Should I jump now

[Ranger]

Hi all,
hoping to get some guidance or a 'reality check' about my aim to start contracting in 1 month.

Here are my particulars:

1. Mortgage bound
2. 2-3 months savings before grim-reaper starts knocking on the door
3. Over 10 yrs experience with respectable IT consultancy
4. Skills: Business Analyst, Systems Analyst and Team Leading others doing this kind of work.
5. Desired sector: Retail Banking but flexible
6. Current role ends in less than a month, and thinking of giving notice in next few days.

My questions:

1. What is the general market like for my skillset?
2. Should I be concerned about the recession and the impact of Nick and Cameron's cuts on the job market, in the next 6 months? Are there signs of down-turn?
3. How can I increase my chances of ensuring a contract within a month
4. The Biggie: Should I jump now, or wait until later.

Would really appreciate any views on this matter from anyone so please let me know what you think.

Thanks in advance.

Ranger

[cojak]

Have you read any of the threads below this one?

http://forums.contractoruk.com/busin...ide-looms.html
http://forums.contractoruk.com/busin...ould-i-do.html

I'm sorry to be so pessimistic but as you can read there is a flood of new contractors on the market, with budgets still fragile I can't recommend contracting to newbies at the moment.

[dynamicsaxcontractor]

Hi all,
hoping to get some guidance or a 'reality check' about my aim to start contracting in 1 month.

Here are my particulars:

1. Mortgage bound
2. 2-3 months savings before grim-reaper starts knocking on the door
3. Over 10 yrs experience with respectable IT consultancy
4. Skills: Business Analyst, Systems Analyst and Team Leading others doing this kind of work.
5. Desired sector: Retail Banking but flexible
6. Current role ends in less than a month, and thinking of giving notice in next few days.

My questions:

1. What is the general market like for my skillset?
2. Should I be concerned about the recession and the impact of Nick and Cameron's cuts on the job market, in the next 6 months? Are there signs of down-turn?
3. How can I increase my chances of ensuring a contract within a month
4. The Biggie: Should I jump now, or wait until later.

Would really appreciate any views on this matter from anyone so please let me know what you think.

Thanks in advance.

Ranger

With only 2-3 months war chest and the fact you have to ask the question I don't think you are ready for it. I would suggest you keep saving money and prepare for the jump and then you will know when you are ready for it.

[lukemg]

Easy one this as ever - the market will let you know. Start applying for jobs that are being advertised. IF you are getting calls back from the agencies, then it looks like your CV and experience are good. MAKE SURE you tell them you are available, if they get a sniff you aren't they will bail. Tell them you have given notice and are finishing in 2 weeks time. IF you get interviews then clearly there is a market for you at the moment but it is up to you then to land it.
Are you the type who can sell yourself at interview ? You will need to be because you are up against people who can.
This tells you there is 3 months work, it doesn't tell you about next year or if the world hits the skids again. And if you do get a contract - start saving 3 months warchest is not enough, I've got 2 years at least and still don't feel safe after getting burned in the past.

[SneakySimon]

Do it!!

I say go for it. Plenty of BA / PM roles in banking at the moment and good rates on the whole - a lot of the banks are really gearing up for next year when they believe the economy will take off so they want to be well positioned to take advantage.

When I started I had no warchest, £20k worth of debt, an ancient car and an empty property I was trying to sell in the middle of the housing crash - its makes it stressful and feel like you have to cling on but seemed to do ok and it was the quickest way to resolve my various 'loose ends' - would have taken years as a permie.

[TykeMerc]

With only 2-3 months war chest and the fact you have to ask the question I don't think you are ready for it. I would suggest you keep saving money and prepare for the jump and then you will know when you are ready for it.

I couldn't agree more.

2-3 months worth of warchest isn't enough in today's climate.
If you have to ask then you're not mentally prepared for contracting. Whenever I'm asked "should I?" I always say no, but if asked "how do I?" then I'll give as much info as I can.

The market is definitely depressed compared to 2008, but it's showing good signs of recovery.

[northernladuk]

I say go for it. Plenty of BA / PM roles in banking at the moment and good rates on the whole - a lot of the banks are really gearing up for next year when they believe the economy will take off so they want to be well positioned to take advantage.

When I started I had no warchest, £20k worth of debt, an ancient car and an empty property I was trying to sell in the middle of the housing crash - its makes it stressful and feel like you have to cling on but seemed to do ok and it was the quickest way to resolve my various 'loose ends' - would have taken years as a permie.

Our esteemed colleague here misses a few salient points out of his recommendation.

First off the banks tend to look for pretty experienced guys with previous banking/financial experience being a must have. As a new guy with no contracts under your belt you are going to be at the back of a very long queue unless you are niche.

The poster also mentions 'when he started'. It sounds like a while ago when yes contracting was good and banks would take anyone. I would stick my neck out and say the climate has changed quite a bit since then.

And most are in London as well.

[Notascooby]

No harm in taking lukemg's advice and getting your CV out there and applying for a few roles.

The risk is yours alone and only you can decide what the demand is like at your location and whether you feel you have enough experience to be marketable.

Good luck.

[MarillionFan]

You have to ask yourself the question

"Do you feel lucky punk?"

Well do you?

[Ranger]

Thanks to all for the varied replies. Gave me a lot to think about which I really appreciate.

Let me see if I can summarise:

1. Warchest not big enough;
2. Market not good for newbies;
3. Market depressed compared to 2008;
4. Start applying to gauge marketability;
5. You're not ready if you are asking whether you should;
6. Finance only take experienced candidates.

My general responses to each point:

1> Reviewed my situation with other half and we could last max of 6 months on shoe-string. Both of us gunning for this, which is good. Does this change the advice you have given?

2> Difference between IT consultancy and contracting is security. Roles can be on client-site, and short: over 6 months is a bonus. Worked alongside other contractors with difference being pay, and not experience. Only newbie in terms of business side of contracting, not client-facing skills. Also bagged most of my interviews to date, so technique probably okay.

3> Probably need to do more research. My view of the market is different; various colleagues have left for contracting and permanent roles without issue since mid-2010 to now. @cojak: thanks for the links: they refer to only two unfortunate stories. How is this a true gauge of the market? Might be missing something. Any other reasons you are pessimistic?

4> I guess this is what I should do. The proof of the pudding...but @lukemg: what do I do if they offer me an interview and I have not really given notice? What if I am offered the role?

5> I am usually risk-averse, so asking for me is natural; but don't get me wrong, when I do take a risk, I go all-out. Asking just to see what may be in store down the line. Believe most people with option for perm or contract would ask even if they are ready.

Would really appreciate it if anyone with specific BA contracting experience can chip in. Hoping to land role in London but prepared to go further afield (maybe even overseas) given it is first attempt.

Thanks in advance.

Ranger