Public Sector to Finance

[uk contractor]

Getting into FS sector is harder now due to so many internal contractor layoffs that do not even make the news.

Banks letting lots of contractors go all the time your better off trying another sector there are a lot of viable experienced FS contractors floating around nowadays due to market conditions. Rate is meaningless (to the end client) they want extensive FS experience.

[squarepeg]

Offers from clients of contracts or offers of interview from agents?

Both. But I wouldn't get offers from clients if I wasn't getting offers of interviews from the agents in the first place. When I lived in Reading, I would just not be put forward for any jobs in London. So I moved.

[northernladuk]

You might have to. I did and I am getting more offers.

Offers from clients of contracts or offers of interview from agents?

[squarepeg]

Dropping your rate will only appeal to the agency, they will still pitch you to the client at around market rate and take a bigger cut. I worked in FS for 25 years as a permie but outside London, I don't even get to the interview stage for London based jobs, think I need to change my address.

You might have to. I did and I am getting more offers.

[BigRed]

Dropping your rate will only appeal to the agency, they will still pitch you to the client at around market rate and take a bigger cut. I worked in FS for 25 years as a permie but outside London, I don't even get to the interview stage for London based jobs, think I need to change my address.

[Bluespider]

and getting your foot in the FS sector.
That's the ultimate goal here, right?

Doesn't matter who is making a skin off of you, as long as you get into FS. You can then negotiate at renewal or move at the first opportunity now with FS on your CV and the experience box ticked.

[fidot]

So when you offer to drop your rate, how do you ensure that the agency passes that on to the end client? If you don't, all you are doing is helping fill the agency's coffers.

[Smartie]

An alternative to dropping your rate is to work your contacts - a Project Manager from a former contract who's now working in finance for instance ;-)

[Bluespider]

Its not about level, junior or senior, its about rate...

you need to take the contract/rate that no one else wants because its so low.

i.e. pitch your cv the way you normally would, but go for the low hanging fruit. If the agent knows that its a low rate for an FS gig (and they will know) they will be keener to look at your cv regardless of your FS history.

[pjt]

I think that's about right.
In my experience (myself included), anyone i know that has broken FS has taken a hit on their first contract rate. It built back up quickly enough but you need to start thinking about this like your first contract, not just your first FS one.
If you want to break into anything new, you need to start at the bottom again (relatively).

That's a concept I've toyed with in the past. Have you been in a similar position? If so did you just pitch a similar role to your usual role at a significant discount or did you actually go for a more junior role?

[Bluespider]

Drop your day rate by half on your 1st FS contract.

I think that's about right.
In my experience (myself included), anyone i know that has broken FS has taken a hit on their first contract rate. It built back up quickly enough but you need to start thinking about this like your first contract, not just your first FS one.
If you want to break into anything new, you need to start at the bottom again (relatively).

[cojak]

Has anyone made the move from public sector to finance? I've been working in the public sector for years and every attempt to get into finance have failed. My main reason for making the move is the amount of roles I see on jobs boards in my niche that come from finance. I have all the skills for many of these except the essential financial experience.

With the impending changes to T&S a move to a sector with more local roles is something I need to get into. So any tips on how to achieve that first FS role would be appreciated.

Drop your day rate by half on your 1st FS contract.

[northernladuk]

You need to get some financial experience. HTH BIDI

[pjt]

Has anyone made the move from public sector to finance? I've been working in the public sector for years and every attempt to get into finance have failed. My main reason for making the move is the amount of roles I see on jobs boards in my niche that come from finance. I have all the skills for many of these except the essential financial experience.

With the impending changes to T&S a move to a sector with more local roles is something I need to get into. So any tips on how to achieve that first FS role would be appreciated.