I have been seriously considering getting into an MSF program to land an IB gig (LMM - MM boutique). Now that I am close to getting into one, I am trying to recalibrate my expectations. For my profile - I am 23, have zero years of full-time work-ex, two FP&A internships in small businesses, GMAT 660 and will be done with a merchant banking internship by the time I start the program. But, the question is for the larger category itself - is an MSF a realistic route for an international student to land an LMM-MM boutique IB summer job?
I have done some research and have seen it happen, maybe one in a hundred cases. Everyone else works in some other FP&A/Corp Fin/Asset Management role. Those who were dependent on mass job applications had to return home after the program was over. That is the ugliest possible scenario since many students pile on debt to finance their tuition for these programs.
To sum it up, here are the questions:
a. Can a non-target/semi-target MSF really help an international student land an IB gig in the USA?
b. What would you like to see in the profile of an international student who comes from a non-target/semi-target MSF program, in order to consider him/her for a summer job (beyond the decent grades, earlier relevant experience and recommendations from your colleagues)?
c. Ancillary Question: What is the ballpark amount a firm has to shed in order to sponsor a work-visa, once the OPT/CPT privileges end for an Analyst?
Feel free to trash my assumptions.
MSF programs can certainly help a student land into IB. However, IBs tend to prefer traditional undergrad students, thus limiting the amount of spots for MSF students. The 2 biggest factors for successfully recruiting into IB from an MSF are previous work experience and networking. You already have the work experience part (would be interested in hearing more about your responsibilities in merchant banking and how relevant they are to IB), and I assume that you have or can figure out the networking part. In regards to other things that set you apart: it's all about the impressions you make while networking and coming off as someone you wouldn't mind working with for 80 hours every week.
Your international status is the problem here though. Most LMM-MM boutiques don't sponsor as it is a very expensive process (I do not have a ballpark figure). Your best bet would be to target BBs/EBs/top MMs. I believe there was a thread recently about which banks still sponsor internationals, make sure to check it out. Reach out to the career services of the programs you are applying for and speak with them about placements for internationals. At my MSF, most internationals go back to their countries or land quantitative positions in the US. I wish I could help more, but sponsorship in IB is a complex topic that is constantly changing.
Based on what you’re writing it’s also worth considering how much attending a MSF program costs. If it costs $60,000 and takes 1+ years to complete then maybe it makes more sense to start working elsewhere in the US and then lateral into IB.
I am unsure about this, but it’s something i would definitely consider.
The cost of MSF programs is definitely an important factor to consider, as they are very pricey (even the sub-par programs sadly). Luckily, my program is very generous with financial aid, although I do not know if this applies for internationals as well. Tuition should be seen as investment in yourself, but with that being said, you have to make sure it is a sound investment. Many MSF programs are simply extension of a university's undergrad finance program that is used as a revenue generator by charging an obscene tuition to internationals. Other programs are well established and have many exclusive features and resources (i.e. MIT and Vanderbilt) that make them worth the cost.
OP is an international candidate so it would be even more difficult for them to get a job in the US without having studied here first.
If you do consider the MSF route -
International students need to apply for H1B the april of the year when your OPT expires. With a masters degree you have two benefits -
Of the 85k H1Bs extended every year, masters degree or higher degree holders fall under a quota of 20k which means your application goes through the lottery system twice - once for masters degree holders (20k) and then through the regular pool (85k - 20k = 65k) giving you two shots at the shitty lottery system.
Second, apply for H1B even during your MSF year as well (if you land a job offer early) because in that way you get to go through the system twice. You can do this because if you have a bachelors degree it makes you eligible to apply. The H1B will last for 3 years which is so much better than 1-year OPT for non-STEM.
Note that if you go into a 2-year IBD role you may need your new firm after that stint to sponsor you again which may lead to your app going through the lottery system again.
To answer your last question, from what I have read the firms have had to spend somewhere between 4k-10k (lawyers, paperwork, etc..) to sponsor you for H1B and $0 for OPT. You have to pay 400ish out of pocked for OPT but nothing for H1B. Apparently, this is officially changing as USCIS shifts towards electronic H1B system which means march applications and cheaper processing cost for companies so that amount I mentioned above may come down.
Take my opinion with a grain of salt as I'm just a student applying for OPT but have friends who have been successful/unsuccessful with the process. Changes in the political environment can definitely affect the policies.
Can't comment on MSF programs but wish you good luck with your endeavors. Hit me up if ypu need any more info or resources happy to help!
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