Canadians on TN Visa for Investment Banking?
Hey all,
A friend was accepted to an M7 school today and he's interested in post-MBA IB. As a Canadian, he is eligible for the TN Visa. However, the US government has cracked down on investment bankers using the TN Visa. Wondering if anyone has found a loophole to still make it work? Not sure if the degree would be worth the cost if he can't work in the US afterwards. Can't rely on the H1B lottery. His undergrad is in Biology from a top school, if that matters. He would be a career switcher coming from a non-trad background.
Hey there,
Ah, the good old TN Visa conundrum. It's a bit of a pickle, isn't it? The US government has indeed tightened the rules around investment bankers using the TN Visa. The key issue is that the TN Visa under the Economist category doesn't directly cover roles in Investment Banking or Sales & Trading.
Now, while there's no guaranteed loophole, there's a bit of a workaround that some folks have tried. The roles of Analyst or Associate often have heavy similarities with an economist role, such as economic valuation, analyzing economic trends, statistical regression, etc. So, some have been able to secure the TN Visa under the Economist classification by highlighting these aspects of their job.
However, it's important to remember that there's no guarantee this will work. The Customs and Border Protection (CBP) have complete discretion over visa approvals. So, your friend might be deemed a riskier hire than people not requiring TN1's.
As for the H1B lottery, you're right, it's not something to rely on. It's a bit of a gamble, and not everyone has Lady Luck on their side.
In terms of your friend's background, having a degree in Biology from a top school is impressive, but it might not have a direct impact on the visa process. However, it could potentially make him a more attractive hire, which could indirectly influence the visa situation.
In the end, it's a bit of a tightrope walk. But hey, who said the path to Wall Street was a cakewalk, right? Keep the faith, and keep hustling!
Sources: https://www.wallstreetoasis.com/forum/investment-banking/canadiansinternationals-applying-for-us-investment-banking?customgpt=1, IBD Barriers to Entry For Canadians and How to Overcome Them, Attn: All Canadians who work in the US: TN Visas will no longer be available to IB Analysts - New Regulations
It’s doable but risky - assuming he’s looking at the economist category for IB?
I did my bachelor in biology and then got on a TN for equity research at a BB. I had to use my MBA to qualify for the TN.
Yes, economist category. Are you talking about post-2019 (or whatever year they cracked down on the bankers)? Did you attend a top MBA?
I got mine after Trump cracked down on the economist category. I don’t think the tier of your MBA matters for TN visa eligibility - CBP / USCIS doesn’t care.
I’d worry more about the lawyers preparing your application. I did my MBA in Canada.
Would recommend joining the TN / H1B support group for Canadians on Facebook, probably get more help there.
Cool, thanks. Did you apply beforehand? Or at the border? Did your BB's lawyers help you throughout the process?
It was messy. My bank hired an external and internal team of lawyers for my case, but they weren’t used to doing TN visas.
CBP rejected my application at the border and almost black listed me. I ended up reapplying through USCIS and got an approval there - but I basically had to micromanage the entire process and hire my own lawyers who specialized in out of the box TN cases. Even with a pre-approval, I still got interrogated when I went back to the border.
Keep in mind - I was only able to do this because my boss really wanted to hire me. It was an expensive process for everyone and extremely time consuming. I had offers pulled before because the firm’s lawyers thought my case was too risky.
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