Update: I ended up getting two BB SA offers in capital markets and accepted one of them. However, I am a poli sci major and apparently that doesn't work for the TN Visa. Is it likely for BBs to transfer analysts who have lost the H1B lottery abroad to a foreign office?
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Apply for Canadian offices if you can and do a transfer or rotation as a third year.
That's the tricky part. Canadian offices prefer kids who went to regional undergraduate business schools (Ivey, Queens Comm, Rotman) etc., and will likely not even give a good glance to someone who majored in a non-finance subject like me. I will definitely have to do a lot more research on how Canadian recruiting works - I'm completely out of the loop.
The sad part is that I came to the States and attended a target school because it would be easier for me to network/break into the scene here, so it's a bit disheartening to have to throw all that away and go back to Canada. Might as well have saved on tuition and went to Western.
BMO, RBC might be good options for you.
I thought Canadians could work in US under F1 Visa?
Only for 12 months like other internationals, not for the long term.
Sorry, I meant TN Visa.
Seems like MS is no longer hiring international students for IBD positions
Yep, I've definitely heard that. Pretty unfortunate for us internationals :/
what about goldman?
Confirmed that GS still takes internationals.
what is this TN Visa anyways??
Visa that allows Canadians and Mexicans to work in US under nafta.
Thought TN only works for Canadians and Americans?
I have my friends working at GS, JP and CS (all BO) in NYC. Being an international myself, I share your problem. Day by day it's becoming difficult to land ourselves in FO at BB. The only way I see for you is network, network and network in Canada. You'll get through.
FO at BB is almost all americans except those who are here on rotations from other countries..
What about EBs like Lazard and such?
Yeah there's some BB's (MS correctly cited above) that have straight-up stopped taking international students. Partly because of the administrative headache, but I think mostly because the lottery Visa process results in the majority of the international students hires ending up having to leave in a year anyways.
Boutiques even less likely to offer sponsorship given size, and don't give as much optionality in terms of foreign offices for the people who can't get their visas.
Could look more into the middle market global firms like an HSBC/Nomura/Macquarie/etc. - believe that a lot of them are more supportive of sponsoring internationals and make it a part of their recruiting pitch.
As far as international students go, Canadians still have it way easier than the kids from Asia.
I know a canadian guy is working at Evercore - don't know what Visa he is on, doesn't seem a problem to him.
Yeah EVR might still take internationals. Also, the shift to not accepting internationals for a lot of firms only really happened in the past year or so. I have an international friend who recently at another one of the EB's, who said they stopped sponsoring international students the next year.
I am really not sure how to even go about networking for BBs in Canada...should I just look up random people on linkedin?
Surely you have some high school classmates applying from Canadian business schools? Ask them about the process and for key contacts. If you go to info sessions for banks at your school, speak to HR and ask to be put in contact with any Canadian recruiters if you're ineligible for the US.
So is it safe to say that GS, JP, Credit Suisse, Deutsche, Evercore/Lazard, CIBC/HSBC, and BAML still take international students?
It also does seem to be on a case-by-case basis, I have an international friend who got recruited by Barclays iBD for 2017 SA....but she's an extremely competitive candidate.
I've heard JP is limiting how many they take but can't confirm. I know that 2 years ago GS and CS had no problem taking internationals but Idk about presently.
.
I think it's a case by case thing. Not universal.
If they like you then they sponsor you, even if they first told you that sorry we don't sponsor interenationals. I saw that happen first hand to a friend.
Managing expectations is going to key if you are international. I got sponsored by a tiny LMM boutique after being turned down by much larger firms (both IBD and otherwise). It's a tough climate for H1-Bs so if staying here is your goal then it might make sense to take an offer where sponsorship is guaranteed and then trying to lateral. Also keep in mind that its a lottery anyway, so priority should be to just get in at first.
Another thing to keep in mind is that these things are cyclical. Banks more or less stopped sponsoring internationals in '08, yet by 2010, most were sponsoring again. The H1B lottery has become so oversubscribed that it's normal for any employer to be wary of hiring someone they only have a ~30% chance of being able to get a Visa for. That being said, despite all the current political dysfunction, I am hopeful that congress goes through with the salary cap hike on the H1B, Raising the cap would would ensure that H1B goes to truly qualified people and not crappy outsourcers from India getting paid $60k / year.
Strong this ^.
Going to say from first-hand experience that most BBs and EBs still hire Canadians.
So much rubbish and entitlement in one post
What entitlement? The fact that we international students are frustrated and worried about the dearth of firms that recruit us?
The fact that all of your anecdotal evidence isn't backed up by reality. Please just take a peak for one second at Queen's and Ivey grads placements. Then please take a look at your rationale to attend your American target. Then look at how other kids at your target in your program place. Then look at how your story is one of entitlement or bullocks or both. (This purge of Canadians you claim exists is baseless)
AFAIK, GS is the only top 3 that takes internationals. Next, chances are higher at EBs - idk about Moelis, but my money's on Evercore and Lazard. Rothschild may hire from the US for their European offices (which are way better IMO). BX used to take, but dunno after PJT. Dunno about the others, sorry. Note:- BX PE takes internationals. That being said, Europe is still a good choice if you want to work in IBD and have a good profile. More open to non-traditional backgrounds. As long as you are from the West and not Asian or anything.
what's wrong about Asian there?
Nothing. Just that there's a good supply of EU candidates. And the usual bias of Mayfair/Wall Street firms against Asians, just like Harvard and Princeton.
Hi @Frank Quattrone" would you say Asian kids at non-target would have a lower chance of breaking in? Thanks for the input!
As long as you can network and gain interviews, it should be easy. Tough part is networking your way in - in my opinion and observation, there are very few Asians at the top at most firms, which results in being able to network with a lesser pool of people who can effectively guarantee an interview for you. Also Asians seem to be either obnoxiously gregarious, or very shy, so tough luck finding someone who'll give you good advice and walks the talk.
Once you get the interview though, it's all about what happens during the interview - referrals count for shit, so that's a variable you can control.
I thought generally Canadians would be under TN Visa? All of my Canadian friends working in the states are under TN, which is relatively easy to obtain and just need to be renewed every 3 years. Might be different for fresh grad since all my friends are experiences hires. TN assumes that you have an intention to return to Canada eventually so in order to renew, you just need to have assets back home so prove that. Anyway, I'm not aware of anyone who had trouble renewing it.
Problem is that some banks flat out don't even take TN anymore.
There usually isn't any trouble in renewing TN1, assuming you're only renewing it once or twice. Good luck proving you intend to return to Canada after working 9 years straight in another country.
I think one of the bigger difficulties for Canadians is getting past the screening process that asks if you need sponsorship without specifying H1B or TN1. Most people don't know the important differences between the two because it doesn't apply to them. Fair enough, but unfortunate.
It's honestly just terrible, but what can we do. I guess it's GS or bust.
can confirm Lazard still does
Does anyone have insights on MS Investment Management or Wealth Management? Also, what are the firms that are inclined to hire more international students for IB/IM/AM/WM?
I've seen international kids at places like Wharton, Stern, Berkeley, and Duke all place at BBs/EBs FT (Even Asian kids! SURPRISE!) in the recent years. I do think there is a limited number of international spots per class so you'll definitely have be at the top of the offer list.
Asian kids are even considered as diversities any more. So why are you surprised that a lot of Asian kids got into IB.
Can confirm I know internationals (not even Canadian or Mexican) who have been offered at LAZ, EVR, PJT last year
can confirm Lazard middle market doesn't take any internationals (doesn't sponsor visas). just talked with a guy at their Chicago office
It's all about the operational/administrative process of the recruitment in my opinion. I don't think americans are smarter and asians, europeans or canadians. I'm French and even the students from the best schools in my country (HEC/Polytechnique) can't get into BBs in NYC just because the banks are not willing to support Visa. Instead they go to London.
My business school in France however share facilities with NCSU in Raleigh and by studying one year in the US we are elibigle for the OPT certificate that allows us to work in the US for 1 year. Just because of that there is a lot of interest from banks in our students to work in the US. And my business school is not even ranked top 5 in France, just the MSc in Finance has a nice rank in the FT.
Don't Brits and Australians have it a bit easier, meaning no requirement for H1b, as a result of seperate Visa class that is significantly easier to get than H1b?
Only Australians have an advantage: https://en.wikipedia.org/wiki/E-3_visa
biggest advantage would be a local (US) degree to be part of the additional H1b 20,000 cap. H1b is still oversubscribed though.
The plight of internationals.... Is this a joke? You guys act like NY is the only place to be a banker.
Still sucks to come to the us school and have slim chances at a job here. That's pretty much it
Can someone shed light on Barclays IBD?
Honestly most BB/EB take Canadians still - if you have a strong resume and crush the interviews, they'll hire you.
nm
Can anyone shed some light on future destinations for high finance for an international(I'm a South Asian guy). The US market, though is most open but I believe has reached saturation. We also have high aspirations in life. How open are Australia/NZ, Germany or Paris ?
Ivy_Student how about we start a new thread with a definitive and exhaustive list of banks that 100% sponsor international kids? I think it would take a great deal of stress out of the already incredibly stressful recruitment process
Hi! I think that would be great.
I think Houlihan Lokey and Perella Weinberg Partners still hire, if interested. As an international student, would probably even look into Big 4 corporate finance because they seem to hire. I am not sure about sponsorship though. With the STEM opt extension, I thought it was easier to get hired as you can work for more than 2 years. Is that incorrect?
Update: I ended up getting two BB SA offers in capital markets and accepted one of them. However, I am a poli sci major and apparently that doesn't work for the TN Visa. Is it likely for BBs to transfer analysts who have lost the H1B lottery abroad to a foreign office?
They will do that for you. Just landed a SA offer for LevFin at a BB, they never brought up Visa issues. Talked to the MD afterwards during my superday and he told me that if you don't get a H1-B they'll just transfer you over to the london office or smth so nbd.
Can't you change your major to Econ? I know it's not very constructive to say, but you really should have researched that before dropping a Ferrari on tuition. a quick 30 sec google search would have told you that you need to be an Econ major (or BBA / B.Com) in order to get the TN Visa. It's really not complicated and hasn't changed since the program was put in place in the early 90s.
That being said, BBs tend to be pretty accommodating with transfers if you don't win the lottery. Know a few people who were in this situation. To be fair though, most were post-MBA hires so it was assumed they were staying long-term (it's easy to send someone to London for a year and bring them back on an L1). I am assuming banks would be less accommodating with analysts though, especially if they have already recruited for the buy-side
mtnmmnn I have a full ride so don't have to pay much. Also I've never been good at math and love liberal arts, and that was the main reason why I decided to go to school in the states (people told me that you don't need to major in finance at a target to go into the field).
There's just a lot of nuances that no one tells you about when you're an incoming freshman, and researching work visas or any type of Visa is not ever on your mind. I'm first generation so my parents don't know anything either. I'm finding out about it now and honestly if I do an econ major it'll kill me and I'll end up with a super shitty gpa
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