I am thinking of trying London out, I have worked for a retail bank a frew insurance/pension companies and a investment bank outside London. If I tart my CV up to highlight these I should be able to get into a City IB?
There seem to be some good paying contracts despite the doom about bobs undercutting.
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Agreed, I left my last permie role in 2007, knowing I was ONLY looking for IB roles, it took 3 months but I got in, and have now been contracting in IB for 5 years on 4 contracts for 3 clients.Originally posted by oliverson View PostLeave a comment:
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Those that don't believe decent rates can't be had in IB anymore or that working in an IB is like a sweatshot are deluding themselves.
Granted it's not easy to break-in (my entry was via a history of contrating at retail banks) but if you want it bad enough you'll get it.
I've had some periods of downtime over the crisis but I'm currently enjoying the highest paid contract I've ever had and it's so relaxed its unbelievable. Hopefully it will continue for a while.
Right now some specialisms within the .NET market are seeing a return to big rates and increasing numbers so I'm optimistic as to the year ahead.
As you'd expect, contracting in IB where the money is good isn't without competition. For the best rates the best developers will win out. Most of these roles tend to be filled through recommendations.
Good luck and don't be put off.Leave a comment:
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Originally posted by ChimpMaster View Post
Just had a call about a well-matched role, on more than I am currently on. Sorry OP, .NET isn't my primary skill. Only 200yds from current clientco.
Nice to know some clients are looking.
I have another 2 months at current clientco, and the increase wasn't enough for me to overcome my professional aversion to leaving early.
Hopefully they won't fill it and they can ring me back in a month, if I don't get an extension where I am.
Last edited by Scrag Meister; 9 January 2013, 16:11.Leave a comment:
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You pay peanuts you get ...?Originally posted by fullyautomatix View Post
I would much rather have one good developer than 3 average/poor developers. And by normal distribution, statistics show that most offshore developers will be average to poor - not just technically but overall.
Time and time again I have seen experienced, good contractors shifted out and cheap, poor quality replacements brought in. And you know what - management in large corporations (like banks) don't care because all they want is to cut costs to line their own bonus with. Their logic is self-serving and short-termist. The IT departments suffer and eventually quality and service suffer in the longer term.
There will be a mindshift at some point and the tide will turn, but it may take a while yet. Or perhaps it's starting now: I've received an email quoting a £550 daily rate for an IB, which is less than what I was earning at another IB recently. However, I'm now out of the City and on way more than that.
Think about it: how much do you hate being connected to a call centre in India/Philippines etc, where (a) they can't understand you or (b) they cut your call if they can't be arsed to deal with you and (c) don't have the necessary authorisation to fulfil your request anyway.
As a customer, I now try to avoid companies with offshore centres. Barclays is one of the worst for offshore centres and I will be closing my account with them later this year. BT are also very poor in this respect, but fortunately I have worked out how to get to their UK teams quickly now.Last edited by ChimpMaster; 9 January 2013, 12:29.Leave a comment:
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It certainly is possible to achieve. Not easy, but it *is* possible.Originally posted by fullyautomatix View PostLeave a comment:
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Wrong. Try again.Originally posted by fullyautomatix View Post
How long it will last is yet to be seen. Average advertised rates for dev roles in my skillset have actually gone up over the past few months.Leave a comment:
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500 + in dev is I think not possible to achieve. Indian IT companies will supply 3 guys for that money. I am not sure how long the british IT contractor will last in pure development.Leave a comment:
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Judging by some of the comments here it does make you wonder whether working at an IB is worthwhile. Having worked in both investment (primarily middle/back office) and retail banking my experience is that the environment in retail banking is no better than investment banking.Originally posted by MyUserName View Post
I would recommend working in an IB if you can though just for the experience so you can decide whether it is the kind of environment you want to work in.Leave a comment:
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Same here. Left an IB after 5 years or so contracting there and am now working elsewhere, out of the City, earning more and having an easier life of it too. I miss the City - socially at least - but it's not a healthy place to be long term.Originally posted by nomadd View PostLeave a comment:
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This^Originally posted by MyUserName View Post
My current gig is the first I've done in 4 years outside of IB. Quite a shock to work with reasonable people who work standard hours and are all very friendly. My rate is only slightly lower than I was getting in IB work.Leave a comment:
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Getting into IBs is hard as they can afford to pick and choose and do pick and choose people with industry experience. The frustrating thing is that you rarely need the knowledge, you just need to be good at programming and be able to work thoroughly even when you are bored. I
f you work in the front office you will also have traders going ballistic at you eve though you are right, the managers will back them even though you can explain why you are right.
The IB industry is no longer the cash cow it was, I would hesitate to recommend trying to get into it to anyone.Leave a comment:
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Sorry for my ignorance, what is "bob" used as a meaning for?Originally posted by eek View Post
Ketchup,
Did your friends get into the banks via financial software houses as contractors for these financial software houses? Or were they permie's first?
I'd find it difficult to go permie ever again!Leave a comment:
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