Reply to: First time contractor - How long to hear from an agency???

[Moscow Mule]

Jesus wept. "ooooh I've only got £500 a day. I should get much more than that"

Boo ******* hoo.

Jealousy will get you nowhere my dear chap.

You're worth as much as the market is willing to pay for you - it varies a lot.

[Epiphone]

Jesus wept. "ooooh I've only got £500 a day. I should get much more than that"

Boo ******* hoo.

[cojak]

Yep, even though you've hired contractors, it's all a bit different when you're on the other side.

But you've learned from it, so you'll know for next time.

Good luck...

[bracken]

I said I'd let you know how I got on...

Well, it didn't go too well!! I never heard from the agent following my £450 counter-offer and other than a few odd days work, I've been benched since beginning of January.

The good news though is that I've just accepted a 6 month contract on a decentish rate. The bad news is that it's less money (£500 pd) than I was hoping for and I have to stay away Monday to Thursday (although the client is picking up my accommodation - not sure if there's any tax implication?).

All in all, I wish that I'd taken the £400pd job close to home rather than hold out for a higher rate at a time when the market (for me at least) is slow.

Ah well, you live and learn...

B

[bracken]

Cojak your being polite again. What have you been drinking?

Seriously OP I know plenty of contractors who put their rate down by up to £250 a day in order to get a contract in a new skill or new area of work even though they have a track record in other areas. As this is your first contract you should expect to be on a lower rate simply because both the agency and the client are taking a risk using you. After all you may find within a month you don't like contracting and go back to permiedom.......

All - thanks for the advice. I've gone back to to the agency with a counter offer (£450) given that my CV was in their words 'flawless'! I may even go lower...

More generally, I have to admit that I was a little bit economical with the truth when I first posted...I used to run 30+ contractors and agencies as part of my role as Head of Procurement so I'm pretty much up to speed with how it all works. When I left after 22 years, I also bagged a 4 month contract with my 'previous employer' at £640 per day and am currently doing 5 days work at £600 per day through a mate. I didn't mention this originally as I don't think they count as 'real contracts' given that they've come to me on a plate. It's only now that I'm doing this 'for real' that I'm having to decide whether to take (in my eyes) a 20% pay-cut against the market or fix in to a slightly lower rate at a time when the consensus is that rates could be heading south.

You collective advice is appreciated - I'll let you know how I fare...

B

[SueEllen]

Cojak your being polite again. What have you been drinking?

Seriously OP I know plenty of contractors who put their rate down by upto £250 a day in order to get a contract in a new skill or new area of work even though they have a track record in other areas. As this is your first contract you should expect to be on a lower rate simply because both the agency and the client are taking a risk using you. After all you may find within a month you don't like contracting and go back to permiedom.......

[cojak]

They were offering 'up to £400pd', my skills are paying £500+pd.

In my view, for my type of role, the 'previous IB experience required' thing is a bit of a red herring - I think there's an unwritten rule, (and I'm gereralising here) if you've had IB experience, you can get IB roles, if you haven't, don't bother because you clearly won't be able to handle the dynamic pace of the IB industry...I must fall into the latter!

I'm sorry but you have no experience as a contractor. The mindset and consequently the work is different from that of a permie. You need a can-do- attitude and will need to be prepared to put the effort and the hours in to get the job done and you don't have the evidence that you can do this.

You will need to have a track record (previous contract) to get the £500pd you want. £400pd was a good offer for a first contract - you'll be much more likely to get 500 in your second contract.

You could be spending a few more weeks/months on the bench if you're that picky.

(PS. I grabbed a process analyst 3 month £200pd role in order to move from training contracts earning £350pd. For the second contract I doubled the daily rate...)

[Denny]

Contracting is not for the feint hearted...it's risky and you need big ones. There are good times and bad times...at the moment the balance of probability says were heading to some form of a slow down.

It's no time for being picky. Not easy to break into IBs without the right experience. Someone's got to point out the risks.

"We then 'talked turkey', couldn't agree the rate so we went our separate ways..."

First contract at a bad rate to get the foot in the door, would have been a better course of action.

I agree with your last comment.

[bracken]

What rate were they talking?

I've been contracting in IBs for 10 years+, never heard of PRINCE(or 2) been used, and off shoring is not been executed with the same enthusiasm it used
to be. Apparently it doesn't work like the business want.

Credit derivative risk systems in demand now...not sure why.

Good luck waiting for the right money!

They were offering 'up to £400pd', my skills are paying £500+pd.

In my view, for my type of role, the 'previous IB experience required' thing is a bit of a red herring - I think there's an unwritten rule, (and I'm gereralising here) if you've had IB experience, you can get IB roles, if you haven't, don't bother because you clearly won't be able to handle the dynamic pace of the IB industry...I must fall into the latter!

[max]

I'm sure Bracken's feeling great after that advice, BB - full of optimism, hope, encouragement and support from his fellow contractors on here.

Contracting is not for the feint hearted...it's risky and you need big ones. There are good times and bad times...at the moment the balance of probability says were heading to some form of a slow down.

It's no time for being picky. Not easy to break into IBs without the right experience. Someone's got to point out the risks.

"We then 'talked turkey', couldn't agree the rate so we went our separate ways..."

First contract at a bad rate to get the foot in the door, would have been a better course of action.

[Denny]

Doesn't look too good bracken, by now you should have a few hot leads. I'd start looking permie again by now. The market may be turning, to be honest unfortunately you haven't picked a good time. We're in potentially the worst banking crisis since 1929, and in those days business men regularly jumped off tall buildings.

However good luck.

I'm sure Bracken's feeling great after that advice, BB - full of optimism, hope, encouragement and support from his fellow contractors on here.

[max]

He then called me back within 5 mins to and told me (and I believed him!) that my CV was 'flawless for the role' and when could I go for an interview with the Investment Bank. We then 'talked turkey', couldn't agree the rate so we went our separate ways...

At least I've got a bit of confidence back following following 'BlasterBates' tales of doom and gloom...

Cheers

B

What rate were they talking?

I've been contracting in IBs for 10 years+, never heard of PRINCE(or 2) been used, and off shoring is not been executed with the same enthusiasm it used
to be. Apparently it doesn't work like the business want.

Credit derivative risk systems in demand now...not sure why.

Good luck waiting for the right money!

[Xenophon]

Tailor my cv to emphasise the skills the role needs - no lying!

Yeah right...

[lukemg]

I'm with the bear, unless it is the perfect role, I fire CV and forget. I wouldn't argue with a follow up phonecall to get you up the list but personally I don't do this.
If you look a good prospect and among the best few early applications (24 hours can be way too late to send application) then you will likely get a call back to discuss. So - your CV needs to get you a call back, then you have to persuade the agent to put you forward, then your CV needs to convince the client to see you, then you need to be the best at interview - good luck !
Never, ever wait by the phone at any stage, you will spend a lot of time disappointed, send CV, phone if you like, don't expect any further contact and anything you hear is a bonus.
Key rule is this - if you are in the running the agent will be in constant contact, if you fail at any stage you will never hear from them again. No one likes hearing bad news and no one likes giving it.
If you don't hear, you are out of the game - end of.

[Spacecadet]

Hi all - From Jan this year (after 22 years with the same employer)

I hope you built up a list of contacts during that time, drop them all a friendly email/phone call and have a chat, let them know you've left and you've gone independant.
Might sound like you're trying to sell your self to your friends/acquaintances/associates/contacts but if you are any good then you could be doing them a favour.