contract position

So i received a call today from a recruiter for a contract position at a very large banking institution as a Cyber Intrusion Analyst. my current position is as a W2 employee for a company with a contract with the fed. gov't. i am not sure how long this job will be here but i have been here over a year now. i make $60k with full benefits. this banking institution is known for bringing contractors in long term and i was told a minimum of 6 months, probably 12. i still wasn't too interested until he told me $60/hour. i am still very concerned about leaving what i know for what might be, as well as the aspects of being on a contract. i assume i am a contract employee and not a W2 employee of the recruiting firm but haven't verified that yet.

thoughts? if i will be a contract employee how is that handled? what if i get an offer from another company in 3 months? am i locked into the contract until the end?

ideally i would like to pass for a full-time offer elsewhere but so far i haven't had any luck.

Find more posts tagged with

Free for TechExams community: Cybersecurity salary guide

Compare cert salaries and plan your next career move

Button

Comments

ITSpectre

Danielm7 wrote: »

As a real life example, 2 of my coworkers are in the same job role/level/title. One came in at <90K a year, FTE, gets decent benefits. The other is a contractor for $85 an hour. They offered him to go full time and he laughed, the benefits aren't worth THAT much, especially to him.

So if my math is correct (and im not that good at math) so lets calculate this....

Employee 1 non contract FTE - 90k a year
Employee 2 Contract makes 85.00 an hr.

Math:
85.00 * 80 = 6,800 a month.
6,800 a month X12 = 81,600 a year.

So the FTE even with benefits taken out makes more then the guy that is on the contract.

So of course the benefits are not worth that much to him... he is making less a year then the FTE

ITSpectre

Correction... the Contractor makes more money. He comes out to make 163,200 a year.

I told you I was terrible at math!

aftereffector

My napkin math for salary is to double the hourly rate and add "thousand" on the end. It's not very accurate but it's quick! So $50 an hour roughly correlates to $100,000 a year, and $75 an hour is roughly $150,000 a year, and so on.

ITSpectre

aftereffector wrote: »

My napkin math for salary is to double the hourly rate and add "thousand" on the end. It's not very accurate but it's quick! So $50 an hour roughly correlates to $100,000 a year, and $75 an hour is roughly $150,000 a year, and so on.

Thanks for that math tip!