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Day rate vs further studies & climbing the ladder

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Intern
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Joined: 29 Aug 2018
Posts: 1
Day rate vs further studies & climbing the ladder  [#permalink]

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New post 05 Sep 2018, 02:32
Hello All,

Not your usual topic, but I suspect some of you may have been through this and I'm hoping to see what I am missing

Background on me:
Working 6 years - 4 years perm - 2ish years on contract.
Day Rate - ranged between 400 ~ 500 for the last 2 years, no time on the bench & tend to get contracts before leaving the one I'm in at the time. (market must be amazing because I really am not)
I work for money, not because I love working

Assumptions (which I would love corrected, if I am wrong):
Test Automation contractors make between 400 ~ 650 p/d (doing something in demand, top end is 600~650 i guess 5% of the market)
If you want to make more you have to do something niche, that may get you a higher day rate but it also limits the number of contracts you can get long term.
From my short experience I've learned that clients can use you as a consultant or a monkey on a seat churning work through, your job is to stfu and do w/e it is that is asked.... until it becomes unacceptable and you decide to part ways

I get a job at an average rate of 500 p/d:
Working weeks in contract per year (average) -> 44 weeks
220 days * 500 -> £110,000 per year

Questions:
Do I have it completely wrong, do people make way more money in contracts?
Do management in companies make more money? I know its not for everyone ....
Do I go back to Uni and do something like an MBA and does that translate into more money long term?

Sorry maybe its me, maybe its the job... contracting has taught me to keep my thoughts to myself when at the client / potential client which ends up meaning that I don't have anyone who I can consult for career advice...

Thanks Aj
Intern
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Joined: 14 Jun 2018
Posts: 31
Location: India
Concentration: International Business, Marketing
Day rate vs further studies & climbing the ladder  [#permalink]

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New post 05 Sep 2018, 06:18
a1arjun wrote:
Hello All,

Not your usual topic, but I suspect some of you may have been through this and I'm hoping to see what I am missing

Background on me:
Working 6 years - 4 years perm - 2ish years on contract.
Day Rate - ranged between 400 ~ 500 for the last 2 years, no time on the bench & tend to get contracts before leaving the one I'm in at the time. (market must be amazing because I really am not)
I work for money, not because I love working

Assumptions (which I would love corrected, if I am wrong):
Test Automation contractors make between 400 ~ 650 p/d (doing something in demand, top end is 600~650 i guess 5% of the market)
If you want to make more you have to do something niche, that may get you a higher day rate but it also limits the number of contracts you can get long term.
From my short experience I've learned that clients can use you as a consultant or a monkey on a seat churning work through, your job is to stfu and do w/e it is that is asked.... until it becomes unacceptable and you decide to part ways

I get a job at an average rate of 500 p/d:
Working weeks in contract per year (average) -> 44 weeks
220 days * 500 -> £110,000 per year

Questions:
Do I have it completely wrong, do people make way more money in contracts?
Do management in companies make more money? I know its not for everyone ....
Do I go back to Uni and do something like an MBA and does that translate into more money long term?

Sorry maybe its me, maybe its the job... contracting has taught me to keep my thoughts to myself when at the client / potential client which ends up meaning that I don't have anyone who I can consult for career advice...

Thanks Aj


Hello Arjun,
After going through your case I would say that the contracting is good until there is demand in the market, but in the long run that won't fetch you much.
where as pursuing an MBA would open gateways to secure a high end paying job (I know you earn a high figure now too) but that will surely reap you more.
Apart from working else where you may setuo your own business as well.
Now its upto you whether you can devote time as well as money at this stage, depending on your priorities.
I wish you Good Luck!

kudos! thank you!
Day rate vs further studies & climbing the ladder &nbs [#permalink] 05 Sep 2018, 06:18
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