Can you really earn 1,200 a day as an Openlink developer?

Knowledge of commodities trading software Openlink is still a relatively scarce skill-set in the City, so lucrative contract rates have always been offered to the select few who possess it. But is 1,200 a day really possible?

Yes, according to the latest banking IT salary survey by recruiters Hudson, which suggests that senior Openlink developers can command 1,200 a day at the senior end of the market.

You're unlikely to achieve this under your own steam, however, and may have to take a role within a consultancy to be offered such a rate.

"Some banks employ external consultancies to carry out short-term commodities-related projects. These firms then deploy a specialist contractor who can command up to 1,200 a day," says Paul Elworthy, managing director of banking IT at Hudson. "Generally, though, while rates are high for Openlink developers, they rarely exceed 1,000 a day."

Consultancies who take on this sort of work include the likes of the Big Four and Accenture, specialist business and tech consultants like Capco, as well as firms that specialise in the energy markets such as Baringa.

Independent technology contractors with Openlink expertise are more likely to be offered around 850-900 a day, suggest recruiters, and only when there's a bidding war does the rate creep up to the 1k mark.

At the moment, however, this seems unlikely. For the first time in years, demand for Openlink contractors within investment banks is tailing off, suggests Sarah Germain, senior commodities and Openlink consultant at IT in finance recruiters Cititec.

"There's only a handful of real Openlink experts in the City, and these are well known and heavily sought-after, so there's no danger of contract rates decreasing," she says. "However, there's no longer an open chequebook approach, and rates have peaked at 900 for the very best people."

Business analysts with knowledge of Openlink can expect day rates of 700-900 a day, says Hudson.