Reply to: Should I jump now

[cojak]

I think that only you can really decide Ranger. I think that lukemg's advice is good. You have a reasonable warchest and a supportive partner, and although we don't know your BA CV and experience, your replies are thoughtful, measured and give a very good impression of your BA skills.

We try to put people off who look as though they will jump into contracting without thinking, this doesn't apply to you.

Good Luck

[Ranger]

It seems more people are saying 'do not jump'. Plan is to update and upload my C.V. maybe apply for a couple of jobs as well just to test the water. I am thinking I can always go back to a permanent role if I do not succeed within around 4-5 months.

The advice has been useful in any case, so thanks.

Ranger

[rd409]

If you think that you can manage 6 months on the bench, then by all means go ahead. I started my contracting career without any sizeable savings. The only assurance was the other half's job that was sufficient enough to pay almost all rents, and then we could use the credit cards for the rest of the times.

Fortunately, I have since been in the contracts, and have managed to increase the warchest all the time. Do not be discouraged by the savings you have got to fall upon. If you are young enough to learn from your mistake, and have a long career, and if you can switch your skill set frequently at the drop of a hat, then there is nothing stopping you to take a dip into contracting.

[teabag]

Six months warchest isn't enough. I'd want to have at least a years right now. You need to have finance experience otherwise the market is dead..Even that is tailing off... Competition for BA roles in London seems quite stiff at the moment..Rates outside finance are depressed..

[BlasterBates]

Don't jump whatever you do. The market looks like its deteriating. Looks like the banks are gearing up for layoffs, I'm hearing that hiring freezes are now in place.

[alreadypacked]

1. Warchest not big enough;

1> Reviewed my situation with other half and we could last max of 6 months on shoe-string. Both of us gunning for this, which is good. Does this change the advice you have given?

One of the reasons for a big warchest is so you are not desperate, agents can smell desperate a mile off. What they can't tell is why, are you desperate for the role because you have lied on your CV and you may not be able do the role but you want the rate. Or you are running out of money because you are so long on the market and no one else will touch you, or some other reason. They may not take a chance on desperate.

Or the other problem if they smell desperate they may offer you a low rate and keep the rest. Once you are on a low rate it is sometimes difficult to get a much higher rate, the lower you start the longer the climb to a high rate.

When some agents call me with a low rate I do a Linda Evangelista on them: “I would not get out of bed for that rate” Even if I have not worked in months. Most of the time I will contact agents on Skype and tell them I’m on holiday somewhere (Lucky for me this is usually true) you need to get your contractor head on.

[Notascooby]

On point 4 I left a bank as a permie for a contract which was titled as a BA role but I was upfront and told the agencies I'd need 4 weeks notice from the point of accepting.

Yes this can limit the roles but things don't tend to move that quickly, I'm sure there's lots of cases of interviews on Friday and starting on Monday but within finance there's usually 2 weeks worth of checks to be done before you can step through the door.

If the client likes you then they'll be prepared to wait, the advantage of a BA over a coder is that you're needed when the project has time to spare. The developer is usually drafted in with a month to go live on the pretence that you can throw bodies at a problem to meet an unrealistic date.

[Ranger]

Thanks to all for the varied replies. Gave me a lot to think about which I really appreciate.

Let me see if I can summarise:

1. Warchest not big enough;
2. Market not good for newbies;
3. Market depressed compared to 2008;
4. Start applying to gauge marketability;
5. You're not ready if you are asking whether you should;
6. Finance only take experienced candidates.

My general responses to each point:

1> Reviewed my situation with other half and we could last max of 6 months on shoe-string. Both of us gunning for this, which is good. Does this change the advice you have given?

2> Difference between IT consultancy and contracting is security. Roles can be on client-site, and short: over 6 months is a bonus. Worked alongside other contractors with difference being pay, and not experience. Only newbie in terms of business side of contracting, not client-facing skills. Also bagged most of my interviews to date, so technique probably okay.

3> Probably need to do more research. My view of the market is different; various colleagues have left for contracting and permanent roles without issue since mid-2010 to now. @cojak: thanks for the links: they refer to only two unfortunate stories. How is this a true gauge of the market? Might be missing something. Any other reasons you are pessimistic?

4> I guess this is what I should do. The proof of the pudding...but @lukemg: what do I do if they offer me an interview and I have not really given notice? What if I am offered the role?

5> I am usually risk-averse, so asking for me is natural; but don't get me wrong, when I do take a risk, I go all-out. Asking just to see what may be in store down the line. Believe most people with option for perm or contract would ask even if they are ready.

Would really appreciate it if anyone with specific BA contracting experience can chip in. Hoping to land role in London but prepared to go further afield (maybe even overseas) given it is first attempt.

Thanks in advance.

Ranger

[MarillionFan]

You have to ask yourself the question

"Do you feel lucky punk?"

Well do you?

[Notascooby]

No harm in taking lukemg's advice and getting your CV out there and applying for a few roles.

The risk is yours alone and only you can decide what the demand is like at your location and whether you feel you have enough experience to be marketable.

Good luck.

[northernladuk]

I say go for it. Plenty of BA / PM roles in banking at the moment and good rates on the whole - a lot of the banks are really gearing up for next year when they believe the economy will take off so they want to be well positioned to take advantage.

When I started I had no warchest, £20k worth of debt, an ancient car and an empty property I was trying to sell in the middle of the housing crash - its makes it stressful and feel like you have to cling on but seemed to do ok and it was the quickest way to resolve my various 'loose ends' - would have taken years as a permie.

Our esteemed colleague here misses a few salient points out of his recommendation.

First off the banks tend to look for pretty experienced guys with previous banking/financial experience being a must have. As a new guy with no contracts under your belt you are going to be at the back of a very long queue unless you are niche.

The poster also mentions 'when he started'. It sounds like a while ago when yes contracting was good and banks would take anyone. I would stick my neck out and say the climate has changed quite a bit since then.

And most are in London as well.

[TykeMerc]

With only 2-3 months war chest and the fact you have to ask the question I don't think you are ready for it. I would suggest you keep saving money and prepare for the jump and then you will know when you are ready for it.

I couldn't agree more.

2-3 months worth of warchest isn't enough in today's climate.
If you have to ask then you're not mentally prepared for contracting. Whenever I'm asked "should I?" I always say no, but if asked "how do I?" then I'll give as much info as I can.

The market is definitely depressed compared to 2008, but it's showing good signs of recovery.

[SneakySimon]

Do it!!

I say go for it. Plenty of BA / PM roles in banking at the moment and good rates on the whole - a lot of the banks are really gearing up for next year when they believe the economy will take off so they want to be well positioned to take advantage.

When I started I had no warchest, £20k worth of debt, an ancient car and an empty property I was trying to sell in the middle of the housing crash - its makes it stressful and feel like you have to cling on but seemed to do ok and it was the quickest way to resolve my various 'loose ends' - would have taken years as a permie.

[lukemg]

Easy one this as ever - the market will let you know. Start applying for jobs that are being advertised. IF you are getting calls back from the agencies, then it looks like your CV and experience are good. MAKE SURE you tell them you are available, if they get a sniff you aren't they will bail. Tell them you have given notice and are finishing in 2 weeks time. IF you get interviews then clearly there is a market for you at the moment but it is up to you then to land it.
Are you the type who can sell yourself at interview ? You will need to be because you are up against people who can.
This tells you there is 3 months work, it doesn't tell you about next year or if the world hits the skids again. And if you do get a contract - start saving 3 months warchest is not enough, I've got 2 years at least and still don't feel safe after getting burned in the past.

[dynamicsaxcontractor]

Hi all,
hoping to get some guidance or a 'reality check' about my aim to start contracting in 1 month.

Here are my particulars:

1. Mortgage bound
2. 2-3 months savings before grim-reaper starts knocking on the door
3. Over 10 yrs experience with respectable IT consultancy
4. Skills: Business Analyst, Systems Analyst and Team Leading others doing this kind of work.
5. Desired sector: Retail Banking but flexible
6. Current role ends in less than a month, and thinking of giving notice in next few days.

My questions:

1. What is the general market like for my skillset?
2. Should I be concerned about the recession and the impact of Nick and Cameron's cuts on the job market, in the next 6 months? Are there signs of down-turn?
3. How can I increase my chances of ensuring a contract within a month
4. The Biggie: Should I jump now, or wait until later.

Would really appreciate any views on this matter from anyone so please let me know what you think.

Thanks in advance.

Ranger

With only 2-3 months war chest and the fact you have to ask the question I don't think you are ready for it. I would suggest you keep saving money and prepare for the jump and then you will know when you are ready for it.