Temporary contractors are said to be on track for 200k per annum as the City scrambles to get ready for MiFID.
A survey by City recruiter Joslin Rowe claims that soaring demand for temporary Markets in Financial Instruments (MiFID) specialists has allowed the best workers to command up to 800 a day.
MiFID, legislation aimed at providing a single jurisdiction for securities products, comes into effect on 1 November and financial firms are snapping up specialists in compliance, IT and accountancy.
The survey claims that in the six months to August 2007, 2,475 temporary and permanent MiFID specialists have been recruited in the UK. The total number of temps is up 20% from last year.
Needless to say, not everyone earns 800 a day. Historically, rates for the less experienced have been around 25 an hour. This year, the figure has risen to over 35 an hour. Temporary workers in financial services generally have seen an upturn from 230 to 269 a day over the past year.
The post-MiFID environment offers lucrative opportunities, with Joslin Rowe predicting a drive for systems analysts, programme managers and business analysts.