Pay Leaps For It Contractors In Financial Services
February 10th, 2012 | 
Author: Pay Leaps For It Contractors In Financial Services
Pay for IT contractors in financial services has jumped 11 over the past six months despite the downturn expected in the sector following the credit crunch reveals research by Skills Market/Association of Technology Staffing Companies ATSCo.
The figures create a rosy picture with hourly rates for IT contractors working in financial services having increased from 45 to 50 per hour its highest level in two years.
ATSCo says the figures tell a different story from the picture created by forecasts by some analysts for the financial services sector predicting that the credit crunch would lead to an immediate wider downturn in technology spending.
Strong Demand
Ann Swain Chief Executive ATSCo explains: The post9/11 downturn saw IT jobs cut across all areas in the City but we are a long way from being in that position now. Strong demand for IT skills in areas such as equities and commodities trading in investment banks is helping to pick up some of the slack on the credit side.
She also pointed out that IT departments are now not facing as much glut as they were in 200102 in terms of IT skills so not much trimming has to be resorted to this time around.
She further added that retail banks were continuing with spending on ebanking and web security at a healthy rate while regulatory spending in the form of compliance with Solvency II and IFRS Phase II has already been feeding through to demand for IT skills in the insurance sector.
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