Hi!
Is it very difficult to recruit when you are on the OPT (even though you have an extension, making your OPT valid for 3 years). On cycle recruiting happens very early upon graduation. To participate for on cycle PE recruiting, do recent graduates have to have gotten their H1-B or can they recruit while they are still on OPT? Thank you very much for your help guys!
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Generally yes. It is tough to recruit without an H-1B. That is why many international students will wait out the first on-cycle and go for off-cycle or the on-cycle in their 2nd year. Headhunters ask for immigration status and only a few (Henkel, CPI) will actively refer international applicants to their clients. I'd say the frequency of interviews / success increases substantially after getting the H-1B.
However, there are exceptions:
The largest megafunds are often agnostic. Blackstone, Carlyle etc. are willing to take the risk and sponsor an H-1B.
Very international PE firms (mostly the megafunds again) are willing to recruit without an H-1B. If you don't get your H-1B, they will sometimes shift you to an international office (London, Hong Kong are most common). However, they will favor European citizenship for London, for example, so the transfer is easy if the H-1B fails.
In all situations, having STEM OPT helps. You will usually have 1 more year of STEM OPT for at least one Associate year at the PE firm. Some smaller PE firms are ok with this and will take the risk.