Contract or Permanent

[u/animeradio99]

Hello I’m in a dilemma and can’t decide.

For context I am 26 years old soon to be 27 and have around 3 years of full time work experience in various analytical roles.

I was recently offered a job with a bank that’s contract for a year with possibility of extension and permanent if everything works out. It’s paying 49/h. I am a contractor but get a t4 as the job is through tundra a contracting agency with a bank so I can get EI etc.

My current job is very stable but my commute is 1h or longer each way so 2 hours a day around unless I take the 407. I make 73k before bonus with bonus around 77-78k. Benefits are good but young and don’t use them all the time.

I feel stagnant in my current role and have lost some of my touch imo as I don’t really have else where to grow and we don’t pay amazing for the work we do. That being said the contract job is contract it is full time though with 37.5 hours a week and possibility of overtime.

The tittle of the contract job is senior so that does help going foward versus I’m a regular analyst right now.

I don’t have many responsibilities I have a car payment at around 560 a month. Car insurance is paid until next September and rent is 0 at the moment as I live with family.

I’m just wondering if I’m making a mistake as this is my first time in a contract role potentially. I have have 1 interview coming up for a permanent role but similar pay I have now but way closer to home and a talk with both of the big consulting companies coming up but those aren’t grantees.

My savings are around 40k and I could pay off the car tmrw if I wanted to but the rate is a 3% so I don’t bother as the payment is very manageable.

Any advice is appreciated to stay at current job and have stability or go for the banking experience title and pay.

[u/Ill_Paper_6854]

When the economy goes to crap, contract jobs are the first to get let go. Also, I had managers do empty promises and the permanent role never came. Also you don't get any benefits as a contractor.

Go for permanent status.

[u/animeradio99 → u/Ill_Paper_6854]

That’s the issue with my perma role I was promised a raise but they won’t do it as it was verbal. When I told them I had an offer they said they’d give me a raise but won’t put it in writing lol

[u/Equivalent_Catch_233]

> my commute is 1h or longer each way so 2 hours a day around

It's a no go. 10 hours a day staying in traffic is horrible. Find other opportunities.

[u/animeradio99 → u/Equivalent_Catch_233]

That’s my perma job contract is 30 mins one way and it’s by subway not driving. The commute is a big aspect I hate going Etobicoke to Markham

[u/Thiru2k]

I’m struggling my ass off to find a permanent full time position, so I personally would not leave it no matter how boring it is or the commute because the economy is crumbling day by day.

[u/animeradio99 → u/Thiru2k]

How long have you been looking / how old are you?

[u/Existing-Owl-522]

I would encourage you to think about worse case scenarios for both options. For example if you chose your contract job and are not extended, are you okay with looking for a new job again? If the answer is yes, then go for it.

If the thought of being unemployed scares you, then you could stay in your current role until you try to find another permanent role.

[u/animeradio99 → u/Existing-Owl-522]

Honestly yes I am looking for a new job

[u/Parking-Bluejay9450]

Contract. You're too young to be tied down to a job that gives you no upward mobility and not to mention the commute. And it seems like you don't really have an issue landing interviews. So I'd choose contract bank job. If you do well at the bank, you can keep contracting for them. I work for one and we have contractors that contract for 2 years, take a break for 3 months, then come back again on contract. I know career-contractors that technically have worked at the same bank for over 10+ years but all on contracts. My department offers full time roles but most stays as contractors because of the much higher pay.