Rates for Sectors
Here is a list of the different sectors IT Contractors work in and their rates and the percentage they have gone up or down in the past year courtesy of ITJobsWatch.
£600 – Front Office (-)
£550 – Investment Banking (-)
£494 – Back Office (-10%)
£463 – Banking (-7.5%)
£425 – Finance (-5.5%)
£425 – Manufacturing (+6.25%)
£400 – Retail Banking (-6%)
£400 – Retail (-2%)
£400 – Billing (-6%)
£400 – Pharmaceutical (+6.5%)
£400 – Law (+6.7%)
£380 – Legal (-10.6)
£375 – Telecoms (+11%)
£375 – Advertising (+15%)
£350 – Marketing (-)
£330 -Games (+1.5%)
£325 – Publishing (-)
It looks as if Banking, although down on last year, has not been as badly hit in terms of the rates currently being advertised as one would think or the bosses there would suggest.
Many banks have cut rates by 10% but are advertising for IT contractors with Banking experience at rates of 7.5% less than last year and Retail Banking at 6% less.
Indeed in Investment Banking, where contractors have taken some of the hardest hits, the rates advertised are not down at all on this time last year.
Front Office, which has the highest average advertised rates hasn‘t fallen either.
There are some good risers during the downturn, notably Advertising up a good 15% and Telecoms up 11% but these are from lowly positions and they are still below the average rate for contractors.
Manufacturing has had a nice rise of over 6% to £425 and Pharmaceuticals are up 6.5% at £400.
Those in the banking sector may have been rightly annoyed by 10% across-the-board ‘˜take it or leave‘ rate cuts but, unless they can get into Front Office they should stay where they are.
It will be interesting to see if that hot sector from the nineties, Telecoms, continues to make a comeback.
With the greater use of mobile devices in retailing and other sectors this could be a hot one for the future.