Having been employed by Momenta for just under 5 years, I have been involved in a number of areas of the business, recruited for a wide range of projects and have seen what Momenta can offer industry professionals looking for their next role or individuals seeking to build a career as a contractor.
Who we are
Momenta operate primarily within the financial services sector and we work with a host of major players in the industry. Our client base includes retail and investment banks, building societies, pension providers and IFA networks. We also work in close partnership with “Big Four” professional service firms. This allows us to offer our Associates exposure to working with some of the best financial institutions in the UK and internationally and in one of the largest financial centres of the world.
The work we do
The types of project we recruit for vary widely and according to the needs of our clients. A large proportion of our projects are focused on new and past business review work, or financial complaint handling. This could be anything from a 1000-person strong PPI complaint handling project to a specialist review of complex investment product sales. Some of our work requires candidates to hold advanced professional qualifications and others are suitable for graduates or those with no prior industry experience.
Outside of this main area of work, we also recruit regularly for Compliance Analysts, Learning & Development professionals, Business Analysts and Project and Interim Management staff. Becoming a Momenta Associate gives contractors the opportunity to develop their expertise across a wide range of financial products and progress into new and exciting areas of our industry.
The ins and outs
The decision to make the transition from employed roles into contracting roles can be a daunting one but it is really very straightforward. Momenta Associates have two options of how they can work:
- Limited Company – Setting up a Limited company is very simple, inexpensive and can actually be done within a matter of hours. As a Limited company you will need to manage your own invoicing process and will probably want to appoint an accountant to manage your tax affairs and HMRC obligations. There is a bit more paperwork and a higher setup cost but by working through a Limited company you can generally maximise your take home pay, reclaim business costs and other expenses and overall have more control over the financial state of your business. This is generally the preferred option for experienced contractors.
- Umbrella Company – Momenta work with a selection of approved Umbrella companies, all of whom act as a payroll service for contractors and you essentially become an employee of that company for the duration of the contract. For a fee they are able to manage your invoice process and tax affairs and may be able to help with claiming some expenses. You would not need to appoint an accountant or worry about taking out contractor insurance, as you would be covered under the company’s policy. Generally the take home pay is lower than that of a Limited company but operating through a limited company is normally a stress-free and less intimidating route into contracting.
Another common concern for those considering a career in contracting is the fear that you could be released from your role at the drop of a hat. There is definitely a misconception that contracting roles offer significantly less security that employed roles. It is true that all contract roles have an end date but, rather than leaving Associates feeling insecure, it provides them with a greater degree of foresight and flexibility over their careers. Knowing well in advance when your role is likely to come to an end allows ample time for you to think about your next career step. Some may choose to move into a similar contract role, others may want to branch into something new to expand their industry knowledge. You may even decide to take a break to spend time with family or work towards new qualifications. The contract you commit to always has a notice period which works two ways.
Working as a contractor offers flexibility and a range of benefits and rewards above those of an employed role, lots of which have already been discussed above. One of the undeniable attractions to the contracting world is a financial one. The remuneration offered is generally at a premium compared to an employed role doing the same work. Momenta’s current Associates earn anything from £85 - £750 per day, with the average being around £230 per day or a gross income of just under £60k per annum.