Reply to: How Is The London Financial Contracting Market?

[BrilloPad]

I can't imagine that in support the premium of contract over permie being that much. Factor in the risk aspect, is it worth it?

The bonuses are the big unknown.

[bobhope]

I can't imagine that in support the premium of contract over permie being that much. Factor in the risk aspect, is it worth it?

[BrilloPad]

Op, dont forget to take everything you read on here with a pinch of salt :-)

bucket

[grey_lady]

Op, dont forget to take everything you read on here with a pinch of salt :-)

[BrilloPad]

It will be very interesting to see what happens when budgets come out in March/April. I still reckon they will be good.

[ChimpMaster]

Financial institutions are bearing the brunt of le crunch. The bank where I am at has largely escaped the crisis and even they are making cutbacks in order to prepare for the ensuing wider slow down. And there will be a slow down, no matter what central (b)ankers try to do about it.

I am in agreement with most of the replies here. Generally I don't believe it's a great time to get into contracting, especially in support sectors. Even if you're good and have niche skills, you will not be irreplaceable.

I get the feeling that my contracting run is about to be thoroughly tested this year, and so if it comes to it I may revert back into a permie role if need be, to tide me over. If I was a permie right now, I would not be considering taking a contract unless -
- I didn't need financial security for several months
- I knew that I could fall back into a permie role if I wanted to
- I was offered a long term contract at a great rate, to cover the risk

Having said that, if you're great at what you do, and even better at selling it, then there is always a market out there. Either way - good luck and do keep us posted.

[BrilloPad]

I've got to say that on the face of it, I agree with the previous opinions...except that some areas/skills seem untouched by the crunch.

good post.

I work in Risk systems - demand is increasing. Or is it just cos the permies here are totally s**t?

[SomeoneElse]

I've got to say that on the face of it, I agree with the previous opinions...except that some areas/skills seem untouched by the crunch.

I think it really depends on your skills and are of expertise - if you're a FOTS .Net'er then you're laughing. If, on the other hand, you're an intermediate DBA or wintel guy, you may be better off staying permi for a bit longer.

[Dow Jones]

Don't (atm)

I'd agree with previous posters, especially malvolio (he is 99% right, 99% of the time on most subjects), also max and BB who are in banking/finance. Not a pessimist (yet), but I think 2008 is going to be a 'crunch' year, so I wouldn't recommend anyone leaving a decent permie job to sail into an unknown contracting adventure. Being enthusiastic - which you are - is a pre-req for contracting, but also being realistic too.
Bear in mind that most of the support stuff is done remotely now (unless for secure apps/servers) from places as far away as it is economically viable (haven't seen anyone on the floor for ages), so support staff will bear the brunt of any cuts, followed by junior devs and others.

[BlasterBates]

So I was wondering, despite the talk of the "credit crunch", how is the desktop support contracting market going in the financial IT market in London?

I'm thinking of jacking in my permie job and going contracting. I've phoned many agencies but none are interested in my 4 weeks notice period so it seems I will have to quit first.

From what I can tell, the market is pretty strong still and I've worked for top tier banks so have good experience.

Now unless the market is down 50% then I'll be going full force!

Perhaps someone can share their views on the current situation?

cheers

Pretty cr*p I would say, I would wait for the Summer, before looking. They're predicting 10000 job losses over the next few months. The news coming out the banks is just getting worse, yet more write offs, and each dollar they write off they have to find from somewhere, so they're not just "theoretical" losses, they're real.

[Turion]

i have in demand skills and consider myself high calibre. don't worry, your fear mongering won't keep me in this permie job!

It's not what you think that counts. The market will decide your fate - and it's slowing down right now.

You've already made up your mind so go for it. Make sure you've got 6 months savings to support yourself as you will not qualify for benefits. Go for a low rate and junior post to start with and for advice, read the numerous 'why am I on the bench posts' that are cropping up regularly.

[malvolio]

sure thing. i'm not going to wait 3 years before they sort out their mess.

i have in demand skills and consider myself high calibre. don't worry, your fear mongering won't keep me in this permie job!

Here we go again...

The trick is to (a) understand that you are bottom of the pile as a new contractor with no history, (b) support skills are the first to get outsourced since most senior managers think developmers are more important than the people who keep the company working and (c) the people on here actually know what they're talking about (mostly) and their advice should be heeded.

Do your research - look through jobserve, work out which jobs are real and which aren't and use the real ones to assess what's out there. Then look at the skills required and the start dates. Then tell us why you are so desirable as someone in an devalued FTE role looking for a contract. And why contracting is such a good idea in a depressed market when you have a 52-week income stream already.

And make sure you read the guides...

[multiuk]

Quit....let us know how you go...50% reduction in investment bank market capitilisation should be no problem.

sure thing. i'm not going to wait 3 years before they sort out their mess.

i have in demand skills and consider myself high calibre. don't worry, your fear mongering won't keep me in this permie job!

[BrilloPad]

The job market is quite strong generally for IT people - a couple of banks have lasd off a few but others recruiting.

But it is developers who are needed.

[max]

I'm thinking of jacking in my permie job and going contracting. I've phoned many agencies but none are interested in my 4 weeks notice period so it seems I will have to quit first.

From what I can tell, the market is pretty strong still and I've worked for top tier banks so have good experience.

Quit....let us know how you go...50% reduction in investment bank market capitilisation should be no problem.