The 10 best paying jobs for contractors
We’ve always believed that working as a contractor is one of the best ways to work. As well as the freedom of choosing when you work, you also have control over who you work for.
A report by Bullhorn backs up our belief. Released at the beginning of 2018, and titled ‘UK Recruitment Trends’, the report reveals that recruiters who are involved in the hiring of contract and temp staff are expecting 2018 to be a fantastic year. Figures show that they are expecting to see a staggering 45% increase in the demand for contract and temp staff.
Fantastic news if you are already a contractor, or if you are considering becoming a contractor. It is fair to say though, that some sectors are performing better than others. So where is the money in contracting?
According to Emolument, a talent intelligence platform, that enables users to benchmark their salaries, the following roles as the best-paid jobs in contracting:
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Finance – Risk Modelling
Average daily rate: £760
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Change Management – Risk Change
Average daily rate: £730
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Management – Project Management
Average daily rate: £640
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Finance – Model Validation
Average daily rate: £610
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Change Management – Finance Change
Average daily rate: £570
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IT – IT Senior Management
Average daily rate: £570
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Consulting – Strategy Consulting
Average daily rate: £570
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Finance – Credit Risk Management
Average daily rate: £520
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Date – Business Analysis
Average daily rate: £505
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IT- Enterprise Architecture
Average daily rate: £505
N.B: These figures don’t consider regional differences.
What does this list tell us?
The first thing that is apparent, is that highly skilled contractors who operate in a niche sector, are the highest paid. Such as Risk Modelling, where a contractor can charge on average £750 per day.
Secondly, the IT sector continues to be a thriving sector for contractors. The more senior you are, the higher the rate you can command. For example, an IT Senior Manager can currently ask for £570 per day.
Finally, Change Management is showing itself as a lucrative sector to work in. Two out of the top ten jobs are within Change Management (Risk Change and Finance Change). We don’t find this surprising. When a company undertakes a programme of change, it can dramatically impact on the business, so it’s only natural that businesses want to invest in the best contractors.
Next steps?
If you are a contractor who is working within one of these areas, it is imperative that your accountant is being proactive in ensuring that you are working in the most tax-efficient way. If for any reason you are considering switching accountants, you may find our article, ‘Switching Contractor Accountants’, an interesting read.
If reading this list has spurred you on to become a contractor, our free ‘Guide to Contracting’, details everything you need to know about taking your first steps into the world of contracting. Click here to download a copy.
Note: All the information and advice in this blog post was correct at the time of writing.
