Contractors earnings vary greatly depending on their skills and the current market place. In the IT market in particular IT Contract rates will vary by as much as £100 per day and be influenced by the time of year and the number of large contracts taking place in the public sector and large enterprises. Your communication skills will normally greatly influence your earning ability too. IT Contractors In London will earn rates higher than in the provinces and Banking contractors generally 10-15% more the not for profit sector 10% less. Generally because of the range of opportunities we quote £50-£100 bands but to truly understand someones worth we need to spend time with someone. BITE’s Consultants and contractors spend at least 4 days in our office developing their personal brand and establishing their commercial worth, their contract rate.
A recent study of BITE’s Gold star contractors who have worked for more than 5 years for BITE shows that they are earning six figure annual incomes and earning above 4 times the national average.
Contractors are traditional the creme de la creme, the cream of the crop, people with over 3 years commercial experience in their field and earn often double the equivalent of someone in a similar permanent job. Successful contractors take steps on wards and upwards moving jobs at the right time and increasing their rate.They are people who regularly turn down a permanent job in favour of developing their contract career. The best stay as contractors during the remainder of their working life and often earn twice as much. The UK Contracting section on this sight gives more detailed information on rates, training and qualifications and the IT Contract market.It also covers the Banking, Telco, Accountancy and finance markets and general interim consulting work.