Within the past year the number of finance contractors has doubled with contractors earning more than £750 per day. As the demand for finance contractors increases from 6.3 per cent to a significant 11.6 per cent, institutions and banks are seeking contractors with niche skill sets, which over time strengthens and increases the average daily rate.
Despite news that the bank industries are continuing to trim permanent roles, the demand for outsourcing contractors is rising, heavily due to their expertise and lower long term costs, compared to hiring permanent employees for example; contractors enable flexibly, i.e. they can be hired on a project by project basis. Also they are experts in their field and can fill gaps of knowledge in the current workforce. The financial sectors reluctance for creating permanent roles is partially the reason for the rise.
Alongside this, industries are now required to hire specialists for regulation, compliance and financial reporting and are doing so through contractor roles.
Earlier this year the UKGAAP created a greater demand for for accountants within the finance and banking industry on a contract basis to ensure the compliance with IFRS 9 was being met at an accounting standard.
Other indicators of the strengthening demand of the finance industry include the number of contractors in the finance sector who are out of work are falling. Recent figures have indicated that at least 95 per cent of finance contractors are in work and that contract lengths are also increasing.
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