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Contract vs Perm D-Day

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    #21
    Originally posted by mirageman View Post
    I've just been offered a perm offer from the hedge fund I've been contracting with over the last 2 years. I think it looks like a good deal to me. My day rate was just bumped up to £775/day at the start of the year, and the perm offer is £120K base + £50K bonus in my first year, so essentially matching my outside IR35 gross per annum. Then 10% employers contribution on pension worth £12K, plus free private Bupa for me and my family, free dental and 25 days odd paid holiday. The work is interesting, I like everyone in the team and there's scope for career development. It's perhaps the best org I've worked for over my contracting career and I know of no permies who have left during my almost 2 year tenure there which is a good signal of general happiness amongst staff. So I'm pretty much decided on taking the offer after 15 years+ of contracting.

    The changes in IR35 come April will reduce take home pay as a contractor and I'm sure if I rolled off my contract in April or beyond it would be nigh impossible to match my current day rate. Plus I think I'm looking for stability now I'm 50 and the potential time off sitting on the bench chasing new roles, doing interviews, etc I'm a bit jaded by, and in the wake of Corona I'm sure there are loads of benched contractors chasing after a reduced pool of roles making competition stiffer. It's a top tier hedge fund with a few hundred staff in London and I like the sociability of the place; rather than being some anonymous small cog working at a sprawling investment bank (and I've worked at plenty of those), people know who you are and there's plenty of water cooler chat.
    Nice one. Can I ask: what kind of skills/experience get you a £120k base?

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      #22
      Originally posted by ChimpMaster View Post
      Nice one. Can I ask: what kind of skills/experience get you a £120k base?
      This used to be the norm in london banks for C sharp java developers working in front office credit derivatives pricing and risk management roles. Since 2015 I have lost touch with London salaries but before that 120K for a VP in a front office high stress enviroment was reasonable and achievable

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        #23
        I'm a full stack Angular / Java developer, though my split is probably 80% angular / 20% java at the moment.

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