Switch to perm or ride the dying wave

[heyya99]

My contract has ended and I'm assessing my next options. I have 2 interviews; one for a contract in commodities trading and another permanent position in algorithmic trading development for an IB.

The pros of the perm position is that I can learn algorithmic trading development for 6 months/ 1 year, and then return to contracting and command the 650+ rates. My fear is that by the time I've gained the algo skills, contracting as we know it could be dead.

The downside is that, with the way contracting going of late, I am reluctant to stop riding the wave (last gig was 600pd) and am thinking that maybe I should milk it before the government has us all under IR35.

Financially, I am in an ok position as I have 200k warchest built up.

What would you folk do?

[LondonManc]

My contract has ended and I'm assessing my next options. I have 2 interviews; one for a contract in commodities trading and another permanent position in algorithmic trading development for an IB.

The pros of the perm position is that I can learn algorithmic trading development for 6 months/ 1 year, and then return to contracting and command the 650+ rates. My fear is that by the time I've gained the algo skills, contracting as we know it could be dead.

The downside is that, with the way contracting going of late, I am reluctant to stop riding the wave (last gig was 600pd) and am thinking that maybe I should milk it before the government has us all under IR35.

Financially, I am in an ok position as I have 200k warchest built up.

What would you folk do?

What's the problem with staying perm for longer and working your way up the ladder at the IB? Get a director gig and the money is no longer a reason to go contracting. Negotiate in as VP with a clearly-defined path to Director and you'll never look back.

[SussexSeagull]

If you have a chunky warchest I would take the contract.

[LondonManc]

If you have a chunky warchest I would take the contract.

If the OP's considering perm, there's clearly more than just the training that appeals because they can clearly afford a training course.

[SussexSeagull]

If the OP's considering perm, there's clearly more than just the training that appeals because they can clearly afford a training course.

Well yes. Only he can decide that though.

[heyya99]

If the OP's considering perm, there's clearly more than just the training that appeals because they can clearly afford a training course.

It's not the training, it's the commercial experience that appeals.

[LondonManc]

It's not the training, it's the commercial experience that appeals.

Okay, and what about the idea of climbing the corporate ladder?

[northernladuk]

The pros of the perm position is that I can learn algorithmic trading development for 6 months/ 1 year, and then return to contracting and command the 650+ rates. My fear is that by the time I've gained the algo skills, contracting as we know it could be dead.

You need to do some more research and make a call then. I very much doubt that something like that will die in that time period and if it does you'll already be working on the next gen stuff if you are perm. It could actually work to your advantage that you are in a perm position where they are paying you to learn the next generation tech and you can come back to a niche emerging market.

You've also got the opportunity to close the company and get that warchest out as efficiently as possible rather than it just growing and growing making it more difficult to extract efficiently.

Also it gives you an opportunity to move skills. Historically you've posted threads about moving to BA and before then Team leading. By going perm do you not only get to learn this new stuff as well as a much better shot at moving sideways in to BA and also gain training to move towards team leading. Sounds win win to me.

Personally with your general unhappiness of being senior dev the perm role gives you multiple opportunities to either lean new stuff and move sideways as well as being able to do something with that warchest. Not forgetting the fact you've found yourself a tasty gig in case contractor implodes in the next few years.

I think you've been given a golden opportunity with the Perm role TBH.

[heyya99]

Okay, and what about the idea of climbing the corporate ladder?

That's easier said than done. I know some fantastic perm developers in my last IB and they were all stuck at associate director for years - not something I want to do.

Plus, long term (10ish years), I want to move out of IT when I've my money made.

[LondonManc]

That's easier said than done. I know some fantastic perm developers in my last IB and they were all stuck at associate director for years - not something I want to do.

Plus, long term (10ish years), I want to move out of IT when I've my money made.

It sounds like a personal decision then. Both options are good enough; NLUK points out another pro of going perm in terms of shutting the company down to get the cash out in a more tax-friendly way.