Model Validation Contracts

Model Validation
UK

The following table provides summary statistics for contract job vacancies with a requirement for Model Validation skills. Included is a benchmarking guide to the contractor rates offered in vacancies that have cited Model Validation over the 6 months to 24 April 2024 with a comparison to the same period in the previous 2 years.

6 months to
24 Apr 2024
Same period 2023 Same period 2022
Rank 541 596 764
Rank change year-on-year +55 +168 -141
Contract jobs citing Model Validation 41 116 91
As % of all contract jobs advertised in the UK 0.094% 0.19% 0.10%
As % of the Processes & Methodologies category 0.11% 0.21% 0.11%
Number of daily rates quoted 24 74 56
10th Percentile £417 £698 £408
25th Percentile £551 £850 £475
Median daily rate (50th Percentile) £638 £900 £560
Median % change year-on-year -29.17% +60.64% +4.23%
75th Percentile £903 £1,055 £641
90th Percentile £950 £1,219 £788
UK excluding London median daily rate £706 £1,100 £500
% change year-on-year -35.80% +120.00% +16.28%
Number of hourly rates quoted 4 1 2
10th Percentile - - £29.68
25th Percentile £52.50 - £34.44
Median hourly rate £55.00 £65.00 £44.25
Median % change year-on-year -15.38% +46.89% +44.25%
75th Percentile £57.50 - £55.44
90th Percentile - - £61.03
UK excluding London median hourly rate £55.00 £65.00 -
% change year-on-year -15.38% - -

All Process and Methodology Skills
UK

Model Validation is in the Processes and Methodologies category. The following table is for comparison with the above and provides summary statistics for all contract job vacancies with a requirement for process or methodology skills.

Contract vacancies with a requirement for process or methodology skills 37,651 54,096 80,844
As % of all contract IT jobs advertised in the UK 86.29% 89.91% 90.59%
Number of daily rates quoted 24,333 37,469 56,726
10th Percentile £300 £325 £340
25th Percentile £413 £438 £425
Median daily rate (50th Percentile) £525 £550 £525
Median % change year-on-year -4.55% +4.76% +8.25%
75th Percentile £638 £650 £638
90th Percentile £750 £750 £738
UK excluding London median daily rate £500 £500 £475
% change year-on-year - +5.26% +9.83%
Number of hourly rates quoted 2,430 1,787 1,945
10th Percentile £12.75 £11.00 £12.50
25th Percentile £16.00 £16.66 £15.25
Median hourly rate £35.00 £37.50 £25.00
Median % change year-on-year -6.67% +50.00% -
75th Percentile £58.75 £65.00 £49.25
90th Percentile £72.34 £75.00 £63.75
UK excluding London median hourly rate £35.65 £37.30 £20.00
% change year-on-year -4.42% +86.50% -8.09%

Model Validation
Job Vacancy Trend

Job postings citing Model Validation as a proportion of all IT jobs advertised.

Job vacancy trend for Model Validation in the UK

Model Validation
Contractor Daily Rate Trend

3-month moving average daily rate quoted in jobs citing Model Validation.

Daily rate trend for Model Validation in the UK

Model Validation
Daily Rate Histogram

Daily rate distribution for jobs citing Model Validation over the 6 months to 24 April 2024.

Daily rate histogram for Model Validation in the UK

Model Validation
Contractor Hourly Rate Trend

3-month moving average hourly rates quoted in jobs citing Model Validation.

Hourly rate trend for Model Validation in the UK

Model Validation
Top 10 Contract Locations

The table below looks at the demand and provides a guide to the median contractor rates quoted in IT jobs citing Model Validation within the UK over the 6 months to 24 April 2024. The 'Rank Change' column provides an indication of the change in demand within each location based on the same 6 month period last year.

Location Rank Change
on Same Period
Last Year
Matching
Contract
IT Job Ads
Median
Daily Rate
Past 6 Months
Median Daily Rate
% Change
on Same Period
Last Year
Live
Jobs
England +42 34 £625 -30.56% 67
London +21 24 £625 -30.56% 29
Work from Home +117 21 £888 -6.58% 23
UK excluding London +58 10 £706 -35.80% 44
East of England - 4 - - 5
South West +19 3 £700 +55.56% 12
West Midlands - 2 £713 - 4
Midlands - 2 £713 - 5
North of England +37 1 £600 - 9
North West +19 1 £600 - 7

Model Validation
Co-occurring Skills and Capabilities by Category

The follow tables expand on the table above by listing co-occurrences grouped by category. The same employment type, locality and period is covered with up to 20 co-occurrences shown in each of the following categories:

Application Platforms
1 8 (19.51%) Apache Spark
Business Applications
1 1 (2.44%) SAP S/4HANA
Cloud Services
1 11 (26.83%) Azure
2 3 (7.32%) AWS
3 2 (4.88%) Azure Machine Learning
3 2 (4.88%) Power Platform
4 1 (2.44%) GCP
4 1 (2.44%) Snowflake
Database & Business Intelligence
1 2 (4.88%) Electronic Patient Records
1 2 (4.88%) Power BI
2 1 (2.44%) Big Data
2 1 (2.44%) Data Warehouse
2 1 (2.44%) Hadoop
2 1 (2.44%) NoSQL
2 1 (2.44%) Tableau
Development Applications
1 2 (4.88%) Git
General
1 10 (24.39%) Marketing
2 9 (21.95%) Analytical Skills
2 9 (21.95%) Finance
3 8 (19.51%) Social Skills
4 3 (7.32%) Advertising
4 3 (7.32%) Retail
5 2 (4.88%) Legal
5 2 (4.88%) Publishing
6 1 (2.44%) Banking
6 1 (2.44%) French Language
6 1 (2.44%) Front Office
6 1 (2.44%) Inclusion and Diversity
6 1 (2.44%) International Banking
Job Titles
1 10 (24.39%) Analyst
2 7 (17.07%) Qualitative Analyst
2 7 (17.07%) Quantitative Analyst
3 6 (14.63%) Data Scientist
4 5 (12.20%) Econometrician
4 5 (12.20%) Senior
5 4 (9.76%) Credit Analyst
5 4 (9.76%) Principal Engineer
5 4 (9.76%) Principal Systems Engineer
5 4 (9.76%) Systems Engineer
6 3 (7.32%) Architect
7 2 (4.88%) Consultant
7 2 (4.88%) Data Consultant
7 2 (4.88%) Data Science Consultant
7 2 (4.88%) Developer
7 2 (4.88%) Quantitative Developer
7 2 (4.88%) Senior Data Scientist
7 2 (4.88%) Software Architect
7 2 (4.88%) Solutions Architect
8 1 (2.44%) Power BI Analyst
Libraries, Frameworks & Software Standards
1 7 (17.07%) Pandas
2 1 (2.44%) Kafka
2 1 (2.44%) TensorFlow
Miscellaneous
1 9 (21.95%) Algorithms
2 7 (17.07%) Derivative
2 7 (17.07%) Multi-touch
3 6 (14.63%) Credit Derivative
4 4 (9.76%) Clustering
4 4 (9.76%) Hedge funds
5 2 (4.88%) Data Structures
5 2 (4.88%) IoT
5 2 (4.88%) NHS
5 2 (4.88%) Reference Data
6 1 (2.44%) Credit Risk
6 1 (2.44%) FMCG
6 1 (2.44%) Foreign Exchange (FX)
6 1 (2.44%) Interest Rate Derivative
6 1 (2.44%) Mobile App
Processes & Methodologies
1 20 (48.78%) Validation
2 14 (34.15%) Mathematics
2 14 (34.15%) Statistics
3 12 (29.27%) Machine Learning
4 11 (26.83%) Data Analysis
4 11 (26.83%) Data Science
5 10 (24.39%) Marketing Mix
6 9 (21.95%) Data Collection
7 7 (17.07%) Applied Mathematics
7 7 (17.07%) Bayesian Methods
7 7 (17.07%) Data Extraction
7 7 (17.07%) Physics
7 7 (17.07%) Statistical Modelling
8 6 (14.63%) Analytical Modelling
8 6 (14.63%) Analytics
8 6 (14.63%) Quantitative Finance
9 5 (12.20%) Actionable Insight
9 5 (12.20%) Computer Science
9 5 (12.20%) Systems Engineering
10 4 (9.76%) Risk Management
Programming Languages
1 23 (56.10%) Python
2 14 (34.15%) R
3 13 (31.71%) SQL
4 7 (17.07%) C++
5 4 (9.76%) MATLAB
6 1 (2.44%) C#
Qualifications
1 18 (43.90%) Degree
2 7 (17.07%) Numerate Degree
2 7 (17.07%) PhD
3 5 (12.20%) Master's Degree
4 3 (7.32%) DV Cleared
4 3 (7.32%) Security Cleared
5 2 (4.88%) SC Cleared
Quality Assurance & Compliance
1 7 (17.07%) Data Quality
2 1 (2.44%) IFRS
2 1 (2.44%) IFRS 9
System Software
1 1 (2.44%) Docker
Systems Management
1 1 (2.44%) Kubernetes
Vendors
1 2 (4.88%) CA
1 2 (4.88%) Databricks
1 2 (4.88%) Microsoft
2 1 (2.44%) SAP