Investment banking contracts ...

[Bovvered]

Re:

What about project managers and consultants (e.g. change management/transformation, etc.). What is the story there in terms of business knowledge?

Same story. A lot of the management know the business, and wont let in outsiders. It's still balls though. A good manager/consultant can learn the business...whatever bsuiness that may be.

[voron]

Every year the management ram a stick of celery up your arze - it is called a bonus.

Ah, must be Chelsea fans. Good to the Blue tide rising

[Jabberwocky]

Every year the management ram a stick of celery up your arze - it is called a bonus.

[Fleetwood]

salaries (?)

[Jabberwocky]

>Don't forget the one about "high pressured environment".

Most banking staff have a range of abilities probably towards the higher end because of the celeries they can offer. Their defining quality is that they are all obnoxious egotistical w*nkers. If they don't start out that way they soon become it. The reason is that is how you survive and meet the expectations of those that matter - the traders.

Or my favourite "a team of talented people".

A bank would never says this - the team is the best in the business and need another Nobel Leaurate to join it. Must have the equivalent of 20 years C++ and SQL experience and be under 30.

[voron]

That's what they'll have you believe. I managed to sneak in unanounced with zero business knowledge, and now have slightly more than zero business knowledge. I gleefully tell the permies in the pub about how they think they are above every other industry in the fact that you can't do the job without the BO, but for 90% of the coding jobs, it's all balls.

What about project managers and consultants (e.g. change management/transformation, etc.). What is the story there in terms of business knowledge?

[BlasterBates]

well spotted Bovvered

...but glad to see you're doing your bit in keeping the myths alive.

Don't forget the one about "high pressured environment".

Or my favourite "a team of talented people".

[Bovvered]

Re:

I've given up on the idea of contracting in the banking sector after realising that they want people who know what they are talking about.

That's what they'll have you believe. I managed to sneak in unanounced with zero business knowledge, and now have slightly more than zero business knowledge. I gleefully tell the permies in the pub about how they think they are above every other industry in the fact that you can't do the job without the BO, but for 90% of the coding jobs, it's all balls.

[messiah]

[QUOTE=BlasterBates ... too many inexperienced overpaid bods without logins didn´t do the bottom line any good I´m afraid.[/QUOTE]





Thats quite funny Blaster, the bank I was at was a joke for logins and computers. Took them 3 months to sort it all out !

Its all a farce, full of two faced pr*cks.

[BlasterBates]

...aha so all those permies that flooded the market last year and got in the way of us "old timers" got their just deserts, whoops, I mean were unfairly treated.. Well last year was a bit of a one off actually, a lot of banks who cut costs suddenly found themselves playing catch up again, and over did it a bit on the recruitment ... too many inexperienced overpaid bods without logins didn´t do the bottom line any good I´m afraid.

Still the market is now back to normal, so if you do get a contract now, it probably will be a "real" one. Normally contracts roll on for years.

[WageSlave]

Head this warning if you are thinking of venturing out there into contracting

...errr...you do know this is a site for contractors, don't you? But thanks for the tip. I've given up on the idea of contracting in the banking sector after realising that they want people who know what they are talking about. Rules me out

[threaded]

Very common. Quite a few contractors business model is based on being a BOS (bum on seat) in these kind of shenanigans. Good money to be made if you can jump ship onto another gravy train at the right time. What is even better you don't actually need to be able to program or anything. Just pick up a "Learn X in 24 hours for Dummies" book at the train station on the way to the interview and blag your way in.

[messiah]

Investment banks in the City of London (I have noted recently) in the last 2 years have been undergoing 'knee-jerk' reaction recruiting as far as contractors are concerned.

They are enticing people out of permie positions in IT banks and employing them as contractors with the promise of a 12-18 month contract and then sacking them after 3-6 months.

This occured at Barcrap just over a year ago, there was a large recruitment drive for contractors then after 4-6 months loads of them were thrown out again.

I attribute this to the following:-

A banking project looks like its going to be delayed, IT managers panic, they recruit a load of people after begging for extra money from the traders, the existing people (permie or otherwise) lose steam as they have to train /aid the new contractors, the project thus gets delayed, the manager then sacks a load of contractors he has just recruited and blames the delay on them !

Fun isn' it. Head this warning if you are thinking of venturing out there into contracting, I've been on the bad end of this (but I made a packet in the short time (9 months) I was there so cannot complain).

Anyone experienced anything similar ?