Have had enough of perm. Heading for contracting in London..

[HannsG]

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

[HannsG]

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..

I will prob try my hand at it for a number of years and then go perm. Depends on my skills stagnating..

[HannsG]

Sebo said:

HannsG

Are you doing the daily Virgin train into Euston or coming into London and staying during the week?

Hi.

A combination of both to be honest.

The plan is to do it for a year and then move near London.

[HannsG]

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.

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]

Du1point8 said:

I can always give you the Head of HR to talk to at my company and you decide what you think or if there is a job opening.

Hi,

that really is very helpful. I appreciate your help and I would consider it.

Thanks again

[HannsG]

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?