Does Canada discriminate against Intl. students in MBB/IBD like the US and UK?
Incoming international at Ivey/Queens, looking into breaking consulting/investment banking. I've heard horror stories about it is nearly impossible to break into the industry as an international in the US/UK (albeit much more in the US), I pretty much accepted the fact that stateside recruiting as non-US/Canadian is simply impossible. But what is the scene like in Toronto? Are Canadians and Internationals on equal footing, all else being equal?
I hope someone with more knowledge can contribute to this thread because this is truly a scary topic for internationals. I don't have too much info on this topic, so take what I say with a grain of salt as most of it is anectodal. Canada's supposed to be really good with internationals and it's supposed to be easier to get a job as firms don't discriminate as much. Also, the process to getting permanent residence and eventually citizenship is much easier and more straightforward than in the US, especially for those from countries with a lot of immigrants like India and China. The US is pretty bad, but possible. However, the real issue in US immigration (this next part is mainly for Indians and Chinese) isn't getting the H1B visa, but what happens next. Getting permanent residence can take decades if you apply now. Until you get that permanent residence, you're tied down to your job and it's very difficult to get another one because reapplying for another H1B with another firm is a lot riskier than simply renewing it with your current firm (in other words forget about PE recruiting). Aside from that, you can't vote, have side income, or leave the country easily. Canada's a lot better in this regard. However, the UK isn't that bad either. There's a pretty straightforward path to permanent residence and citizenship and it doesn't take ages. Also, the UK has a 2-year post-study work visa so that students can stay after their graduation. If converting an internship to a full time offer doesn't work out, you can still recruit FT. Also, undergrad is generally 3 years so internationals on a budget can save some money instead of dishing out for an expensive 4th year in the US or Canada.
If I had to simplify it, this is how it is for internationals: Canada > UK > US
However, in terms of IB jobs: US > UK > Canada.
So just weigh all the factors and also consider fit. It's not just a 3 or 4 year college program. You're talking about starting a new life in a completely different country. Choose carefully.
Thank you for the detailed reply, Idk why but the US is so excessive and I feel it's not worth it. First getting into a target as an intl is extremely difficult. Tuition fees are insane, and if you plan on getting Fin Aid from a target, you basically need to be at HYPSM level. In terms of recruitment, you're at an evident (systemic or racial) disadvantage if you're an international. If you by then somehow got an IB job, you need to get sponsored through a lottery. If you're lucky enough to make it at this point, well prepare to work as a slave for God knows how many years until you get a green card.
The UK is cheaper, easier to get into, a much straight forward process, and you also many opps in Europe, Asia, and the Middle East.
It is what it is. There's not much you can do about it, so I would recommend just trying not to worry about it. Focus on what you can control, you know? Your skills, your grades, your extracurriculars, your networking.
Canada, like the UK has a point or merit based immigration system so you don't need to rely on an employer to sort out your visa situation. Talking about Canada specifically, all international students enrolled in a 2+ years university program automatically qualifies for a 3-year post graduate visa at the end of which you are eligible for permanent residency. That means that you never have to disclose to a prospective employers that you are international which is usually where it get tougher to get hired. So while Canada is optimal from a legal point of view, the job market is nothing like it is in the US / UK. Opportunities are more limited, comp is lower (and taxes much higher) and the market just isn't as dynamic.
Since the UK reinstated the 2-year post-graduate visa, can I not mention my international status (at least initially) like Canada?
You have to disclose, because your employer need to apply for a change of visa (Tier 4 to Tier 2). But it's only a formality from the Company POV (although they need to be registered). From my experience, being international isn't an issue in London as long as you can speak at least one other main european language.
International here in Canada. You do need to disclose your status to employers because you need to prove you have authorization to work off campus, etc. It matters to some degree because international students are only allowed to do summer internships whereas locals can do off cycles, which are much less competitive.
Wouldn't say international students are treated equal because we are not. That being said, it is still possible to aim for lower tier of big 5 Canadian banks or lower tier consulting firms.
I understand MBB and BB are competitive, but aiming only for the big 5 banks seems a little be bit low. Plus, I believe Consulting firms don't have of cycles. Certainly if I am a foreigner priority is given to the locals. But at least there not ridiculous laws that makes it impossible to break into the industry like in the US.
I know someone who worked for 5 years at Goldman in Asian (proper industry team, not middle or back office type of bs) then went thru one of the MBA programs in Canada ended up being rejected by every single major bank during fall recruitment and eventually landed with a no name shop as a fcking analyst. Reportedly total pay was cut to a quarter of what he earned before.
Don’t ask me why that person went thru all these as I don’t know, and it could be an extreme case, but it speaks volume to the issue you are raising.
Forgot to mention that if you are looking to do MBA/master, 1000% avoid those one-year programs. Do the two year, and get summer/fall internships/coop at the banks. That's the only sure way to break in.
Either his MBA is very lowly ranked or he has some other problems.
The problem is that overseas (non-US) work experiences are not highly recognized in Canada. Even if you work at Goldman Sachs in India, you are not going to be able to lateral to Goldman Sachs Canada. Work experiences in emerging markets seem really sketchy.
We are talking about Ivey/Queens. Believe both are considered top in Canada. No?
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