Reply to: Retraining as IT contractor, starting at the bottom.

[WTFH]

Thanks for explaining, I had somehow got the impression that £800 was the median rate for IT contractors but that now seems not to be the case.

It's possible, that if you were looking at payments made to agencies, including VAT, then it might be £800 a day
Take off VAT, you have £666. Take off agent's fee, you're at about £560.
And if the contractor was working through a consultancy, then take another £200 a day off that.


In the last few years I did some work through a consultancy who billed me at £1200+VAT, I got about half that.

[bingocaller88]

Presumably you have some CII qualifications then?

If so, a way into a more tech role, but without being a coding monkey, could be to look at the companies that supply systems to IFAs etc and see if you can get a role with them. Maybe as a BA or even a PM, implementing said systems into companies. Instead of learning (say) python (and the rest of the stack) then you could sit some BA exams or maybe do Prince2 (just remember - Prince2 alone does not make you a PM!!)

My wife is as highly qualified as you can get with CII and has 'basic' IT skills, yet she has always earned salaries in line with my contracting rates. Just shows if it's money you're after, IT may not be the way you need to go.

Thank you, yes that's right I have some CII qualifications though not particularly advanced. I will definitely look into these suggestions.

[Whorty]

Thank you. This is what sometimes happens:

1. Bank or other financial firm sells product to mass market
2. Regulator finds problem with the way it has been sold
3. Firm is required to review the sales of the products and/or deal with complaints generously

I have been involved with step 3, and have some basic financial advice qualifications.

So I guess, yes I would be starting from a somewhat low base. I originally mentioned Python as I have heard it's important for people in investment banking.

Presumably you have some CII qualifications then?

If so, a way into a more tech role, but without being a coding monkey, could be to look at the companies that supply systems to IFAs etc and see if you can get a role with them. Maybe as a BA or even a PM, implementing said systems into companies. Instead of learning (say) python (and the rest of the stack) then you could sit some BA exams or maybe do Prince2 (just remember - Prince2 alone does not make you a PM!!)

My wife is as highly qualified as you can get with CII and has 'basic' IT skills, yet she has always earned salaries in line with my contracting rates. Just shows if it's money you're after, IT may not be the way you need to go.

[bingocaller88]

Assuming you are being serious .... why not tell us your background, skills, experiences, and you might get a bit more help? As per me and a few others I suspect on here, we're not 'IT' contractors but do work in a more tech based role, but around our core skills. For e.g. I'm a qualified accountant but work in the area of Finance/Accounting systems - not 'IT' as such, but commands IT day rates and being quite niche pretty much guarantees a flow of contracts.

I'd probably say don't try to compete with IT geeks if you're starting from a low base as the market is already flooded - you could learn Java, Python or similar but learning this part time with no real experience will never get you as good as the young dudes doing it every day. Try to use your existing skills and experience and see where niche roles are around that.

Thank you. This is what sometimes happens:

1. Bank or other financial firm sells product to mass market
2. Regulator finds problem with the way it has been sold
3. Firm is required to review the sales of the products and/or deal with complaints generously

I have been involved with step 3, and have some basic financial advice qualifications.

So I guess, yes I would be starting from a somewhat low base. I originally mentioned Python as I have heard it's important for people in investment banking.

[Whorty]

Maybe the bit about the GCSE was a bit jokey based on watching too much OFAH. Otherwise it was a serious post, as I am going nowhere in my current field.

Although I am not naive enough to think I can walk into a good role after a couple of online courses, everyone has to start somewhere.

Assuming you are being serious .... why not tell us your background, skills, experiences, and you might get a bit more help? As per me and a few others I suspect on here, we're not 'IT' contractors but do work in a more tech based role, but around our core skills. For e.g. I'm a qualified accountant but work in the area of Finance/Accounting systems - not 'IT' as such, but commands IT day rates and being quite niche pretty much guarantees a flow of contracts.

I'd probably say don't try to compete with IT geeks if you're starting from a low base as the market is already flooded - you could learn Java, Python or similar but learning this part time with no real experience will never get you as good as the young dudes doing it every day. Try to use your existing skills and experience and see where niche roles are around that.

[bingocaller88]

Wind up surely?

I'd have to say I dont believe this but my BIL is like this.

Hes said a few times now he "fancies working in IT" and wants to know how to get a job like mine. I thought he was joking at first too. My Mrs has told me not to wind him up because I said "get a time machine, get more than 2 O levels, maybe go to college, get a job then come back and tell me how it went".

Maybe the bit about the GCSE was a bit jokey based on watching too much OFAH. Otherwise it was a serious post, as I am going nowhere in my current field.

Although I am not naive enough to think I can walk into a good role after a couple of online courses, everyone has to start somewhere.

[bingocaller88]

Train yourself up in GDPR / privacy etc. Reasonable jump from compliance.

Thank you that's a good idea, I'll look into it.

[bingocaller88]

£800 a day is either for very in demand technical skills or senior roles like Head of IT or other team heads. It would usually take you quite a lot of years to get to that sort of day rate.

Once you get to about £750/day, that's the start of 'interim' day rates as opposed to contractor. They can go up to £3,000 odd per day.

I's obvious but for £800/day clients will expect an awful lot of you and a bit more than a certificate and a couple of years experience.

Thanks for explaining, I had somehow got the impression that £800 was the median rate for IT contractors but that now seems not to be the case.

[bingocaller88]

What role in IT do you want? Those people on £800 pd whose money you are coveting - what are they doing? Not literally, as that'll be close to nothing, but what role are they in?

Thanks for replying. I don't know yet which role.

That will give you a clue as to what skills you need to get to their level in about 5 - 10 years' time depending on your ability to spin no experience but have a bit of paper and the strength of your network to get you into a job you're probably not qualified to do (the latter is the way I manage to get work, I'd still be a waitress in a cocktail bar otherwise).

Point taken about strength of network. If I was better at networking I would have a better role in my current field.

[bingocaller88]

I will give you a serious answer though.

Do you have an accounting qualification? If you do then it'll be much easier to make the transition because companies who are looking for IT professionals with accounting qualifications will accept much lower IT experience and still pay decent day rate. Otherwise I think it's going to be a long hard road for you.

Thank you. I don't have accounting qualifications (yet).

[Peoplesoft bloke]

Hi, I have been working as a contractor in financial services compliance (ie not at all IT) for a few years and have noticed on here that a standard day rate for IT contractors is circa £800 pd, whereas I have never even got to half of that. I am also furloughed.

So, can I retrain as an IT contractor? I don't have high day rate expectations given that my only IT qualification is GCSE. Where would I start to get a basic bums-on-seats position? Would it be good to learn Python on the Harvard Uni site for example?

Thank you

Is this Rishi Sunak?

[Old Greg]

Hi, I have been working as a contractor in financial services compliance (ie not at all IT) for a few years and have noticed on here that a standard day rate for IT contractors is circa £800 pd, whereas I have never even got to half of that. I am also furloughed.

So, can I retrain as an IT contractor? I don't have high day rate expectations given that my only IT qualification is GCSE. Where would I start to get a basic bums-on-seats position? Would it be good to learn Python on the Harvard Uni site for example?

Thank you

Train yourself up in GDPR / privacy etc. Reasonable jump from compliance.

[Gibbon]

My highest IT qualification is also a GCSE, so it is possible

Wow that is surprising!

[psychocandy]

Wind up surely?

I'd have to say I dont believe this but my BIL is like this.

Hes said a few times now he "fancies working in IT" and wants to know how to get a job like mine. I thought he was joking at first too. My Mrs has told me not to wind him up because I said "get a time machine, get more than 2 O levels, maybe go to college, get a job then come back and tell me how it went".

[SimonMac]

Hi, I have been working as a contractor in financial services compliance (ie not at all IT) for a few years and have noticed on here that a standard day rate for IT contractors is circa £800 pd, whereas I have never even got to half of that. I am also furloughed.

So, can I retrain as an IT contractor? I don't have high day rate expectations given that my only IT qualification is GCSE. Where would I start to get a basic bums-on-seats position? Would it be good to learn Python on the Harvard Uni site for example?

Thank you

My highest IT qualification is also a GCSE, so it is possible