Some of the fastest growing industries in the UK contractor market are the banking, finance and actuarial consultancy industries. With the turmoil of the last few years, the huge job loses in the banking and finance sector and the uncertainty surrounding job security, many banking, finance and actuarial professionals have turned to consulting to provide them with higher earning power and much greater tax efficiency.
Banks, financial institutions and insurance specialists have also been turning to the consulting market. After laying-off so many members of staff they have found themselves short of resources to complete existing projects and undertake new ideas. It is much cheaper in the long run for a company to employ a consultant than it is to take on a full time member of staff.
Average rates of pay for a banking, finance and actuarial consultants in the UK vary widely based on the level of the role, the location, your experience and how long the project will take. The range is huge, from £100 to £2,000 per day. On average a fee of £800 per day or £200,000 per annum for an experienced consultant is quite achievable.
With rates of pay this strong and coupled with the freedom of being a contractor, the reasons to enter banking or finance or actuarial consultancy keep growing and growing.
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