Consultant Vs Contractor (3 posts)

I am a MBA Finance with FRM and CFA Level 1 and have experience with an IT company as Business Analyst (around 3 yrs) and as software engg.(for 2 yrs), I started looking out few months back and have the following options –

• Business Analyst on contract basis (500 a day) with BarCap, option of going permanent after 6 months • Second round with Accenture, Deloitte, EY and Capco for Risk and Reg. division.

However nothing has finalised as yet but I want to get my preferences right, I don’t think consulting firms will pay me any more than 105 K base (I think I will be offered Sr. Consultant or Executive) and the BarCap option would me much more lucrative from financial standpoint.

What do you guys think would be more rewarding considering next 10-15 yrs of timeframe

Many Thanks

Based on what you've written, I think I would contract for 3 to 4 years now, bank a lot more cash and probably still gain the same experience. Then go back to a permanent job for 3 to 4 years after that to move up the career ladder and re-evaluate your options at that point.

The key is balancing career progression (better for permanent) against financial reward, dipping in and out of permanent market place is probably the best way to balance that.

Not sure if I agree there on your consultant vs contractor take, Emily. Contracting now for 3 to 4 years will take you out of the career progression loop that is absolutely critical at that early age. You need the experience of working in those big companies.

On the flip side as a contractor you're going to get paid by the hour. And as a permanent employee they're just going to burn you for as many hours as they possibly can. So the per hour disparity between consultant vs contractor is much much worse than you are calculating it at the moment