Hi folks,
Building off a solid discussion in a recent post about UBS's sponsorship for IB, I wanted to inquire about the recruiting landscape for IB Associates at MBA schools. How are internationals faring this year?
I'm a Canadian citizen who will be attending b-school in the fall of 2019, looking to recruit for IB. At your b-schools, which Banks are open to taking internationals, which banks are against it? It would be a huge help if you can name the school and how internationals have performed during this past recruiting cycle.
From other posts, I understand that a number of internationals miss out on internships due to heavy cultural differences that hold them back. Let's say this is not an issue (Cdn born and raised); what's the vibe like from the Banks coming on campus (ideally for NYC placement or even LA/SF)?
Shoutouts to @MitchMitchell", @BridgeLoan_8", and @The Accidental Banker" for providing insights earlier - apparently BMO and Citi are not as open to sponsorship. Curious to hear others' experience so far.
It's getting worse and worse every year for both undergrads and MBAs. It's such a hassle to hire international students even when the bank's policy is technically "open." We had some truly outstanding candidates from Canada and the UK, for example, that we essentially had to let go in our process because of this (not officially of course). No longer are we looking to bring the best global talent to America, and that's a bad sign.
It's really to the point where I would honestly advise international students to hedge their recruiting risk and focus their attention in their home region, e.g. if from China to focus most of their attention in China, HK, SG.
Kids, here's the truth. Firms are not legally allowed to ask about your citizenship status. What that means is that a lot of firms will guess and discriminate ahead of time based on your name, work experience, languages etc. on your resume. If you are a US Citizen or Permanent Resident (Green Card holder) and have a foreign-sounding name I would 100% recommend adding that to your resume prominently (at the very top or very bottom).
The number of TN visas across all US BB banks has declined precipitously. With a TN banks have historically applied banking analysts under the "economist" designation but that's getting more difficult especially for students who didn't major in economics ("business" doesn't count). Other designations aren't relevant for investment bankers. In the past there was probably a 95% chance of success for a TN banking analyst applicant and now that is lower than 50% for sure. Finally if you try to apply for the TN and get denied, you have a denial on your record and so a lot of banks wouldn't recommend trying a second time. Some banks have decided in light of that to just stop filing altogether and have advised current TN holders to not travel outside of the US.
A lot of people currently on TNs are trying to convert to H1-Bs but it's not an option for undergrads that haven't received a degree yet and there is a filing deadline typically in April before students graduate. It's also a lottery. There are also"request for evidence" denials. The number of H1-Bs is getting squeezed in the USA as well. Very risky route.
A final option is to do an "intercompany" transfer visa if working at e.g. a Canadian branch of a bank and transferring to the US, but must have 1-2 years experience and by then the chances of an opportunity coming up to recruit are slim to none and would you even want to?
It's a total mess.