Pay cuts for contractors have become increasingly common in the financial sector. As seen recently at Commerzbank, contractors are being let go in favor of hiring permanent employees that come at a cheaper cost to the company over the long term by eliminating travel and administrative costs of using contractors. Despite these changes, some contractors in highly specialised areas like change management and regulatory management have still seen daily pay in the four-figures range.
Global investment banks continually need risk analysis for their projections. They regularly hire risk architects to assess the company’s current holdings and anticipate risks throughout the organization. In this position, contractors are expected to work with internal risk management teams and financial regulators. Risk architects are typically paid up to £1,500 each day.
Change Management Operator
Programme managers for change management tasks regularly earn over £1,000 per day. Change management involves preparing team members for a change in company growth strategy through training, reassigning tasks, and reassessing corporate goals. Programme managers in these fields can work for days or weeks at a time to redirect a company to more realistic goals by better utilizing company assets and employee strengths.
If you’re willing to work on a contract basis, actuaries in the financial sector can earn up to £1,000 a day. In the past, actuaries were hired on a per-project basis to help with Solvency II legislation and earned much higher wages, but as businesses have begun to understand Solvency II regulations, their actuarial pay is significantly lower. A 4 figure actuary salary can be earned with about 5 years of actuarial experience.
Recent changes to regulatory standards have increased the salaries of those willing to work in financial crime reporting. Compliance officers can earn £1,000-£1,500 per day for helping businesses identify money laundering within their ranks and other financial crime. These positions require contractors to be astute and willing to easily adapt to a company’s existing financial crime prevention infrastructure.
Data Officer in Investment Bank
Finally, investment banks often hire data officers willing to head new projects. Those well versed in credit markets and high yield investment opportunities can earn £100,000 per year if hired on in a full-time role, but many senior data officers know that their skills are valued and instead prefer to work for £1,000+ per day in contract roles instead of committing to a single firm.