Do banks care about your location when hiring
Hi to what extend does location matter when you're job searching. What if you work in a smaller country (Asia, ME or Eastern Europe) but have good exposure to international clients/ deals, solid buy-side exp., modeling skills and you sorted visa problems. Is it difficult to get interviews in major cities like London, Frankfurt, NYC? Is it necessary to do MBA or MSc even if you have direct experience working on deals? Thanks,
1) There is a relatively large number of candidates applying "from abroad" in relation to the location advertised on the JD.
2) HR has to be very careful to verify RTW in the advertised location, they are required by law to do these checks.
3) If a candidate has never lived in a country they are applying for, they will probably have no credit, no background to check against and otherwise no history in this location.
(this is not necessarily a deal breaker, but many times employers prefer "local candidates").
4) We are back to F2F interviews in many large cities - who would pay for the flights/accommodation for the interviews?
Very generally speaking, if your experience is a match and you have the qualifications required for the jobs (degree/language/etc) - there is a chance they might invite you for an interview. I have had those cases for my own applications.
But overall companies often prefer local candidates. Physical distance simply creates a barrier in many minds which might be hard to overcome. Their biggest fear is that someone doesn't have the correct paperwork to start employment or that there might be other delays in getting hired.
Because of the ongoing economic situation there is a huge amount of people trying to migrate to certain locations (i.e. see immigration at US borders, Dover/Calais, migration via boat, but also legitimate migration through family sponsorships or education). There is no lack of local applicants, especially in the locations you have just mentioned. Why go through all the trouble of hiring someone from abroad without any local work experience and cultural exposure?
Then, there are employment markets which have a huge preference for local work experience, a good example is Canada. HR often ask for "Canadian experience" before even inviting people in for an interview.
Certain situations are easier (German candidate interviewing in DACH locations, or Dutch candidate for Benelux, ..) - but you'd have to overcome the question why you want to move, when you can move, is the visa current, how flexible are you on interviews, do you speak the local language, and more.
Hi thanks a lot for replying, so I take it if you have experience working in firm in your home country which is also doing investments in UK, US, Continental Europe etc. it would look better right? They wouldn't look at you as a complete stranger/ nobody. How difficult would it be to get a foot in a door then? Thanks. I am just worrying about a prospect of needing to get an MBA/ Msc because it's extremely expensive and in my opinion if I already have relevant experience, it is useless (
I have worked and lived in multiple countries and companies, mostly in Europe, Canada and the US. Having applied to roles in different countries, there are various ways how you can play this.
It depends on so many different factors...
- IF you have the right to work in a certain location (and you can prove that quickly without sponsorship or paperwork), you could let them "imagine" that you are already in the location without lying. Omitting your current location is not lying IF you can be there F2F for the interviews. But you are responsible for any flights, hotels, hospitality and other fees. Not the company. It is your responsibility to have all the languages, visa/permits, residency requirements, moving costs and other charges. All on you.
I have done it this way and it is extremely expensive! Flew in to Toronto for just one interview and the overall costs were 1,500$ US (short notice return flights, hotels, food, local transportation - and I did not get the job!).
- You are upfront with the company and let them know of your intentions. HR would prefer it this way, because some companies have programs for internal mobility. Say, you start at company X in country Y and they move you to location Z afterwards. This is what they do for a living. Just.. don't expect this to be fast or easy.
If you don't have the relevant passports, visa, work permits, etc - then please go the educational route. Most companies will not you hire without the right degrees or schools anyway. They just can't discriminate based on education alone.
You can, of course, try your luck and just apply to random jobs in random banks and hope they will give you a shot inclusive of immediate visa sponsorship et al, but this would be an extraordinary candidate with niche skills they can't find locally. Most people in banking don't have these skills.
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