Permanent vs Contracting - Confused!

[northernladuk]

My to-be-wife is a hardcore permie on okayish salary. My lifestyle is not flamboyant but I am yet to buy a house. In a Perm role, I think that will be impossible. But that's the sacrifice, I will need to make to move up the org. chart (fingers crossed). The very thought of moving from £500 a day to about £4000 a month scares me!

But you are comparing apples and pears. You bill your client £500 a day. You most certainly don't earn that. Do the sums and you might come up with a more reasonable number that might not scare you as much.

To further balance it put in your benefits to the £4000 you don't have as a contractor and it will all look a lot rosier.

[Undecided]

Firstly, Well done!

Secondly, For us who are aspiring to that rate i would find it helpful to know what experience and qualifications you have -prince2. MSP etc??

(1) Bachelor of Engg
(2) Masters in Mgmt (Global top 10 Univ)
(3) Six Sigma Black Belt
(4) CMMI Level 4 Appraiser

3 yrs at a consulting powerhouse

No Prince2, PMI

Negotiation can make a difference of +£40-50 per day; but one has to be really impressive at the client interviews. My experience teaches me, in contracting, one has to demand; in permanent employment, one has to request

[nomadd]

Would a perm lifestyle suit you? What do you think of the ratrace (promotions, appraisals etc).. Personally, contracting suits my lifestyle better. I'd be bored to death in a perm role (no matter how exciting the work is)... I like it pretty straight fwd. Pay me for what I do, happy to move on if you dont need me. I dont want someone breathing down my neck all the time and I hate appraisals.

You read my thoughts on the matter. Exactly.

[bluedrop]

(1) Bachelor of Engg
(2) Masters in Mgmt (Global top 10 Univ)
(3) Six Sigma Black Belt
(4) CMMI Level 4 Appraiser

My intuition says you're a Desi

(1) IIT
(2) IIMA

[Undecided]

My intuition says you're a Desi

(1) IIT
(2) IIMA

Desi, yes; but
(1) IIT
(2) LBS
if it was IIMA, I would not have to enter the world of contracting. I started contracting to pay my student loan during the recession.

[Sockpuppet]

Flip a coin.

[bluedrop]

Desi, yes; but
(1) IIT
(2) LBS
if it was IIMA, I would not have to enter the world of contracting. I started contracting to pay my student loan during the recession.

Ahh! my intuition was not too bad after all!

What ever you choose to do, good luck!

[ddaft]

If you are after the whole career thing then be prepared to work very hard for those promos. Coming off contract into AVP level you will probably have to wait a good few years before getting VP as there will already be a queue. Director will take even longer probably. It is all doable but will take time and a good deal of politics and game playing so really depends on your appetite for it. As for bonuses most banks won't be paying in the new year and who knows after that. See if you can wangle a token guarantee out if them although this would probably have to be verbal due to all the fsa rules in recent years. Payrises are also scarce these days for perms.

[Wanderer]

Current role: Project Manager, £500 per day, easy-going environment, 3 months rolling contract and I am in the 1st month, Prog. duration - 18 months. Work is okayish, location is closer to home.

Permanent Offer: AVP (Project Manager), £74k base + bonus. Joining a programme expected to last 2 years. Nice interviews. Offered the role after 2 interviews, whole process took 2 weeks. Budget sign-off delayed my offer but the bank came back in a month to finalize the offer.
Other Information that may be useful: Age - 28 yrs, getting married this year-end, have been contracting for 2 yrs now and never been out of work for more than 2 months at a stretch. Total 5 yrs of work exp.

Wow, you are doing pretty well for yourself.

I would say take the permie job on the basis that £75k permie = £75/hour contract plus if you are as tulip hot as you sound then you'll be getting a decent bonus on that.

Also consider if you are planning a family in the next year or two - you may be better off as a permie with a young family.

Just my take on it, but it's 50/50 for sure. I was in a similar position, took a permie job for a few years and then left with a massive redundancy pay off and went contracting again...

Good luck.

[Scrag Meister]

Banking bonuses have been rubbish/non-existant for the last few years.

Not sure how this is going to change over the next few years.

I am so glad to be out of all the objectives, promotion, back stabbing.

Everyday is bonus day when you're contracting.