Contracting in the Banking and Financial Sectors

The banking and financial industries focus on managing money, and the processes involved in doing so. As these are constantly changing and evolving, they need a flexible workforce which can be expanded when required to meet today’s business challenges. This makes it the perfect time to begin contracting in the banking and financial sectors.

The first step is to decide how you will operate. The two most common options are:

• Working through an umbrella company
• Setting up a limited company

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Rates of pay in the banking and financial sectors

A recent study of over 175,000 job advertisements suggests that the average UK salary for permanent finance professionals is £34,704, but this, of course, depends on the location and their experience. Contractors typically enjoy a higher rate of pay than a permanent employee in an equivalent role; the average salary for contractors in financial services is £50,369 per year, an increase of 45%.

To get an indication of day rates depending on job role and location, Top Financial Jobs displays a list of contracts; most of these advertise the day rate.

Skills and qualifications needed

When it comes to finding work in the banking and financial sectors, you must have a relevant or adaptable skill set.

From being able to manage your money effectively to being confident with numbers, you must have the following skills:

1. A formal qualification: The finance industry will often require applicants to hold a suitable qualification to support any work experience.
2. Communication skills: Building relationships is critical.
3. Analytical ability: The ability to analyse scenarios and make suitable conclusions is a a highly desirable skill.

How to find a contracting role in the banking and financial sectors

One of the best ways to find work in the banking and finance sector, or indeed any sector, is through networking. It involves getting in touch with those you’ve worked with and letting them know that you’re looking for contract work.

Start handing out your business cards and make sure that your name is always in mind when a client is looking for someone with your skillset and experience. 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.

You could also consider using a recruitment agency. There are plenty of these who specialise in finding skilled contractors for their banking and finance clients.