Visa sponsorship for finance roles
Why do most of the companies not sponsor visa for finance roles?
I tracked down companies from H1B grader and applied for finance roles but the HR mentioned that they do not office sponsorship for Finance and strategy roles!
How do international students navigate through this?
Any suggestions?
Can I say that I do not require sponsorship because my course is STEM?
International students interested in finance- please tell me how to go ahead! I am currently looking for internships for summer 2024 which can convert into full time roles
Ah, the visa sponsorship conundrum, a classic! It's a bit of a tricky situation, but let's break it down.
Firstly, the reason why many companies hesitate to sponsor visas for finance roles is due to the H1B visa process. You can only apply for the H1B process twice (assuming you're smart and apply before graduating). The chance of getting an H1B is about 33%, so you can see why they might be hesitant to hire someone who might have to leave after a year.
However, don't let this discourage you! It's important to shoot your shot everywhere. You never know who might take a liking to you. Many big banks are sponsoring a lot of international students in tech, which means they have designated departments for sponsoring. If the right person likes you and pushes for you, you might end up being hired. I've even heard of people being sponsored by "non-sponsoring banks" (UBS, HW, Guggenheim, RJ, WF, Truist, JPM) in the past year.
As for your question about STEM, it's a bit of a grey area. While having a STEM degree might extend your Optional Practical Training (OPT) period, it doesn't necessarily guarantee sponsorship. It might be best to be upfront about your situation.
In terms of advice, networking is key. Try to connect with professionals in the industry, attend events, and make your intentions clear. Also, consider broadening your search to include roles in tech departments of these banks, as they seem to be more open to sponsorship.
Remember, it's a tough road, but not an impossible one. Keep your chin up and keep pushing forward!
Sources: Banks sponsoring international students - 2022 SA, Banks sponsoring international students - 2022 SA, https://www.wallstreetoasis.com/forum/job-search/finding-a-finance-job-in-usa-as-a-foreigner-living-abroad?customgpt=1
You require sponsorship even if on STEM. H1-b trackers are not the most accurate, would recommend hopping on a call and asking them direct since policies can change quickly
Thank you for the response! But I have Spoken to people working on F1 and they said they don’t require sponsorship, only to extend their STEM OPT, they require a letter from company and the student can apply for extension on their own.
I am unsure if you are simply frustrated or actually have not done your research.
There are already many US-persons capable and highly desiring to fulfill roles in finance and strategy. A US employer has no incentive to take a risk on you. First, your workability is based on a lottery. Second, to continue hiring you, they have to show that they tried and cannot find a US person to fill the role. And that is why they will be keeping you on. And this is simply not true in finance.
The first issue (lottery) is highly abused in recent years. I found social media groups where many Indians were bragging how they got 10 "consultancies" to file their H1B petition. So many people pay those companies to generate fraudulent job offer and file their petition [so, 8-10x likely to get one lottery selection]. Hence, the lottery results look like ~10% successful for legit candidates.
Second, your longevity at the firm is never guaranteed. Even Google - one of the largest H1B hirer - has stopped filing for PR post H1B starting this year. So why would a finance firm waste their resources in training you.
Another issue you brought up: if you say you don't require sponsorship because you have a STEM degree, it is a legal lie. You might trick people and even get past systems at smaller firms in the short-term, but it will eventually come to bite you in the ass. Never lie on legal matters.
I know it sucks. Not just in finance - where at least they take capable candidates. But many fields like general aerospace (not even in national defense), they will take a 2.5 GPA US kid over 4.0 GPA international [my story]. That's why I decided to pursue a MFin in Canada.
So, yes I know and have personally experienced these frustrations for years back when I was in college and also now when I get into the door with someone high up at an EB, get an interview, and HR slams down no sponsorship at entry-level.
The only way you are guaranteed a visa as an international is 1. getting married (I personally know so many people from back when I was in college that got married as graduation was looming or as OPT was expiring. 2. Being a smartass physicist/mathematician/engineer that just developed something that US military would love to have. In that case, the US government will personally give you a job and keep you.
So, take your time, get frustrated, do some martial arts and kick the hell out of heavy bags (great therapy and frustration remover), and get in grip with reality. The more you get frustrated the less likely you will find navigate opportunities. This could be trying casting wider net, finding firms that do sponsor (H1B tracker is not always current as policy of firms are changing every year), or getting internships/jobs at smaller firms that are more international friendly (have to sacrifice on "prestige" at times).
The decks are stacked against you and it will take multitudes of the effort.
Thank you for the insights! I had a question, why would it be a lie if I tell them I don’t require sponsorship! STEM degree doesn’t require sponsorship for 3 years (the extension can be filed by student, they only need a letter from the company to extend OPT after 1 year) and then I ll be moving to H4 EAD. So is that still a lie? Also, I agree that there is no dearth of people for finance and strategy but I like doing that and want to pursue finance and strategy- why should someone change fields only for visa. Coming to your suggestion- I agree, I have started applying to smaller firms because it’s easier to network into those firms. Hope you are doing great in Canada! But isn’t the job market situation worse there?
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