Reply to: Have you contracted in a bank?

[ChimpMaster]

Roughly ...

For IB in London -

(less than 450 a day is not worth the travel from where I live).

Low - 450 - 500
Average - 500 - 650
High - 650+

From experience I would say that the City and finance in general used to be a great place to contract up until around 2008/9. Since then I have seen rates either the same or even up to 20% higher in other areas such as midlands and even up to Scotland for the same technology stack.

And the atmosphere in City is awful - offshoring, Bob central, rate cuts, contract cuts, enforced 'holidays', IR35...

I had a great time in the City during my tenure there, and I would love to go back, but it just isn't worth it now, it just won't be the same again.

[MyUserName]

What would you consider to be a low/average/high rate?

Roughly ...

For IB in London -

(less than 450 a day is not worth the travel from where I live).

Low - 450 - 500
Average - 500 - 650
High - 650+

[Zero Liability]

It really depends on the type of banking and what sort of roles you're considering.

[PerfectStorm]

What would you consider to be a low/average/high rate?

[MyUserName]

I have worked for as little as £450 a day and seen adverts for £1200 but I didn't get either of those!

[quackhandle]

What rates do Investment banks pay?

Your looking at 0.5 for your base rate but expect that to rise in the near future.

HTH.

qh

[Batcher]

What rates do Investment banks pay?

Whatever rate you negotiate with them or the agency.

[heyya99]

What rates do Investment banks pay?

[oliverson]

yes, for the last 10 years solid. My route into Invest Banking was via Retail Banking. I think the real issue of breaking into IB contacting is that they want 'their own kind', whatever that might be. I've done quite a bit of interviewing for the banks and you typically hear an instant dismissal of what seems like a good candidate with that old line "doesn't have banking experience". Rather odd. I guess they don't want candidates who aren't used to an enterprise culture (in their eyes there's a big difference between going from a 50 man digital media organisation, say, to a building with thousands and thousands of people in it and also the fact that some teams are spread around the globe).

As is the case with any organisation, workload, stress levels, etc, differ amongst different teams. I was in a pretty stressful role in one team and 20 yards away on the same floor was a mate on another team in a much more relaxed environment. Those roles have now reversed and he's working quite late whilst I'm out the door at 17:00.

I'd question your motives regarding wanting to contract in banking. For me and my buddy it was purely money :-D However, once you have the trappings of a larger income, it's difficult to come back down and take lesser rates. Sure I could live off less but when I compare the figures of working outside IB in London to local work, I could actually take around 4 months off per year with the difference. The trouble there of course is you don't take the time off, unless you are forced to. It takes discipline to turn down a, say, £ 80k 6 month extension after all. The kind of discipline I for one don't possess.

[Sausage Surprise]

I'm considering getting into banking, switching from e-Commerce. My current gig is very relaxed and mostly stress-free. Is banking worth the higher day rate? Is it stressful?

Depends on bank, location and rate increase.

[MyUserName]

I have worked in banking for a few years. In my experience the actual complexity and stress levels of the work have the same ranges as non banking work.

[ShandyDrinker]

I've thought the same thing about a requirement for current SC. There'll be projects where you want to look into someone's history first but I think SC can be done pretty quickly. I wondered if this filtering was a way of making the agent's job harder because the supply of suitable candidates becomes lower and might justify a higher agent's fee?!?

Perversely I think it makes the agent's job easier as it is creating a scarcity mindset in that there are sooo few candidates available and reduces the agency workload (and potentially that of the end client) if a person already has SC. Although this has been highlighted as an issue before (see here), I do not believe any rhetoric that may have been spewed forth that "pre-clearance" would be stamped out.

[quackhandle]

More clarity from OP, Investment Banking? (I have not done this) or sitting twiddling thumbs at Radbroke on the Migration Project From Hell. (tick!)

There's always some decent looking laydees always on the floor above so you need to be good at wandering around with a piece of paper.

qh

[Cenobite]

Others might disagree but I believe it is just used as another filtering mechanism.

Although heretical to say I don't think that the workload financial services is any different from anything else in the private sector. For some contracts the working hours can be extreme but that is up to the contractor to manage.

I've thought the same thing about a requirement for current SC. There'll be projects where you want to look into someone's history first but I think SC can be done pretty quickly. I wondered if this filtering was a way of making the agent's job harder because the supply of suitable candidates becomes lower and might justify a higher agent's fee?!?

I also know what you mean about workload: I've come across a few IT contractors who say the whole long hours culture in banking is a myth. One guy told me it was the lowest hours he'd ever done.

[ShandyDrinker]

What's the deal with contracts requiring financial services experience? It this required because it's a different level of workload and extreme working hours, or is it that you expect you to know what things like complex derivatives are?

It's just you seem to be locked out of the banking sector at all levels and in all job titles unless you have that financial services experience. (Although I have been submitted for two banking contracts this week but these have proved the first time I've got past the first gate).

Others might disagree but I believe it is just used as another filtering mechanism. I remember a time not so long ago when a similar thing was done whereby 5+ years experience was asked for in a particular skillset although this isn't so prevalent today.

I don't think that the workload financial services is any different from anything else in the private sector. For some contracts the working hours can be extreme but that is up to the contractor to manage.

Taking your derivatives knowledge as an example, this would depend on the role. In a back office role this may be less of a requirement than say as a quant or analyst.