyds and all contractors have been told on next renewal we get a rate cut of 10% (still 90% more than the bench!) so not great times.

Getting into investment banks tends to be pretty competitive and they tend to demand experience. There have been long discussions on whether you need it or not but the fact is, in todays market if there is a project to implement XYZ they want people with XYZ skill. Does not mean you can’t do XYZ but you know the game.

I had 8 years of high street banking but couldn’t get into Investment banking (I am on the business side) so went permie to an investment bank for 1.5 years, learnt loads and then went into contracting at investment banks. The culture is very different – you get the alpha male macho idiots which you get anywhere but investment banking seems to attract a good few extra but for the extra money, happy to take the BS!

[7of9]

Thanks ,SneakySimon

Thanks ,SneakySimon. I am more interested in investment banks than high street banks. The previous permanent offers I got were from IB as well. Maybe I should do the same. Get a permanent role first…
I am not sure I will like the IB culture. But the guys who interviewed me seemed nice enough. Maybe because IT people are slightly better behaved 

[redgiant]

Thanks ,SneakySimon. I am more interested in investment banks than high street banks. The previous permanent offers I got were from IB as well. Maybe I should do the same. Get a permanent role first…
I am not sure I will like the IB culture. But the guys who interviewed me seemed nice enough. Maybe because IT people are slightly better behaved 

My current clientco is an American IB. It's the second IB that I’ve worked with however this time it's within the IT infrastructure side rather than the business (M&A). When I applied I knew that I didn't have much IB experience (6 months) however the client picked up on my CV a role that I had in a large retail clientco that covered nearly all aspects of the role that he wanted to fill that I highlighted on my CV when I applied.

IMO I would try and apply for roles in IB and try to highlight on your CV and cover letter the transferable skills and put them into a IBs context. What line of contracting are you looking at?

Also as far as the working culture I would say it varies but generally I find that the infrastructure teams here seem more relaxed, less likely to put in the extreme hours and don't have fast changing priorities that I witnessed when I was in the last IB.

[7of9]

redgiant

Thanks redgiant. I will try both contractor and permanent roles . If I can not find any contract I will take the permanent role first like SneakySimon did.

[7of9]

what about overseas

Is it easy to find a IT contractor job (software development) overseas? Like USA, Australian, Singapore, HK etc? If so, which sector is the easiest?

The guy interviewed me said it’s very easy to transfer to another branch overseas in IB. But he is permanent staff not a contractor.

[BlasterBates]

Is it easy to find a IT contractor job (software development) overseas? Like USA, Australian, Singapore, HK etc? If so, which sector is the easiest?

The guy interviewed me said it’s very easy to transfer to another branch overseas in IB. But he is permanent staff not a contractor.

I would agree with that, sometimes in London the competition is tougher, but on the whole anywhere else it's fairly easy to get a job at a bank. They often don't have particular difficult interviews like they do in London. Usually though in most foreign countries banks don't pay much of premium.

[northernladuk]

Why do contractors think it pays to target one sector only? I take work as and when it comes regardless of sector. I am an IT specialist not a sector specialist and can certainly not afford to be only taking roles in one area and turning down others.

I don't know about London but Pharma, Telecoms and others all appear to pay something about the same and are a hell of a lot more stable at the moment.

[nomadd]

I don't know about London but Pharma, Telecoms and others all appear to pay something about the same and are a hell of a lot more stable at the moment.

Well, to give you a London perspective...

Pharma and Telecoms (worked in both many times over the years) are currently paying peanuts compared to IBs in London. ...Hence why I switched back to IBs.

[DeludedAussie]

Well, to give you a London perspective...

Pharma and Telecoms (worked in both many times over the years) are currently paying peanuts compared to IBs in London. ...Hence why I switched back to IBs.

How much exactly are they paying Nomadd??