Reply to: Calling experience sharing from experienced banking contractors...

[ceebeepps]

Used often when a senior permy has put their career at risk.

Sorry, I don't understand this bit?

[oilyrag]

I see this a bit in banking. They can't pay the market rate for PM's and the role is normally psuedo PM as well, you'll not be hiring/firing or managing the budget.

Used often when a senior permy has put their career at risk.

[ceebeepps]

Ha! "boomed" I like it! 😊

Contract is till end of year, so I think ill take it as an opportunity to learn, gain experience, fill up the war chest and line my pockets (and cv) ready for the Q1 rush!

Thanks everyone!

[BlasterBates]

It's a "promotion". No-one will give a PM role to anyone without PM experience on PM rates, so you need to see this as an excellent opportunity to enhance your CV and get a better rate in the future.

They know you're a BA but they think your good enough to take on the responsibility.

I would rename this thread to "boomed".

[LondonManc]

I don't understand. You are happy with the contract, it is in your area, but you are worried about "job title" minutiae ? I wouldn't have thought there are any issues with (a), (b) or (c). If (a) seems to be an issue, just get the agent to correct the contract.

Regarding (b), if I were a hirer, I would not be dissuaded from hiring you because your previous role title could be considered minutely different from what you did. Eg. You could call me a unux engineer, systems engineer, systems administrator, architect, backups engineer - all could be the same thing, maybe with a slightly different emphasis.

Sorry if I have failed to consider some bank thing.

No bank thing to consider. Especially as Senior BA can cover so many different job requirements. Most common is to use it as cheap PM resource.

[eek]

Happened to me. The problem will be that they cannot get anyone to do the PM role for the rate, so they will hire in a contractor who can clearly do the PM role, but pay more by role shifting. I would be very careful about requesting a change of contract as this may alert the HR types and set off a chain of events that puts you out the door.

I've explained the difference of contracted vs. actual with the vetting people and not had any problem with future contracts. I'll leave the IR35 consequences to the the rest of the forum. I wasn't bothered last time this happened to me as I was working a couple of other contracts at the same time.

For a short period of time its not a problem especially if you have reserves. You get to the end of the contract total up the 3 months income less expenses and throw it in a pension.

Yes I might have been under IR35 for that contract. See that pension payment there......

Given a 3 month contract I would probably complete it. I wouldn't be renewing however... 6 month contract my decision would be very different.

[ceebeepps]

Regarding (b), if I were a hirer, I would not be dissuaded from hiring you because your previous role title could be considered minutely different from what you did. Eg. You could call me a unux engineer, systems engineer, systems administrator, architect, backups engineer - all could be the same thing, maybe with a slightly different emphasis.

Sorry if I have failed to consider some bank thing.

Not at all, this certainly addresses one of my concerns about future hires! Thank you!

[ceebeepps]

Thanks guys - very helpful!

[unixman]

Hi,
Seeking some experience sharing from seasoned banking contractors please.

I'm in a contract at present at a city bank. My role is SBA however the contract says business analyst. Not too fussed over that. My concern is that its come to light that the role is actually that of a PM and was confirmed as much by line manager today.

People are telling me this is quite usual for the banks, and as long as the role matches that discussed in the interview I shouldn't worry. Its flexible, contract very ir35 friendly, ok day rate and very interesting work.

My concerns are:
a) ir35 concerns
b) future CV and the role used "as per contract or as per role"
c) have I not considered anything else detrimental?

I don't understand. You are happy with the contract, it is in your area, but you are worried about "job title" minutiae ? I wouldn't have thought there are any issues with (a), (b) or (c). If (a) seems to be an issue, just get the agent to correct the contract.

Regarding (b), if I were a hirer, I would not be dissuaded from hiring you because your previous role title could be considered minutely different from what you did. Eg. You could call me a unux engineer, systems engineer, systems administrator, architect, backups engineer - all could be the same thing, maybe with a slightly different emphasis.

Sorry if I have failed to consider some bank thing.

[northernladuk]

Ah OK so many of the issues mentioned are starting to disappear. If you can do the gig I'd do what LondonManc suggests to cover the contractual side and whilst in the gig try and keep the tasks for yourself that match your current CV whilst carrying the role out so you can truthfully continue the theme of your CV. If that's not possible then you've gotta weigh up the pros and cons from your own experience.

[LondonManc]

Thank you northernlad. I can PM have prince2, PMP plus over a decade of successful PM experience as well as BA experience prior to that so "doing" the role isn't an issue.
Its like being stuck between a rock and a hard place. I can do it successfully, the day rate is "ok" (certainly more profitable than the bench!). As a contractor I am happy to take either pm or ba roles or hybrid roles but the market is pants at the moment.

Thank you for your thoughts te ir35; I suspected as much.

To add to what NLUK has said, have a word with your agent. Explain that you've been advised that the role has changed slightly and that you want a revised assignment of work to reflect this. That *might* still be under IR35 but if you have a CV and contract that match each other and match what you did for ClientCo, the job title will be irrelevant. I've been a senior BA in the past and done everything from junior BA tasks through to PM work. The scope of the work requested of you by the deliverables specified within your contract is what you should be adhering to. So, simply, change the contract or change the gig.

[ceebeepps]

Thank you northernlad. I can PM have prince2, PMP plus over a decade of successful PM experience as well as BA experience prior to that so "doing" the role isn't an issue.
Its like being stuck between a rock and a hard place. I can do it successfully, the day rate is "ok" (certainly more profitable than the bench!). As a contractor I am happy to take either pm or ba roles or hybrid roles but the market is pants at the moment.

Thank you for your thoughts te ir35; I suspected as much.

[northernladuk]

Ok I'll try and keep it simple.

Contract says "business analyst"
Role is "Senior Business Analyst"
Responsibilities of role, as it turns out, are that of a PM (therefore role is PM!!)
Reporting manager confirmed as much today verbally.
I was told this is usual in banking industry contract roles

Question: Am I being shafted or is this usual? - I should say so, for 2, 3 and many other reasons.
Question: Negative ir35 impact? - Your defense has blown. You turned up and just did what the client wanted. Different role altogether.
Question: What do I actually put on my cv at the end of this? - Christ knows.

I am trying to weigh up whether to ditch the contract or see it out. - I'd be gone like a shot

Question that jumps out at me here is can you actually PM? IMO people that think they can be are normally next to useless and cause huge problems. This happens, you get canned then you have a huge black hole in your CV. You are only as good as your last gig and if that is two months as a failed CV then things are gonna get tough. Added to that finance is a very small world. IF, and that's a big if, you can take what you did i this gig and continue the theme of your CV without lying or adding too much artistic merit the risk dimishes a little.

Personally I have a long record of delivering what I do and with the changes coming up I'd move hell and high water to keep it that way. It's too risky to let one quick gig spoil that. As I said if you can make it fit your record then there is half a chance it's worth it.

[ceebeepps]

Ok I'll try and keep it simple.

Contract says "business analyst"
Role is "Senior Business Analyst"
Responsibilities of role, as it turns out, are that of a PM
Reporting manager confirmed as much today verbally.
I was told this is usual in banking industry contract roles

Question: Am I being shafted or is this usual?
Question: Negative ir35 impact?
Question: What do I actually put on my cv at the end of this?

I am trying to weigh up whether to ditch the contract or see it out.

Is that clearer?

[SlipTheJab]

In the quiet words of the Virgin Mary, Come Again?