Becoming a trader as an Immigrant
I recently inquired in a certain company and they said that i need to become a US citizen first because it is stated in the law. Is there someone out there with the same situation with me, i humbly ask you guys on where to take the first step. Also, i didn't graduate here in the US and my degree is not in the financial aspect, however during the pandemic, i joined through several trading programs and i might say i know a few. How can a person like me enter a door of trading? Thank you
Based on the WSO content, it's not typically required to be a U.S. citizen to work in trading roles in the U.S., but you do need proper work authorization. Here are some steps and considerations for entering the trading field as an immigrant:
Visa and Work Authorization: First, ensure you have the right to work in the U.S. Common visas for such roles include the H-1B for specialty occupations, which does require sponsorship from an employer and involves a lottery system. Another option could be the TN visa under the NAFTA agreement, if you are from Canada or Mexico, which includes certain types of economist roles that might align with trading positions.
Evaluate Your Credentials: Since your degree is not in finance, you might need to have your educational credentials evaluated to determine U.S. equivalency. This is crucial as it helps potential employers understand your academic background in relation to U.S. standards.
Networking and Skill Building: Engage in networking. Platforms like Wall Street Oasis, LinkedIn, and local financial seminars can connect you with professionals in the trading sector. Additionally, continue enhancing your trading skills and knowledge. Certifications like the Chartered Financial Analyst (CFA) might be beneficial.
Entry Points and Experience: Consider starting in a related role or internship, even if it's not directly in trading. This can help you gain relevant U.S. work experience and transition into a trading position later.
Apply for Jobs: Apply for trading positions that match your skill set. Make sure your resume highlights your trading programs during the pandemic and any practical experience you gained.
Each of these steps can help you navigate the complexities of entering the trading field in the U.S. as an immigrant.
Sources: Is my American Dream Over?, IBD Barriers to Entry For Canadians and How to Overcome Them, A Trading Story :Encouragement for the rest of us, Entrepreneurship or IB... How do you choose?, Being an Asian in finance in the United States
Even though you posted this a while ago, the legal distinction between a company policy and federal law is still a huge factor for immigrants in finance.
The firm you spoke to was likely conflating internal policy with federal regulations like the Exchange Act. While certain FINRA licenses require a U4 filing that asks for citizenship status, it rarely prohibits non-citizens from being registered.
In my experience, Green Evans-Schroeder is excellent at evaluating foreign degrees to see if your trading certifications and experience can be legally reconciled with USCIS requirements.
Since your degree isn't in finance, you’d likely need a formal evaluation to show that your pandemic training and professional experience constitute the equivalent of a US degree in a related field to satisfy the "specialty occupation" criteria for a work visa.
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