Full Time to Contract - What should i be looking for, pros/cons

Currently working as a BA for a bb firm, don't exactly love what I'm doing but at the same time I'm being assigned more and more complex projects so it is getting interesting. Anniversary is coming up so opportunity for advancement is around the corner.

Opportunity might come up to switch out to a Contract position in an area that I do want to transition too. (CCAR reporting) Role sounds great, pay is much better than current, looks like an great opportunity to used to skills i have now and gain experience in a subject that i find really interesting, contract lasts ~9 months with "opportunity for hire"......

Whats the catch here? And anyone know if there's a golden ratio between contract pay and full time salary?

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