Big 5 Bank in Toronto to BB in NYC (2nd Year IB Analyst) (H1B & Job Offers)
Hey guys, I need some advice regarding transitioning from Toronto to NYC. I'm a second year IB (DCM) analyst at a big 5 bank in Canada. I'd like to move to a BB or EB in NYC, mainly due to family reasons and visa sponsorship. Please note that I will be applying under the H1B program.
How does recruitment work? A couple of my buddies from college ended up in BB in NYC from school. I know it's possible for entry level programs. Since H1B requires applying one year in advance, does any BBs or EBs sponsor lateral candidates?
Not sure how much networking helps or if I should just apply online. I believe the eligibility to work in the US won't even send my application to the hiring managers. I have a diverse background and experience. I have also had some good deal flows.
Did headhunters help you? A couple of them reached out to me but I haven't had any discussions yet.
I am mainly looking to lateral to another bank and not interested in buyside roles. If there are any Canadians that moved recently, I'd really appreciate if you could share your story.
Ah man, that's really unfortunate. As a fourth year international student and former summer analyst at a Big 5 in NYC who's talked more than a few times to BB analysts/associates on lateraling, I could have given you the info you need. Too bad I guess
Hey this not OP but could you help me out. Not exactly in that situation but I feel like I will be soon so can you please tell me about your experience and talking with others.
Hey this not OP but could you help me out. Not exactly in that situation but I feel like I will be soon so can you please tell me about your experience and talking with others.
You still haven't moved to a ft role and completed the process. I have buddies that went through the same process in BBs in NYC as you did and I don't think their experience applied to my case. I was hoping someone that went through the process share their experience.
Anyway, my apologies. I think other students can benefit from your experience. I will edit my post lol
Are you a Canadian citizen? Most Cdn bankers apply for the TN visa, not the H1B
Will be very difficult to lateral to the US right now given COVID uncertainty, especially since you're at a Canadian bank and in a DCM group. Most BBs/EBs dont sponsor Canadians anymore (except for a handful)
TN has its downsides. I cannot apply for Green Card. My family lives in the states and I'd like to be able to apply to green card.
My role is actually a hybrid role, not purely DCM. We sit in between IB & DCM, think more project finance. I have seen a lot of DCM folks move to other IB groups.
You are right about COVID. Since H1B's take a year to process, I am thinking of recruitment one year from now. By then, I'd have some good experience and with DCM deal flows, I think I'd be in a good position for recruitment. What do you think?
Regarding EBs, I have actually seen several Cdn hires recently. It is such a random process. I think it just comes down to your network.
No firm is going to hire a lateral from Canada using an H1B so you can pretty much throw that out the window. Why would they go to the trouble when a TN is much easier? Especially if you're coming from a DCM group (project finance might actually be worse from a recruiting standpoint) you don't want to be the nail that sticks out/make it any harder for them to hire you. Second, the lateral process is highly network focused. If you didn't go to Ivey/Queens with a clear network to a handful of firms (EVR, Moelis, etc.) you're going to be facing an uphill climb because a ton of people from those schools are going to be recruiting from roles in traditional IB at RBC/BMO and using their school name/numerous friends to get those interviews/roles. I think there's a weird perception that you can network with / get an in from pretty much any other Canadian but for the most part the people from these schools are getting reached out to 24/7 from their own alumni so there's no real incentive to helping out someone from another school.
Pretty high demand for people with a project finance skillset - you can probably lateral internally within your bank. Canadians (espec Scotia / RBC / CIBC) have very active PF teams in NYC.
Yeah, it shouldn’t be too difficult to lateral to NYC office within a year. If Biden wins the election, there is probably going to be more demand for P&U bankers due to his clean power program
Yeah that too, lots of P3s coming hopefully. Also to correct myself, I think RBC does PF out of their PUI coverage group, can’t remember seeing a dedicated PF team on WGLs
As someone who tried to lateral from Canada to the US using an intercompany transfer, I was told even that didn't have a great chance of success in the current environment. Take from that what you will. I will say that I think the external counsel my bank retained aren't the sharpest but I have no option but to use them so it is what it is.
Are you in BB or Big5 CDN? I definitely think it’s difficult in the current environment. However, the election could change a lot of things. With inter company transfer, I think there is a lot of politics involved. Ik someone at GS who tried for several years to lateral to NYC and it took him 3 years before finally moving to the US as a VP.
Do you think it’s more difficult to lateral as an associate or VP compared to an analyst role? I am not sure if I should just work for another 3-4 years here and then eventually move to the US.
My situation is slightly different because my relatives applied for green card few years ago. Hence, I am not sure if I should consider TN.
One of the bigger 5 (ie, one with a US presence). I know my bank prefers to lateral senior associates / jr VPs but they do analyst pretty often as well. Just keep in mind if you move on a TN, you can't convert to a green card, which you can with an L-1. And you can't convert from a TN to L1 as well, once you're over there. So if the plan is to just go over for a few years and come back, TN works. If you think it's more of a permanent move, might be worth pushing for an L1
Can someone explain the difference between a TN and H1B?
H1 is what an immigrant from any country tries to use to work in the US. it's based on a lottery system so it's luck of the draw. TN is only available to Canadians, it's not a visa, it's an extension of the NAFTA treaty. Technically it's not supposed to be used for bankers, but it still happens all the time.
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