How to go from Canada to the US?
It was only in my fourth year of university that I decided to pursue investment banking. Luckily, I was able to land a position at a large Canadian bank in Toronto and will be starting there in a few months. I was and am ecstatic about securing the job, but I very much want to be in New York (for professional and personal reasons). I've browsed through the forums over the last few days and understand the importance of networking, especially for Canadian students trying to get into New York. Had I known that I wanted to do banking junior year, with a bit of luck and some hard work I think I could have landed a job there. However, as I am starting as a first year analyst soon, I don't exactly know how to go about trying to transition. This is where I was hoping to get some advice...
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How should I go about approaching the networking? What kind of initial questions would I be asking? When should I start?
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When do analysts usually lateral over? 6 months? 1 year? Should I wait until I have deal experience to apply?
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The group I'll be in is notorious for long hours. Understandably, I can't expect to fly to New York to meet with contacts or to interview, even on weekends (perhaps from time to time, but it will be a bit tricky to get entire weekdays off).
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Any overall advice?
I probably come off sounding cocky in the above, but I really am quite lost and don't know where to begin. While I may be a good interviewer, getting to that point is going to be very tough and that's where I need the most help. It seems a bit daunting but I very much want to make the move and am willing to bust my ass to make it happen.
Little bit of background info: Did not attend Queens/Ivey, so my alumni network is significantly smaller in the States. While I do not have any finance internships under my belt, I am near the top of my class academically, have a strong entrepreneurial background and overall a very unique story that helped me stand out through my interviews. Finally, I'm an attractive female. I've found this to help with guys, but it really hurts me with fellow women...
Any advice would be greatly appreciated.
Thanks!
Why leave Canada? We have a strong, prudent, and secure economy. Barely any Canadian bankers were laid off in 08 compared to the thousands that littered the street in NY. What happened to new york on 9/11 would and will never happen to a Canadian city, we're peaceful and economically sound.
Switching from Canada to US is not as easy as it sounds, and the work permit process is not what it used to be. In the US, when giving a job to a foreigner, employers have to demonstrate that they were not able to find anyone else locally that had the same set of skills - good luck if you are an analyst. From what I've heard, it also seems like the work visa pipeline is purposely clogged (6-12 months) so that banks have even less incentives to hire foreigners.
Anyway, I'd like to hear what other people have to say abt that topic.
They almost never deny the labor certificates anyways. There might be restrictions on H1Bs for TARP recipient banks (most of the big ones) but all the employer has to prove is that the job was advertised and the foreigner in question is best qualified and is being offered the prevailing market salary for the job or higher (and of course, the foreigner has a bachelor's or above) . Of course "best qualified" can be constructed in whatever way the employer wants to construct it and it's almost totally up to the employer, so...yeah. But fewer employers are willing to sponsor these days because of the economy...And if you have an American MBA (I'm not sure if this counts for foreign too) there's a 20,000 visa quota over and above the cap just for people with advanced degrees (JD, MD, MA, PhD all count too, LLB probably won't).
You might try to transfer to the New York office of whatever bank you're working for in Toronto (you'll get to use the L1 visa which is much easier to get), or jump to the Toronto office of an American bank and do the same using the L1. But then again, if you're a Canadian citizen, you're using the TN visa anyways (which incidently is not as complicated as the H1B), so the H1B might be a moot question.
But IANAL so talk to a certified immigration lawyer about this.
your not attractive until we see pics...lol
dont go to the states...waste of time
why would you want to switch to nyc? im actually trying to switch back to toronto based on offers/comp packages, etc. I saw, toronto offers the same salaries as nyc (with the rising exchange rate, salary could actually be higher. 85K CAD base in Toronto vs. 70K USD base in NYC), but cost of living is lower, and tax is actually slightly lower (no nyc city tax). you will actually save about 20k more per year in toronto
85k in an american bank operating in toronto? If I'm correct the big Canadian 5 pay 105 all in? I could very be wrong..
Highly inaccurate. Investment Banking analyst starting salary at the the Big 3 (we can ignore BMO and CIBC) were as follows:
RBC-70k
TD Securities-65k Scotia Capital-65k
Furthermore, if your thinking long-term you should note that IB bonuses at Canadian dealers are scaled differently simply because of how banks are taxed in Canada.
The only place I've seen 85k base in Toronto is for the BB's that have small branches there (but these are mostly for relationship management purporses)
sorry i meant to say that the 85K base is for BB offices in Toronto I would disagree with CanadianTrader about them being for mostly relationship management purposes though. Some of them are actually quite well established and do everything in house (BAML, UBS). There are a few others that mainly source deals (Detusche, for ex.).
I have some good buddies on both sides so I'll give you my take.
Summary: If others concur with your self-description and you get good deal experience, definitely possible.
Visa: In terms of the visa, depends on the bank. For example, Goldman recruits on a TN visa so if you're an all star, the visa will never be an issue. Morgan hires on a H-1B so you have to time that right.
Chances: On a whole if you're an all-star banker with a strong resume, you should be able to at least have a shot. There's always lateral hiring somewhere as analysts leave early all the time.
Timing: In terms of timing, it depends what you want to do after and how certain you want the transition. Moving to GS/MS Toronto would work if you're in for the long-haul, it's likely you'd be able to transfer over after 2 years if you're top bucket. Note this is harder in some ways than transfering directly since the retention rate of analysts at GS/MS Toronto are very high. On the flip side, even if you don't transfer to the NY office you can get a NY PE job from these two offices.
Otherwise, you'd want to try transfer directly asap. You'd want to leave when you can. Basically how it would go down is that you would get some cool deal exposure (e.g. running the model on a $10Bn deal) and maybe even co-advise with NY BB. You'd then talk with the NY guys you'd worked with and see if they could pass you're resume to staffers. Obviously there's other scenarios and ways to move down, but this is the most obvious one.
When things are good, I'd guess 1-2 analysts join from Toronto annually. There's probably like 30 analysts in Toronto so that's not terrible.
If you haven't finalized group placement yet, do everything you can to get into a group with lots of M&A (ideally M&A if that group exists). M&A experience gets the most cred in NYC. (Ton of Financing/IPO work is done by the capital markets guys vs the IBD analysts).
PM me if you have further questions.
Thank you for your input everyone (blue, I'll be PMing you in a little bit).
I understand some of the benefits associated with staying in Canada, but given my future goals, going to New York would be best for me. Unless I suddenly get married to an American, Visas will be a big issue.
I'll be in New York in late April, but even then I'll be a few months away from starting work. Would it be too early to begin trying to meet with contacts (will try to establish some by then if it's the right move)?
I think the thing I'm struggling with most is understanding how to frame the transition in conversation... I haven't even STARTED my job yet and I'm trying to move to a new country...
Edit: Just wanted to add that I want to move ASAP
Sounds like your future goals and dreams spurred up after watching The Devil Wears Prada. Is that the reason? the alleged glamor of NY?
You said you're good looking right? I am too, and I'm single. Let's get hitched.
We could reenact this: http://www.imdb.com/title/tt1041829/
What on earth are these mysterious "future goals"?
To be honest though, no matter what "goals" you may have, I would find it very awkward to speak with someone about switching from a position they haven't even started yet. It'd give me the impression you weren't serious about what you were doing. I'd wonder why you took the job in the first place. I'd wonder why you went to school in Canada at all if the gravitational pull of your "goals" was hurtling you towards NY. I'd think, if she's talking to me before even starting that job, why wouldn't she start auditioning for soap operas the week after she got hired here? In sum, my bullshit detector would start to ring. After all, if they'll do it for you, then they'll do it to you, right?
Just stay in Canada for a few years. If you're good, you'll move up the chain and eventually get your choice of location. Just focus on doing well and getting into a good group.
Pennypacker, I don't even have a job yet. Visas aren't yer an issue... Jumping the gun there a bit aren't you?
I want to clarify something.... When I say 'ASAP' I don't mean before I start work (destroys the meaning of the word, I know); instead, I mean at least 5-6 months into my job. And it's not that I'm not excited about where I'll be going... I got the group of my choice and really like the people I'm going to work with, it's just that Toronto simply isn't going to get me where I want to go.
Assuming that I'm a good analyst (never spent a day on the job so for all I know I could turn out to be completely useless) and find myself drawn to the field long-term, I could make a good life for myself here. The thing is, not only do I have a desire to go elsewhere, but I also do not want to be here for the rest of my life. I don't have a set plan to be entirely honest (this is all very new to me after all), but in the relatively short-term future I'd like to land a position at a decent PE firm (not set on KKR, BX, etc... I'm sure I'd want a better quality of life at that point and wouldn't be able to get those jobs even if I wanted them) and then get an MBA from one of the top US schools. If I want to build a career in the states, my university network won't get me anywhere....
in the long-term I don't know what I want to do and I'd bet that most of you don't either (or may have deluded yourselves into thinking that you do), however I know that Toronto isn't where I'd like to see myself 10, 20, 30 years down the line.
Horatio makes a great point and that's why I've been hesitant to reach out to people now... Trying to move when I haven't even started my job is going to turn off any future employer.
From the people I've spoken with, the safest route seems to be to work at my firm for a year and then request a transfer to NY. This hinges on good performance, of course. Being a Canadian bank, my firm doesn't exactly match up to the US BBs in NY so if I were to want to transition to one of them, how should I go about doing it? What's my timeline?
I think you're naive and have no clue what you have. First of all, from a quality of life perspective NY wont offer you that. It's crowded, EXPENSIVE, the competition is immense, and you wont even have time to do anything for the first 5 years of banking(2 years analyst, 3 associate). Second of all, U of T and Mcgill are in the top 30 university rankings so that solves your school "problem". You're attempting this transition for all the wrong reasons.
You've yet to state: " I want to work on different types of deals, deals you find more often in the U.S" rather you just focus on the alleged "quality of life" aspect. You have a lot soul searching to do.
I'm in no place to give advice but:
Tradex, STFU
"I'm currently a Freshman in a Canadian target. Recently, I managed to land an internship at big holding company's financial arm in the middle east."
So, you're a freshman without any experience, giving advice to someone who has a FT IBD offer already...what a prick.
One, I got a college diploma in financial services from a community college before transition to uni. Two I hold a couple of licenses and read voraciously on the industry. I know far more than you're "perception" picks up. Three, I'm an avid follower of the markets and trade for my own account plus my dad and uncles accounts. I've talked to many Canadian bankers and know just where we stand culturally, and professionally.
I will criticize, that's my full right. And in this instance I have every right, She's not moving for the right reasons but for the wrong perceptions.
Tradex: Thats her choice dude. She asked for advice on moving to NYC, instead, you judge and criticize her "reasons" -- and who are you to say they are right or wrong? Think you need to layoff a bit.
TryingtoTransition: I think the easiest way of doing it is to transfer to your bank's NYC office. That said, since Canadian banks have smaller operations in the States, it might be more difficult to make the move from one of the big 5. I suggest trying to get into a US-based bank in Toronto and then transitioning from there. I've seen 2 people make the jump from Canada/Europe -> NYC at my (global) bank.
Wow Tradex, you went to a shitty college in Canada...BRAVO...
Looks like all the george brown and seneca kids need to go on WSO to give advice too..
There are great reasons to move from Canada to NYC if you want to build a career in finance. For many things, the 1:10 rule generally works when comparing Canada and the States. With respect to finance, the appropriate ratio seems more like 1:100 or 1:1000. There is just so much more opportunity in the States.
It is getting easier to make the switch. US banks need analysts and it is much easier to get an H1-B visa these days. I've seen a few people make the switch recently.
Since you are at a Canadian bank, a decent strategy would be to move to a US satellite in Toronto after your 1st year, and then go from there. You need to be very careful as many US satellite offices aren't very keen to send you to the States. MS and GS are probably the best for that.
Alternatively, you could move directly to a US bank in NYC. This is tougher - can definitely be done if you network hard. I've seen someone move from a top group at a Canadian bank in TO to a great shop in the States with only a few months experience. An opportunity came up and they were a great candidate.
Deal experience will be crucial in whatever path you take. You need to work in a top group and get strong transaction experience.
TryingToTransition,
I can actually speak to this... I am a graduate of a US Ivy League and I was transferred internally at a US BB to the Toronto office precisely because I could not get my H-1B in the US. BTW - I am neither a citizen of the US or Canada. Given the precarious/uncertain nature of the H-1B visa and the limitations of the L-1 visa (you can only work for the employer that hires you and there are no portability clauses), I have decided to stay in Canada to get my permanent residency and then citizenship. I will time my going back to the US once I sign my citizenship application and go back to b-school. So, here is what I can offer by way of advice.. your Canadian citizenship can be a gold mine if used properly. So here is some wisdom I can share:
Visas/Immigration: Avoid the L-1 at all costs. It is a restrictive visa. If you can get an H-1B and a firm willing to sponsor you, then by all means take it. But the problem is that they can only hire you starting October (provided you apply by April 1st of the same year) and that there is an annual cap of 65,000 units every year. So good luck securing a winning ticket. As for TN status, you can apply anytime and at any border post without worrying about visa availability etc All you need is a properly worded offer letter. Now that's key. In NAFTA, there is no specific "investment banking" profession listed so you would most likely fall under the economist category. In other words, your sponsoring firm would have to word your offer letter in such a way that you appear as an economist. I have seen some reluctance on the part of BB IB firms in doing so. That's why you are better off looking at smaller PE shops as a target to get into the US as they are probably not so sensitive to exploiting loopholes. So I'd definitely advise you to complete your analyst program here and then look at a shift. In any case, do make sure you clearly explain how your visa status is different from other internationals seeking to work in the US.
Networking/transferring over: From what I know, some Canadians b-schools like Ivey maintain a quite decent alumni network in the US (for instance, I know for a fact that Ivey has a strong presence at CS LA and SF). You said that you do not have access to this. So your best bet is through friends (or friends of friends) you may have that work on Wall Street or at PE/HF shops. If and when they connect you to more senior rungs at their co's, you should always highlight your unique skill set. One poster is absolutely right.. you should target an M&A or levfin group at all costs, since most ib analysts in the US get staffed in coverage groups (except at GS). So there may your ticket. Also, do not discount the b-school route. If you have a stellar experience and recommendation from your current employer and you can showcase some decent leadership/volunteer work (always good to sprinkle those around), you can aim for a top b-school program (MBA) program in the US. Then, trust me, you are set for a stellar job in the US. The fact that you are a Canadian citizen and already applying from within the US will always help btw -- just make sure you let your potential employers that it is easier to hire you over other internationals.
Hope this helps... feel free to PM with more questions!
K
P.S. I would not leverage the "attractive female" part that much ... it's a double-edged sword haha :P
There may be more opportunity in the U.S., but talking about relative amounts of opportunity only really makes sense if you're still hunting for a job. It may be harder to land a finance position in Canada, but fortunately for you, you did it!! You got a job in finance in Canada! I just feel bad for your employer that they might have wasted a slot on a person who, it seems, will be disengaged from her work from day one. Forgive me if I'm wrong, but from the way you're presenting it, sounds like the only concept you have about moving is that you're too wonderful to be anywhere but New York. The late interest in i-banking + your insinuation that you are willing to leverage your looks to male bankers + vague "future goals" = a pretty clear picture that you are in this for the image only. It will be very very hard mentally, if not impossible, to put in the hours and horsepower necessary to be a star analyst if you can't even bother to leave your "future goals" in the future. All analysts at some point think to themselves "when can I get the hell out of here?", but usually, they're pretty committed to their stint and are really just waiting for it to end. It'll be pretty distracting for you, not to mention piss off your team, if all you do from the moment you arrive is come up with ways to sit in a different cubicle.
I greatly appreciate everyone's input--from visa issues to what routes to think about/take. I approached this whole thing with a lot of naivety and misunderstanding but have found some very useful information throughout this thread. I've also received some negativity (particularly, it seems, from jhoratio), and feel the need to respond...
First, I don't understand what I did to get on your bad side. My future goals are no more vague than those of many analysts I've spoken to (read my previous post). Also, I've known about banking for some time, but thought that I would pursue a different career route until relatively recently. When I sat down and deeply thought about it, I realized that banking was probably the best place for me given my nature and what I wanted out of a first job. I always understood the appeal of the money/prestige, but it wasn't enough to convince me to go into the field. In the end it was more about what I stood to learn and the opportunities I would be presented with if I were a good analyst.
While I don't see myself in the role or in Toronto long-term, it doesn't mean that I won't approach the job with the seriousness it deserves, ESPECIALLY because of my desire to go to New York. I understand that unless I perform extremely well, my odds of transferring will be very low. That understanding combined with my natural tendency to try to do everything well can push me far.
Why should I just be happy with where I am? I don't know many successful people who didn't always push for better, regardless of their accomplishments. New York and the United States in general is a better place for an individual to build a career in finance. I want what is best for myself and not what you may think is prudent. I was asking for advice, not an inaccurate dissection of my motivation, future performance on the job and assault on my career goals in general.
Finally, I never said I was looking to leverage my looks in any inappropriate way. I have never and would never sink to that level. I just know that it's an advantage in networking/interviews and I'm not afraid to acknowledge it. It certainly hurts on the job in the sense that I'll have to work twice as hard to prove that I'm not some ditz, but that doesn't scare me in the least. All I want is to get my foot in the door...
1) Stop whinning and consider yourself lucky to get into I-Banking, especially this year 2) Make a name for yourself on Bay St 3) Network in NYC 4) Be patient 5) Move to Wall St
once you get the credentials to move at senior levels, then move to Wall St Ivy league candidates come a dime a dozen, why should they choose you over them when you didn't prove yourself yet.
"I'm an attractive female. I've found this to help with guys, but it really hurts me with fellow women..." LOL Join equity sales, they need people like you. Not sure it matters as much in IB.
Anyone has any experience as a Canadian studying in a US school? Do you feel its harder to get a job?
TryingtoTransition, I am at times amazed at the vitriol that is spewed around these forums. You really need not explain nor justify your original question to some unknown characters. Your questions are very legitimate points to bring up, so I would simply shrug off the naysayers and carry on. However, I do see how your comment about "being an attractive female" and "that this helps with guys" may be misconstrued. In broader terms, I would say that aethestics do not really matter at the junior level at investment banks where the interface is seldom client facing. The converse seems to be true in consulting though.
All the best.
K
Tryingtotransition - my advice, stay in Canada till this dreadful presidency is over.
You seem to have lots of responses, but I'll weight in here as well.
I'm in a similar situation as you, landed a IB job in Canada, but really really really want to move to NYC. I'm about a year ahead of you because I started last year, but I understand your conundrum.
I think you need to consider how everything will be viewed on your resume down the road. If you do start at your Toronto firm and then manage to make the switch 6 months in, you will really be burning bridges and could be considered immature because you took a job you didn't really want as something to do in the meantime. We all know how big bankers' egos are, and this is something you don't want to mess with. The bank you move to in 6 months probably won't view this as a favorable trait either. If you're willing to switch from your former employer so quickly, how are you going to be committed to the new bank.
I suggest 1) committing to the Toronto job for a year to a year and a half, and then looking to change either transferring with the bank, or moving to a US dealer. There's obvious pros and cons there - I don't think I'd really want to work for a Canadian dealer in the states - but that's your choice. This isn't a half bad plan, you've already landed the job, cost of living in Toronto is cheaper, and you make less money in your first few years, so the long term effect could be really positive for you.
Or 2) you get on doing everything you can to get a job down there, including figuring out all the intricacies of visas, and get on with it
Breaking into US IB from Canada (Originally Posted: 12/08/2014)
Any past experiences and insights?
BMO might be easier?
A couple key ingredients:
1) being in a strong business program (think Ivey/Queens/Schulich) is probably the most helpful first step
2) Be really organized and proactive about networking, especially with school alumni
3) Do your homework on firms that do Visa - no greater frustration than spending time networking/meeting with a firm to discover you can't even work for them.
Ivey is strong with consistently placing students in BBs/EBs across the US, they're probably the top Canadian school in that regard. Queens is quite good as well, they do place in the US however not to the extent that Ivey does. If you are at Ivey/Queens, there is quite a bit of OCR from top firms, so you should have significantly easier time.
Making connections with alumni / family friends / anyone at a bank you want to be at is essential if you're at any other school, because there isn't as much OCR so you need to get in through non-traditional means.
Of course it all depends on your competitiveness as a candidate - somebody with poor grades and no experience will have a tough time getting into BBs/EBs/Some MMs in the US even if they are at Ivey/Queens.
Canadian applying to US (Originally Posted: 03/09/2015)
Any canadians have any experience with applying to the US job market?
I will be graduating with a master of finance degree by the end of spring, and looking for associate sell side roles. It doesn't have to be Goldman Sachs, smaller shops are perfectly fine.
On that note, I am also open to other finance jobs within the US market as well.
Any advise/opinions?
Thanks
try but Visa requirements might fuck you.
fuck you in the asshole.
???
it's pretty easy to get a Visa given you have a couple options.
Fwiw, it'll be easier at a large firm like GS than a tiny shop, as a bigger firm will have the infrastructure in place and experience to help you with the process.
Yes, as long as you have a job offer, TN Visa won't be an issue. The key is to get a job offer.
So back to my question. Any advise for a Canadian in respects to getting the attention of recruiters in the US?
Canadians getting into American Banks (Originally Posted: 12/08/2015)
I was wondering if anyone can share insight on how people get into American Banks and firms from Canadian Universities. I am 2nd year Student at U of T, I have 3.9 GPA ( 4.0 scale), taking 6 courses a semester, working part time as a Market Research Analyst, and I also help coach at U of T's Boxing club. I am doing two specialists, one in Economics and one in Mathematical Finance, I am up to date with the market and do my own homework on covering everything taught in business school, plus I have pretty decent programming skills. However, I don't know what else I could do... I would like to work for a firm where I can deliver at 120 percent and also learn as much as possible, and I know most of the big firms are, in fact, in the US. I was really hoping someone could help me out with this point. So...any comments? Suggestions?
Transfer to Ivey for junior year
Can't, I don't have the accounting credit, unless you know some way around that... PM me?
Canadian student here. Myself and a couple of my classmates recruited for US banks this year. Nothing against University of Toronto, but by being a UofT student you are innately at a disadvantage because of the lack of a strong alumni network in the States and a weaker career services department. That being said, with your credentials I'm confident that if you reach out to the right people and network efficiently and correctly you will be able to land interviews at top BBs/EBs in the States. However, this just means that you're going to have to put in the extra work to get your foot in the door at the places you would like to interview and getting interviews won't be as easy as a OCR resume drop.
As you are a second year, I would focus on getting as close to an FO banking experience as you can during the summer. At school, focus on getting involved with your school's investment club (I think UofT has a couple) and maintaining your high grades. In terms of individual prep, brush up on your technicals and make sure that when and if these firms do give you an interview that you are ready to blow them out of the water. A lot of American schools don't have business/finance programs, so you should make sure your technical skills are impeccable because they should be.
The way I went about networking is I tried to have one firm contact at each firm that I was interested in that I knew would push my resume through when recruiting began. This happened by scheduling phone calls and multiple back-and-forth emails. When I was in New York for recruiting trips, I would always schedule coffee chats so they have a face to put to the name. You should start this as early as the summer between your second and third year.
Regarding which firms will sponsor you for a Visa as a Canadian, here's a fairly comprehensive list:
GS (All), CS SF, JPM NY, Lazard (All), Moelis (All), Evercore (All), Greenhill (All), PJT / Blackstone (All), Barclays LA, Centerview (All), HLHZ (All), RBC (All), Oppenheimer (All), Qatalyst
Good luck, feel free to PM
Headhunters for Canadians going to US (Originally Posted: 11/06/2013)
Hello, was wondering whether anybody know of any headhunters that are open to Canadians interested in going to US for IB/PE specifically. Obviously it’s best to meet the headhunter in person, but it seems like Canadian headhunters don’t really have access to US openings (NY) so seeing if anybody have had experience in doing that.
Looking for lateral as a junior IB to a diff bank or to PE. Thanks
Bump
would be interested in this as well.
Bump
This may sound crazy -- but just bear with me for a minute -- have you considered contacting headhunters IN THE US?
Best way for a Canadian to apply to US firms (Originally Posted: 09/08/2009)
What's the best way for Canadian students to apply for ib jobs in the states? Online resume submissions? Also when is the deadline for most BB's?
The best way to apply is through a US target school's careers office... that is if you go to one :)
The next best way is through a Canadian target school's careers office.
Unless a BB recruits from your school online submission is the way to go. If I remember correctly CS,MS,UBS and GS are accepting online submissions for IBD analysts. You have to check individual company websites for respective deadlines. I also think the above firms are willing to sponsor you for a TN visa should you get an offer.
Agree with PG, Canadians mainly make it from US schools. the top Canadian high schools generally sent their top students to the US (with scholarships, to ameliorate the tuition difference). The only analyst from a Canadian School in my training cycle (300+ analysts) came from McGill and was American.
With the closing of many Canadian offices or parts of Canadian offices, a lot of the senior sponsorship for many Canadian schools were lost as well.
.
bump
If you go to a Canadian target, just apply through the career office. Every year, these schools send a few to the States.
As an example, Goldman hired 4 from Ivey and 2 from Queen's for their NY office this year.
Canadian soon-to-be grad's chance of getting into banking in NYC or other U.S. financial centers (Originally Posted: 09/02/2011)
Hi WSO
I have been reading the forum for a couple of months now. I really appreciate the insight and knowledge that people share around here and would love to hear your opinions on my situation. This is actually my first time posting a question; so I apologize in advance if I'm not doing something right.
I will soon graduate from two Canadian universities with two degrees - one in mathematics and one in business administration majoring in finance. My GPA is in the low 80s, ~3.7 out of 4. For my co-op/internship, I worked in corporate banking after third year at one of the 5 large Canadian banks (BMO, CIBC, Scotia, TD and RBC), and I will be working in investment banking at another one of the 5 Canadian banks for the upcoming 4 months. I also worked in prime brokerage and government sector prior to that. For volunteer experiences/ extracurricular activities, I've been a peer mentor, a math tutor. I'm in a sorority and I volunteered in central America helping less developed communities build schools.
Now my questions is, what are my chances of getting into the banking industry in the U.S, ideally in NYC or any major U.S. financial centers? I'm open to corporate or investment banking at BB or mid market firms; I am also open to hear your suggestions and comments. Additionally, I would love to hear from anyone who was able to break into Wall st. from a Canadian background.
Thank you very much for your time.
Best regards
I keep hearing that London and NYC are both more difficult for internationals to get jobs these days due to restrictions on the number of work visas employers have to dole out.(unemployment feeding protectionism) So its usually reserved for experienced candidates-- though you do sound experienced even though you just graduated- are you a non-traditional student?
0 chance since American students can't even get jobs.
Toronto is a hub for IB and consulting... your credentials will be appreciated and respected more here...
personally I dont plan on wasting my time or money going on interviews down in the states when all the firms are 3 subway stops away and recruit at my school
Investment Banking Ft at a BB after SA at a Top Canadian Bank in Toronto (Originally Posted: 12/01/2015)
I went through the summer process for BBs but had an exploding offer from a leading Canadian bank for summer, which I ended up accepting. I was wondering what the odds look like to secure full-time at a BB after completing my summer internship? Thanks in advance.
Will you be in the NY office, or in Toronto?
I'll be in the Toronto office.
and do you study in canada or the US?
I study in Canada.
Just try to network as much as you can then, and make connections in NY. You'll definitely be pretty well off, given you'll have the experience to talk about during interviews and such, but not being in NY will come at a slight disadvantage if that's where you want to end up, from a connections standpoint. All in all, just make sure you keep reaching out to people at the banks you're interested in, and you'll be fine.
Agreed with the TheManagingAnalyst. Definitely keep in touch with your interviewers
I thought ivey doesn't allow exploding offers?
RBC?
assuming you go to a school that that has OCR from BBs (Ivey, McGill), I think your odds are pretty good. that being said, it depends on FT recruiting levels. In my time (I was in banking in the mid / late 00s), most banks had fewer SA spots than they had FT and given the vast majority of SA received and accepted offers where they spent the summer, there was still robust FT hiring activity and candidates with prior SA experience who weren't returning where in high demand and generally received multiple offers.
I have been hearing more and more that banks are filling in their FT class almost exclusively with SA and are not really recruiting for FT (or are doing accelerated recruiting mid / late summer and only invite "pre-screened" candidates) so that can be a concern. Others might have a more informed view on that since I have been out of the game for a bit. But as others have said, definitely stay in touch with your interviewers so you can be considered for accelerated recruiting.
Canadians Working in the USA (Originally Posted: 08/31/2017)
Have any Canadians on the forum had any luck landing jobs in the USA? If so, what was the process like? Does anyone know of any firms that are more open to taking on Canadians?
I'm also a Canadian looking for a job in the USA. There are options if you're studying at a US school to do OPT then Stem OPT, if not the TN Visa could apply to some jobs. If either of those aren't applicable, then you'd have to go the route of getting an H1-B Visa and your company would have to sponsor you.
I've done multiple TN1 Visas but haven't touched H1B. You'll find that most smaller companies perceive hiring a foreigner as a giant time/money commitment so they aren't wanting to jump through hoops. Or they don't even know where to begin. Either way, it's not favourable.
It really does depend on what type of position you're going for though. I suggest if you're interviewing currently to not bring up Visa sponsorship until very late in the process. If the company brings it up, mention it's a really simple process and the paperwork gets approved within 30 minutes at the border (true). If you're bringing this up in the early stages of interviewing it gives more than enough reason to cut you from the candidate pool - make them like you enough that they want to jump through some hoops to get you.
Canadian Breaking Into the US For FT Recruitment (Pls help)!! (Originally Posted: 01/24/2018)
Hi,
Im currently a third year student studying at a Canadian semi-target that doesnt have much success in US IBD recruitment. That being said, I was able to secure a SA IBD position within a top Canadian group, which I think should position me reasonably well if I try my hand at NYC FT IBD recruitment.
If anyone has made the lateral from Canadian IB as SA to US IB for FT, could you please provide some clarity on how you navigated that process? There are few alumni from my school, so should I attempt reaching out to any Canadians I can find? Do you think planning a networking trip to NYC soon would make sense? Any info would be greatly appreciated
First question is: do you want to work in Canada or NYC?
Id prefer working in NYC straight out of undergrad tbh
It's going to be hard to make that move. Sn: I heard that there was a hiring freeze/limited hiring for SA IBD roles at the top banks in Canada. If you were able to get one of the spots, kudos man!
Really eh? I have buddies that signed with some of the other Canadians and I heard that the number of SAs hired this year is pretty much in line with last year
Do you go to Schulich?
In the Rotman/Schulich/UW/WLU realm
Canada to US Immigration - Non-Finance Job to Get Permanent Residence? (Originally Posted: 01/03/2018)
Assuming you haven't read my first post, I am a Canadian in my final year of undergrad, at a Canadian school, and I am hoping to move to the US ASAP after I graduate. Taking this into consideration, I am curious what your thoughts are on taking a non-finance related job in the US, and working there until I have permanent residency (looks like you can apply as soon as you have a visa number), and then switching to the finance industry. The reason I am considering this is because if not, I will likely have to work at least 5 years in Canada to be considered qualified enough to get a sponsorship. Sure, the experience will be applicable to what I end up doing in the US, however, all of my contacts will become irrelevant in another country, and my personal life will essentially be at a stand-still as I wait. When you answer, assume that I will have no difficulties in obtaining the visa, although the work is less than respectable from an intellectual standpoint - to counteract this effect I will likely be studying for CFA level 2 at the time, considering I am going to write level 1 this June.
Why is it you can get a non finance job in the US, but not a finance one?
It seems equally hard to get any job in the US for you as a Canadian, right?
Anyway, the US non-finance route is going to put you in a difficult situation in interviews even if you pass L2 or L3 of the CFA exams.
Employers favor good/relevant work experience and you should either seek that out primarily or consider further education in the US, which might help with the transition.
See new post for update
Career Move from Canada to the US (Originally Posted: 02/25/2018)
Hello Monkeys,
Has anyone here successfully jumped to the US after working in Canada at the analyst/associate level? I’m curious to hear what networking tactics worked the best for you, whether REPE employers are even willing to sponsor visas, and your opinion on using head hunters for this type of move.
Thanks.
Woah, @RealDonaldTrump we need another wall on the northside. Can’t risk letting in someone that had a hand in electing “Mr. Peoplekind.”
So it begins...
Interested as well. I wonder if most of our applications are sifted out in the application process when they ask if you need sponsorship/have the legal visa requirement to work within the United States.
yeah probably. I was applying to morgan stanley real estate internship in NYC and as soon as I clicked I need a work visa, they hacked my computer to display the exchange rate of cad/usd for 3 months :( couldn't get a internship because of that
Not in finance anymore but can speak generally about visas. Had my fair share of cancelled interviews because of sponsorship requirements.
Most recruiters/HR folk/managers looking at your resume don't know the difference between a TN1 visa (work visa for Canadians) and an H1B visa (immigration visa). As soon as you check the box that you need a visa, they assume you need an H1B which can cost upward of $15,000/long process, instead of the TN1 that has a $50 fee/approved at the border within 20 minutes. Day and night difference but in their mind they hear "Headache. Unnecessary hurdle to jump".
To get around this - don't check the box. Get to the first interview and make them like you in a way that will make the person want to go to bat for you. In the second interview drop hints you'll need to do some easy paperwork for the visa and then in the final interview say it's a really easy process you'll just need to connect with their HR/legal side. This takes the burden off the manager and puts it onto the HR team that is told to help you get across the border.
Takes a bit of time but this allows you to get more interviewing experience + know if it really was the sponsorship question that was holding you back :)
I suppose my situation is not really like what you're looking for, but I recently moved from Canada to NY in CRE lending as an intra-company transfer with the bank I work for. Even though I'm on an L1 visa, the process I imagine, is more appealing than a fresh hire from Canada. The bank hired outside legal help to prepare the visa application and is taking care of all moving expenses.
However, I have spoke to someone in REPE in NY when I was still in Canada. His point was that it is indeed more difficult, especially in this political climate on immigration, and he suggested reaching out to headhunters. Turns out I didn't need to follow his advice.
Any Canadians successful at getting a boutique IB job in the US? (Originally Posted: 05/25/2017)
I have been interviewing recently with a boutique IB based in NY. I went through 2 rounds of interviews and did well in them both, and heard back from the interviewer that I didn't get the job because the position got scrapped due to budget issues. However I thought maybe it had to do with the fact that I was not a US citizen? I know Canadians can work IB in the US with a TN Visa which is a much simpler and cheaper process. Has anyone from Canada been successful at getting a job at a boutique IB in the US? Can someone share their experiences and thoughts. I was never asked whether I needed Visa sponsorship during the interview. I checked online and it actually showed that the company does sponsor h1b visas for analysts. So I am confused.
Not trying to be mean but it sounds like you're trying to justify a different answer because you don't like the answer you were told.
For what it's worth, I know two people on H1B's working in IB, but they aren't at a boutique. H1B's take much longer to process. So if you're really hunting for alternative explanations, maybe they needed to fill the position quickly (rather than wait months for H1B approval) so they passed on you.
Out of curiosity, what school in Canada do you go to? Is it Ivey or Queens?
Neither.
Is this for summer or FT?
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