"I left my banking job and I'm having a better life as a contractor"

I spent most of my career working as an analyst for a bank, but last year I finally decided to try something different. I left and began work as a contractor instead. My life since has improved significantly.

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I now earn £600 a day before tax and I work from home two or three days a week. Yes, I don't get a bonus, but I can live off my day rate. I'm working for a fund operating in an obscure area of the investment market which I don't want to divulge for fear I'll be identified. 

This is my first time contracting and it's great. The day rate is good, there are no conflicts of interest in investing, the politics are zero, and the stress is far less. I just get on with my work and am not disturbed by constant phone calls. While I work from home, I've also been able to work on starting a company of my own. 

If you're looking for a way out of banking, my experience suggests that contracting is ideal. Companies always need contractors, and they tend to need them at short notice. In London, the going rate for analysts working on a contract basis seems to be £200 to £400 a day as a junior, £400 as a mid-ranking employee and £800 as a senior analyst. 

You get flexibility. You get a good daily rate. You get to work from home, and you can spend time on your own projects. Maybe I'm seeing life through rose-tinted glasses, but for the moment I'm wondering why I stayed in banking so long.

If you think you may want to consult in future, I have one critical piece of advice for you: be nice to your female colleagues. You never know when they might go on maternity leave and suggest you as the contractor who can cover for them! 

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