Have had enough of perm. Heading for contracting in London..
Discussion
Hi guys,
Background:
CIMA qualified with 4 years post qual experience
Ex- financial controller and have had two years in a Tier1 IB. Now I currently work for an Insurance outfit outside of London. I am in my mid thirties age wise and have a young family.
Wife is doing well also.
I live in Midlands. I do ok, nothing special but ok. Above average say?
I look around and contractors seem so much happier, and also have a much broader experience it seems than myself. Yes not all are amazing, I have hired a few shoddy ones.
But for the most part the ones which are good. Are really good and they command some serious money.
And for some reason, I miss banking and I have 90% decided to hand my notice in and start commuting to London to contract.
I have some healthy savings if it all goes tits up. But I think I would be stupid to not at least try and leverage the hell out of my Tier1 IB experience.
Anyone here made the jump and regretted it?
Thanks for your time
Background:
CIMA qualified with 4 years post qual experience
Ex- financial controller and have had two years in a Tier1 IB. Now I currently work for an Insurance outfit outside of London. I am in my mid thirties age wise and have a young family.
Wife is doing well also.
I live in Midlands. I do ok, nothing special but ok. Above average say?
I look around and contractors seem so much happier, and also have a much broader experience it seems than myself. Yes not all are amazing, I have hired a few shoddy ones.
But for the most part the ones which are good. Are really good and they command some serious money.
And for some reason, I miss banking and I have 90% decided to hand my notice in and start commuting to London to contract.
I have some healthy savings if it all goes tits up. But I think I would be stupid to not at least try and leverage the hell out of my Tier1 IB experience.
Anyone here made the jump and regretted it?
Thanks for your time
Don't hand in your notice until you have a contract lined up.
Don't do it for the money, do it because you want a new challenge.
Don't think that being a contractor will get you out of office politics - they just change.
Don't underestimate the effect that a London commute will have on your wallet, your personal life, your relationship with your family, and your health.
Do go into it with your eyes open.
Do gen up on company formation, your responsibilities as a director, and IR35
Don't be tempted by any of these 'retain 90% of your income' schemes. They are hot on HMRC's radar at the moment and it would only a matter of time until they came knocking.
Do be prepared for your skills to stagnate, as nobody's going to invest in you and you won't get any roles that you aren't already qualified for.
...so...
If that doesn't put you off then fill your boots. I was a contractor (IT) for 10 years and don't regret a second of it - the only reason I stopped was the last one above.
Don't do it for the money, do it because you want a new challenge.
Don't think that being a contractor will get you out of office politics - they just change.
Don't underestimate the effect that a London commute will have on your wallet, your personal life, your relationship with your family, and your health.
Do go into it with your eyes open.
Do gen up on company formation, your responsibilities as a director, and IR35
Don't be tempted by any of these 'retain 90% of your income' schemes. They are hot on HMRC's radar at the moment and it would only a matter of time until they came knocking.
Do be prepared for your skills to stagnate, as nobody's going to invest in you and you won't get any roles that you aren't already qualified for.
...so...
If that doesn't put you off then fill your boots. I was a contractor (IT) for 10 years and don't regret a second of it - the only reason I stopped was the last one above.
deckster said:
Don't hand in your notice until you have a contract lined up.
Don't do it for the money, do it because you want a new challenge.
Don't think that being a contractor will get you out of office politics - they just change.
Don't underestimate the effect that a London commute will have on your wallet, your personal life, your relationship with your family, and your health.
Do go into it with your eyes open.
Do gen up on company formation, your responsibilities as a director, and IR35
Don't be tempted by any of these 'retain 90% of your income' schemes. They are hot on HMRC's radar at the moment and it would only a matter of time until they came knocking.
Do be prepared for your skills to stagnate, as nobody's going to invest in you and you won't get any roles that you aren't already qualified for.
...so...
If that doesn't put you off then fill your boots. I was a contractor (IT) for 10 years and don't regret a second of it - the only reason I stopped was the last one above.
Thanks for the input. Noted..Don't do it for the money, do it because you want a new challenge.
Don't think that being a contractor will get you out of office politics - they just change.
Don't underestimate the effect that a London commute will have on your wallet, your personal life, your relationship with your family, and your health.
Do go into it with your eyes open.
Do gen up on company formation, your responsibilities as a director, and IR35
Don't be tempted by any of these 'retain 90% of your income' schemes. They are hot on HMRC's radar at the moment and it would only a matter of time until they came knocking.
Do be prepared for your skills to stagnate, as nobody's going to invest in you and you won't get any roles that you aren't already qualified for.
...so...
If that doesn't put you off then fill your boots. I was a contractor (IT) for 10 years and don't regret a second of it - the only reason I stopped was the last one above.
I will prob try my hand at it for a number of years and then go perm. Depends on my skills stagnating..
deckster said:
Don't hand in your notice until you have a contract lined up.
Don't do it for the money, do it because you want a new challenge.
Don't think that being a contractor will get you out of office politics - they just change.
Don't underestimate the effect that a London commute will have on your wallet, your personal life, your relationship with your family, and your health.
Do go into it with your eyes open.
Do gen up on company formation, your responsibilities as a director, and IR35
Don't be tempted by any of these 'retain 90% of your income' schemes. They are hot on HMRC's radar at the moment and it would only a matter of time until they came knocking.
Do be prepared for your skills to stagnate, as nobody's going to invest in you and you won't get any roles that you aren't already qualified for.
...so...
If that doesn't put you off then fill your boots. I was a contractor (IT) for 10 years and don't regret a second of it - the only reason I stopped was the last one above.
This, but the first one can be difficult if you've got more than a 1 month notice period. Also, the last one - remember the income goes to YOUR COMPANY. YOUR COMPANY then pays you via salary and dividend. YOUR COMPANY can also send you on training courses to maintain/improve your skills.Don't do it for the money, do it because you want a new challenge.
Don't think that being a contractor will get you out of office politics - they just change.
Don't underestimate the effect that a London commute will have on your wallet, your personal life, your relationship with your family, and your health.
Do go into it with your eyes open.
Do gen up on company formation, your responsibilities as a director, and IR35
Don't be tempted by any of these 'retain 90% of your income' schemes. They are hot on HMRC's radar at the moment and it would only a matter of time until they came knocking.
Do be prepared for your skills to stagnate, as nobody's going to invest in you and you won't get any roles that you aren't already qualified for.
...so...
If that doesn't put you off then fill your boots. I was a contractor (IT) for 10 years and don't regret a second of it - the only reason I stopped was the last one above.
Key mindset for me as an IT contractor is to separate MY COMPANY from ME.
HannsG said:
Sebo said:
HannsG
Are you doing the daily Virgin train into Euston or coming into London and staying during the week?
Hi. Are you doing the daily Virgin train into Euston or coming into London and staying during the week?
A combination of both to be honest.
The plan is to do it for a year and then move near London.
Now live 30 miles from London
I'm Midlands based with a young family, in my 30's and have been contracting 7 years (IT) of which 3.5 years (and the last 2.5) have been spent in London full time. Its possible to make it work, I've alternated between staying down Mon-Fri and commuting daily. It's hard to travel and stay down occasionally because you end up bearing the full cost of season ticket anyway - I find you have to do one or the other for several months at a time.
When training it, I use the Chiltern line (when it's operational) into Marylebone which is convenient for the particular bank I work for
but not many others... though it generally costs less than Virgin. Whereabouts in the Midlands are you OP?
Don't underestimate the impact it will have on your family life and (stating the obvious) you'll need firm backing of your partner... I've had some real ups and downs and sometimes the big financial uplift compared to perm just doesn't quite make up for the time spent away from kids, an increasingly distanced relationship with wife etc.
When training it, I use the Chiltern line (when it's operational) into Marylebone which is convenient for the particular bank I work for
but not many others... though it generally costs less than Virgin. Whereabouts in the Midlands are you OP?Don't underestimate the impact it will have on your family life and (stating the obvious) you'll need firm backing of your partner... I've had some real ups and downs and sometimes the big financial uplift compared to perm just doesn't quite make up for the time spent away from kids, an increasingly distanced relationship with wife etc.
Thought about consulting in London for Finance sector instead of Contracting?
Bit more job security (not as much wage) but still move round the sector very easily so experience is easy to get as is training.
Positions last a few weeks to 2 years.
When not working you still are salaried.
Bit more job security (not as much wage) but still move round the sector very easily so experience is easy to get as is training.
Positions last a few weeks to 2 years.
When not working you still are salaried.
Du1point8 said:
Thought about consulting in London for Finance sector instead of Contracting?
Bit more job security (not as much wage) but still move round the sector very easily so experience is easy to get as is training.
Positions last a few weeks to 2 years.
When not working you still are salaried.
That sort of comes back to my point of thinking of the company and yourself as separate entities. I'm an IT Contractor with my own Ltd Company. When I don't work I still get the same income. My company doesn't but that's why I don't max out my income from the company earnings. Obviously it takes a little time to generate that cover and very long periods out of contract would end that scenario, but from experience as a consultant long periods on the bench also make it more likely you'll lose your income.Bit more job security (not as much wage) but still move round the sector very easily so experience is easy to get as is training.
Positions last a few weeks to 2 years.
When not working you still are salaried.
For me the key to contracting is not to NEED to take everything your company bills as income (obviously with tax etc too).
Du1point8 said:
Thought about consulting in London for Finance sector instead of Contracting?
Bit more job security (not as much wage) but still move round the sector very easily so experience is easy to get as is training.
Positions last a few weeks to 2 years.
When not working you still are salaried.
I would consider it.Bit more job security (not as much wage) but still move round the sector very easily so experience is easy to get as is training.
Positions last a few weeks to 2 years.
When not working you still are salaried.
But would they take a beancounter with manufacturing, industry and IB experience though.
I gather its more difficult to break into consultancies than IB.
HannsG said:
Du1point8 said:
Thought about consulting in London for Finance sector instead of Contracting?
Bit more job security (not as much wage) but still move round the sector very easily so experience is easy to get as is training.
Positions last a few weeks to 2 years.
When not working you still are salaried.
I would consider it.Bit more job security (not as much wage) but still move round the sector very easily so experience is easy to get as is training.
Positions last a few weeks to 2 years.
When not working you still are salaried.
But would they take a beancounter with manufacturing, industry and IB experience though.
I gather its more difficult to break into consultancies than IB.
deckster said:
Don't hand in your notice until you have a contract lined up.
Don't do it for the money, do it because you want a new challenge.
Don't think that being a contractor will get you out of office politics - they just change.
Don't underestimate the effect that a London commute will have on your wallet, your personal life, your relationship with your family, and your health.
Do go into it with your eyes open.
Do gen up on company formation, your responsibilities as a director, and IR35
Don't be tempted by any of these 'retain 90% of your income' schemes. They are hot on HMRC's radar at the moment and it would only a matter of time until they came knocking.
Do be prepared for your skills to stagnate, as nobody's going to invest in you and you won't get any roles that you aren't already qualified for.
...so...
If that doesn't put you off then fill your boots. I was a contractor (IT) for 10 years and don't regret a second of it - the only reason I stopped was the last one above.
My experience has been almost the complete opposite, all depends on who you work for and what you do though.Don't do it for the money, do it because you want a new challenge.
Don't think that being a contractor will get you out of office politics - they just change.
Don't underestimate the effect that a London commute will have on your wallet, your personal life, your relationship with your family, and your health.
Do go into it with your eyes open.
Do gen up on company formation, your responsibilities as a director, and IR35
Don't be tempted by any of these 'retain 90% of your income' schemes. They are hot on HMRC's radar at the moment and it would only a matter of time until they came knocking.
Do be prepared for your skills to stagnate, as nobody's going to invest in you and you won't get any roles that you aren't already qualified for.
...so...
If that doesn't put you off then fill your boots. I was a contractor (IT) for 10 years and don't regret a second of it - the only reason I stopped was the last one above.
HannsG said:
Hi, OP again.....
I spoke to few friends In banking and was informed it would be difficult to contract unless you were a subject matter expert?
Would you agree?
Pass... I have always been Equities and risk contractor/consultant so wouldn't know if you can't break in otherwise.I spoke to few friends In banking and was informed it would be difficult to contract unless you were a subject matter expert?
Would you agree?
The PM I sent, they don't mind as long as you are good and offer full capital markets training.
ewenm said:
OP - Find a decent accountant, recommended by people you trust, who specialises in contractors and whom you can meet in person. It will make the transition to freelance work much smoother.
Does anyone have such a recommendation in the Mid/NW Kent area? I contracted in the past, went perm for 7 years, and am just about to re-enter the contract market, but I'll be needing an accountant as my previous one has now moved on to pastures new.Edited by CAPP0 on Wednesday 25th March 10:55
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