pay for contract jobs

I would think that a contract job at a top bank like JPM or ubs would be more desirable than a perm at dbs? After all the market recently is more active with contracts and increasingly firms start to accept that contracts are part of the in thing now. Also wouldn't the name of the top bank add weight to the resume plus there is a chance of becoming perm which is eorth the risk. Am I correct to say this?

Originally Posted by Unregistered

I would think that a contract job at a top bank like JPM or ubs would be more desirable than a perm at dbs? After all the market recently is more active with contracts and increasingly firms start to accept that contracts are part of the in thing now. Also wouldn't the name of the top bank add weight to the resume plus there is a chance of becoming perm which is eorth the risk. Am I correct to say this?

I am quite sure some will think this way. Think about why there are many contracts and why banks want to hire contracts. I think you should compare perm roles across banks and not contracts vs perm.

The more important thing is to understand your own situation. If you just started to apply for jobs 1 week ago and this happens to be the first interview and offer then you can just reject the offer. If you have been looking for a job for a few months and so far very little interviews and just this 1 offer, contract or not it is still better to accept and get some experience and money first.

The thing for fresh grads is the longer you drag on unemployed, the harder it is to get another job in the future. Most companies don't shortlist people who are unemployed for too long because in a weak economy, they are spoilt for choices.

Originally Posted by Unregistered

I would think that a contract job at a top bank like JPM or ubs would be more desirable than a perm at dbs? After all the market recently is more active with contracts and increasingly firms start to accept that contracts are part of the in thing now. Also wouldn't the name of the top bank add weight to the resume plus there is a chance of becoming perm which is eorth the risk. Am I correct to say this?

After working in 3 banks over past 5 years I guarantee you this is not the case. When you are a contractor, nobody really cares which bank you are posted to. A perm staff from DBS can at least develop his career within DBS, a contractor posted to JPM is just deployed there for a specific narrow work and every 6-12 mths need to see if the bank is willing to renew with the contract agency.

What is an acceptable salary guide for contracts? I have an offer of 2800 and I think it is quite low comparing with some other peers in contract jobs at other banks (3k+). The agent told me that the employer has decided to offer me the job though the contract has not been send or signed yet. Should I renegotiate my salary or should I just stick with it. What does anyone think?

seems like there are so many downsides to a contract.. so what are the upsides?

Originally Posted by Unregistered

The more important thing is to understand your own situation. If you just started to apply for jobs 1 week ago and this happens to be the first interview and offer then you can just reject the offer. If you have been looking for a job for a few months and so far very little interviews and just this 1 offer, contract or not it is still better to accept and get some experience and money first.

The thing for fresh grads is the longer you drag on unemployed, the harder it is to get another job in the future. Most companies don't shortlist people who are unemployed for too long because in a weak economy, they are spoilt for choices.

Hi when you said the longer one is unemployed the less desirable he is, are you referring also to those working in contract without a perm job or only those totally unemployed? Would a contract worker be seen as undesirable? Thank you

Originally Posted by Unregistered

Hi when you said the longer one is unemployed the less desirable he is, are you referring also to those working in contract without a perm job or only those totally unemployed? Would a contract worker be seen as undesirable? Thank you

That really depends. If you are unemployed right after school, first few months can be explained away by searching in progress. Once it hits 6 months it becomes downhill all the way as employers are usually cautious and wonder why you cannot find anything for so long.

As for contractor it depends on the type of industry. Banking BO and IT industry is quite common, so if you stay within the industry employers tend to be more understanding. It's not fantastic from a CV point of view, but at least acceptable if the first 3-4 years is contractor. Anything beyond 5 years still in contract then I think is not good.

I am approaching ny third month of job finding since I graduate. I plan to take a contract in the finance banking industry for a max of 1 year or so (if possible lesser)before trying to take on a perm role. Would this be a wise choice to accept a contract now?

Originally Posted by Unregistered

What is an acceptable salary guide for contracts? I have an offer of 2800 and I think it is quite low comparing with some other peers in contract jobs at other banks (3k+). The agent told me that the employer has decided to offer me the job though the contract has not been send or signed yet. Should I renegotiate my salary or should I just stick with it. What does anyone think?

It's going to be like that, you can try asking for 3k if possible, but usually for just junior operations they won't budge. These are hire & fire type outsourced operations with high turnover, the agencies are given a cost base which they manage and draw a fee, not really anything to do with the bank.

BTW 3k+ contract in back office is considered quite high, I don't think that's the norm. Considering the whole banking sector is downsizing, I doubt they are throwing out 3k+ contracts everywhere. My own bank is only offering 3k for a perm analyst/associate BO position.