Contracting in finance and banking sectors

With the current state of the world economy, many banks and financial institutions are in a very unsettled situation right now. As such, they need a flexible workforce which can be expanded as required to meet today’s business challenges - all of which makes it a perfect time to be a financial services or banking contractor.

The first step is to decide how you will operate – the two most common options being to work through an umbrella company or to set up a limited company. There are pros and cons to each and you can find out more about this here

If you do choose to set up a limited company, SJD Accountancy can give you with a wealth of information and advice – as well as providing a low cost fixed-fee accountancy service which has been especially developed for contractors. 

You should also make sure your CV is as up to date as it possibly can be, and that it is saved in a universally-recognised format such as Microsoft Word or as a PDF file – so when you start to email it out to prospective companies, you can be sure they will be able to read it. Our Contractor Careers Centre has all the information you need on writing the perfect CV and how to perform your best during an interview.

Plus, why not read our latest hints and tax tips on surviving the recession as a contractor.

It’s also a good idea to have some business cards. They are useful for meeting situations whilst sorting out your first contract and are always worth having as you continue in your contracting career, as you never know when an opportunity might present itself in the future!

Rates of pay in the finance & banking sectors

Well, quite honestly we've checked a few sites and the range is huge from £100 per day to £1,000 plus per day.

“According to Joslin Rowe Interim research, average daily financial services contractor rates are running at around £800 a day - over £200,000 per annum. However, some investment bank jobs are paying a premium. Guttridge added: "Financial services contractors are highly valued, but their stock rockets if they parachute in mid-project. Effectively, they’re taking a risk. If the project turns around, the financial services contractor can bolster their CV and their pay packet. Rates can rise by 25% to £1,000 a day in this type of scenario. But if the project fails, or continues to flounder, then it’s something that needs to be managed very carefully on a CV so as not to affect future employability."

The major banking, investment and financial services jobs website is efinancials, so it might be worth checking for contracts and daily rates on there.

How to find a financial services contract

One of the best ways to find work in the Banking and Finance sector is through networking, and personal contacts will be a vital tool here! Many contractors tend to try this option first and it basically involves getting in touch with anyone and everyone that you've worked with in the past and letting them know that you're looking for contract work. 

Start handing out those business cards and make sure that your name is always in the frame when a client is looking for someone with your skills and experience. Even if the people you know are not the actual clients, your past colleagues will be happy to recommend you if they become aware of a position which will suit you – assuming of course that it’s not ideal for them as well!

In addition to this approach there are also a number of dedicated recruitment agencies which specialise in finding skilled contractors for their Banking and Finance clients. Whichever route you take, you should make sure your CV is as up to date as it can possibly be, and that it is saved in a universally-recognised format such as Microsoft Word, or as a PDF file - so when you start to email it out to prospective companies, you can be sure they will be able to read it.

For further advice please call our New Client Services helpdesk on Freephone 01442 275789 or email newbusiness@sjdaccountancy.com.