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Tomorrow

 
#1 Tomorrow
05/06/2007 12:38

TopOfTheWorld

Hi,

I work (as a contractor) in the IT division of an Investment Bank in London. I have nearly 8 years of total experience in Technology Develeopment/Consulting. (some in Big 4)

I have been about this for a while - "Where do I see my self 10 years from now?"

I am a bit confused. IT Contracting in IB means good money. But, career progression is not great. I know there are people who have been contracting for 12-15 years.

But, I am not sure if I want to do the same. Because, I know I will most likely get stuck (i.e will be doing pretty much same work as I do now after 10 years) if I continue contracting.

It is almost a question of career-lifestyle for me now.

Is anyone else in similar dilemma?

Thanks for your help

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#2 RE: Tomorrow
05/06/2007 12:42

anon to TopOfTheWorld (#1)

any openings for sox contractors there?

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#3 RE: Tomorrow
05/06/2007 14:13

anon to anon (#2)

If you dont mind me asking:

- how easy is it to consistently get contracts for work? Do you have much 'on the bench' time so to speak?

- how much do experienced contractors typically make? (depends on area i appreciate)

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#4 RE: Tomorrow
05/06/2007 15:08

TopOfTheWorld to anon (#3)

- how easy is it to consistently get contracts for work? Do you have much 'on the bench' time so to speak?

Invariably, there will be some 'bench time' in contracting. But, usually it's not more than a month or two (max). If your skills are in demand, you will land a contract as soon as you finish the current one.

Also, it is not uncommon to continue in a contract for 2/3 years if you are good at what you do and you are good at picking up new skills quickly. I know a few people who have spend 7-8 in the same Company as contractors. (E.g. They were hired for a particular project, but then moved onto different projects)

- how much do experienced contractors typically make? (depends on area i appreciate)

As you said, it depends on your Skills, Demand in the Market, sometimes on the Company as well. Usually, daily rate in the Financial sector is considered to be good.

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#5 RE: Tomorrow
05/06/2007 15:19

Taxman to TopOfTheWorld (#4)

take it you're caught by IR35 then?

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#6 RE: Tomorrow
05/06/2007 23:58

anonymous to TopOfTheWorld (#1)

Hi TopOfTheWorld,

I'm in a dilemma, as I've been offered positions in grad schemes in IT consulting at a Big4, and also a technology grad scheme at an IB in London. Obviously salary will be different, but work-lfe balance and scope of training are the main reasons for my concern.

Can you provide any insight into which scheme would provide me a better work/life balance? I know hours are long in IB, but most if not all of the stories I hear are mainly from the trading/FO side of things. What is the general working culture in the technology division of an IB like? Also, what's the work culture like for a graduate starter in a Big4? I heard some positive stories from insiders so far, such as understanding managers, work time flexibility, good compensation/expense schemes.

Another concern I mentioned is the scope of training. One of the incentives that would support me join the IB would be the exposure I would receive in banking/finance. I've reviewed the training schemes for the consulting role and being IT, they're all technology focused. Should the training at the IB be similar with minimal financial knowledge/training, I would much rather go for the firm wth better working atmosphere even if it means less money.

You have extensive experience and nteraction wth individuals in both fields, so I hope you can provide some career choice advice. Any help would be much appreciated. Thank you.

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#7 RE: Tomorrow
06/06/2007 11:38

TopOfTheWorld to anonymous (#6)

Anonymous,

IB Technology Vs. Tech. Consulting

1) Tech Consulting will offer you a greater exposure (I mean a wider variety) to technology compared to IB Tech, as the latter will be limited to what is used within the organisation. If you are keen on developing a wide range of skills in various technologies Tech. Con may be better. Having said that, if you join a Tech Con and are stuck in a project for 2 years, then that may not be case. Chances of this happening are greater in a big 4 as they tend to bag multi-million, multi-year £ projects. Smaller firms ususally offers variety.

2) As far as training is concerned, you can get good training in both IB Tech and Tech Con.

3) About long hours, you are more or less right. IB Tech staff working hours are comparable to that of Tech Con. hours. But, you may have work in shifts in IB Tech if you are part of support team and you have users outside your timezone.

4) IB Tech may be boring after a while if you are stuck with one role (same or similar work every day), whereas Tech Con. may offer various interesting roles with different problems to solve for different people (clients).

5) It is often easier to make a move from Tech Con. to IB Tech then other way round.

6) IB Tech involves less travel as you will be based in one office. Tech Con. may take you places.

In General, Tech Con. offers variety in terms of people, problems,roles,techology, places etc. For some people, it works.

Hope this helps.

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#8 RE: Tomorrow
06/06/2007 13:46

anon to TopOfTheWorld (#7)

Hi TopOfTheWorld,

Thanks for the kind words. Really helping me reach a decision here. I've almost made my mind up at the moment and deciding to join tech con. instead of the IB. Thanks!

Anyone else care to contribute, please feel free to do so. Your comments will be noted and much appreciated.

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