New H1-B visa restrictions
Really thought someone would have posted about this as soon as it came out, what are your thoughts on this? Great for Americans as in an industry such as IB, I can definitely see how this would discourage banks from bringing on internationals, although it sucks for internationals.
"The Trump administration announced an overhaul of the H-1B visa program for high-skilled foreign workers that will require employers to pay H-1B workers significantly higher wages, narrow the types of degrees that could qualify an applicant and shorten the length of visas for certain contract workers."
"Ken Cuccinelli, the No. 2 official at DHS, said on a news conference call Tuesday that he expects about one-third of H-1B visa applications would be rejected under the new set of rules."
"Under the new rule, the required wage level for entry-level workers would rise to the 45th percentile of their profession’s distribution, from the current requirement of the 17th percentile. The requirement for the highest-skilled workers would rise to the 95th percentile, from the 67th percentile."
Some excerpts from the WSJ.
This is old news, right?
Yeah there was definitely a discussion on this a while back, but guess nothing was official then.
The announcement may be new but we've been hearing about this throughout the year. HR has been telling our MDs about this and they shared it with us too. Internationals will have to get paid significantly higher than their peers to land a job.
Most realistic, risk-averse solution for international applicants: Get a degree or do a double major in a STEM field. Defer graduation 1 or 2 years if you must.
No, this is a current news.
I think this will kill international hiring for at least 1-2 yrs. If IBD analysts are classified as "higher-skilled" workforce the wage level applicants have to meet is 95th percentile. If they're considered "entry level" applicants, which I think is more likely, they would still have to meet 45th percentile now.
OLD WAGE NUMBERS / NEW YORK / "FINANCIAL ANALYST"
Level 1 Wage: $34.79 hour - $72,363 year (17th percentile)
Level 2 Wage: $49.05 hour - $102,024 year (34th percentile)
Level 3 Wage: $63.31 hour - $131,685 year (50th percentile)
Level 4 Wage: $77.57 hour - $161,346 year (67th percentile)
Now, the Old L-3 (50th percentile) can be used as a proxy for the New L-1 (45th percentile).
https://redbus2us.com/new-h1b-perm-wage-levels-regulation/
So your base would have to be somewhere between $110-125K or above, as an analyst/associate. No banks would pay their analysts $110-125K base. And no, they only look at your base not your bonuses. In California, these numbers are even higher. $160K for LA and $200K for SF (50th percentile)
^^ This. Most accurate info on this thread.
If you're an analyst without any OPT left (STEM OPT, perhaps?), then you won't be able to apply for H1-B in April 2021 under new rules.
Shouldn't analyst be L1?
Yeah. Idk why ppl think that threshold is "all-in" and anyone would be eligible. It's always been "base".
Fuck Trump. Biden 2020.
sooo you're mad that a) immigrants can no longer get fucked over by big companies abusing visa programs, resulting in flagrant underpayment (aka big companies just exploiting immigrant workers) and b) American workers' wages no longer have to try to compete with underpaid immigrants in point a
ooook then!
Dude we're talking about banking here, do you think GS "exploits" and "underpays" its foreign analysts?
As an international student recruiting I am genuinely curious about this from either current international bankers in US or even U.S.
Honestly man I'm not going to sugercoat it - it's really tough right now. It's been getting more difficult ever since Trump became POTUS.
The sad reality is majority of H1-B workers are asians - I promise you this would not have been an issue if they went predominantly to europeans.
Well depends what 45th percentile is. If 85k base is above 45th percentile it wont affect analysts
https://www.flcdatacenter.com/OESWizardStart.aspx
I just checked for "financial analyst" in nyc and the median is $81,590, which means 45th percentile is just below that. From that I'd assume analysts with 85k base are in the clear? Correct me if I'm wrong
I think they will only sponsor at VP > level. Otherwise it means no promotions for internationals basically.
They might decrease bonus and offer higher base tho.
P.S. Both top banks I worked at no longer sponsor for IB. Only my quant group and Tech.
Can Biden overhaul this?
If he makes this his absolute #1 priority then yeah maybe? But I doubt any president during a pandemic + looming recession + people rioting left and right would focus on immigration policy first. Might take a year or two to fix to be realistic.
Honestly most H1Bs go to technology companys anyways. Would hardly have an impact
So is this better for bankers?
How do you jump from "most H1Bs go to tech companies" to "good for bankers"? Huuge logical gap there don't you think?
To start with, banking doesn't rely on foreign talent like technology does. Rather, it's actually more difficult for foreigners to break into banking in the US due to language and cultural barriers. Also like people pointed out, most bankers are gonna be making above that 45th percentile anyways. So things really aren't gonna change.
Only difference is that shitty 3rd tier banks that pay you next to nothing will no longer be able to hire desperate foreign kids who will do anything to break in to banking.
Any idea what is the new wage level for MBA Associates?
Tbh, this is better than a flat out H1B reduction or removal. But still might be very bad for my space.
Almost 90% of the qualified resumes come from internationals. Our last 2 hires were among 10 internationals. Not a single American even made the initial screening (We didn't even know til we started interviewing !).
There really is a big shortage of American talent in financial data science. They all want to go work for Big Tech or some start-up whose name ends with "-ly" or "-fy". Even most of the buyside quants I've talked to are internationals/immigtants.
The real issue is with experienced hires. 97 percentile is just too damn high. This would make it impossible to hire any financial data science experts at a specialist or a manager level. If not enough Americans do it in the first place, then who can you possibly hire? If people can't live without financial data scientsits and other quants, then it might be a good thing? But who knows.
Can you provide some color to what "skills" Americans are lacking that you cannot find good talent in the US? Mostly just curious about what skills, are being more relevant than trying to argue with you.
If you read carefully what I wrote, I'm not talking about lack of skills.
I'm talking about how not enough Americans want to do data science in the financial space. They all want to work for Big Tech or some cool start up. Not enough wants to use their skills in finance. Idk why but that just seems to be the case.
So most resumes we end up seeing are from Non-Americams and immigrants.
People seem to think that Biden will do something about this. Let me tell you why he won't. Search "Visa Bulletin October" on Google and click on the first link. Scroll down to the table titled "Final Action Dates For Employment-based Preference Cases". Look at India (which is where most of the H1-Bs are coming from, not as many applications from China). EB-1 is unreachable for most applicants since it requires you to have a PhD or be a renowned researcher or be a high-level executive. EB-2 and EB-3 are more accessible since they require a master's and a bachelor's, respectively. Not the hardest thing to qualify for them. Once you've actually gotten your H1B and your employer finally files a green card for you (which can be anything from as soon as you get hired to years after you get hired), you'll wait. I've heard that you have to reach VP in banking before banks will file your green card, so I might be wrong. But look at that backlog. People that applied in September of 2009 and January of 2010 are only now allowed to file for EADs. Once they get those EADs (which will take a few months), they have to apply for the green card and they have to wait upwards of 5 years before being allowed to get that final green card. After you get that green card, you have to wait 5 years before applying for citizenship. It should take another few months before you even get that citizenship. At best, if you applied in September of 2009 and January of 2010 for your EAD, you'll be a citizen by 2030. In other words, you'll have to wait 20 years before mattering to any American politician. In other words, neither Biden or Trump will care about you.
Here's my main point with this. This system sucks. If you applied in 2010, you're waiting until 2030 before finally attaining the "American Dream". Is this a long time? Yes. Is it going to get any better in the future? No, it's only getting worse. New estimates say that future applicants will have to wait upwards of 150 years for this process. In other words, they'll die waiting. If I was an international student that was considering different countries out of India, I would seriously consider going to Canada or the UK. If you're deadset on the US (and I say this only semi-facetiously), marry an American citizen ASAP. It's the easiest way to get out of this. I can't even begin to explain how bad this system is. I was a child when my dad bought us here and he was on an H1B visa in tech. I was on an H4 visa (the dependent visa version), and we got in line for the EAD-> Green Card -> Citizenship when I was pretty young. I never even got to the EAD stage and now I'll have to recruit for SA and get rejected from a LOT of places because I'm an "international" student despite growing up here.
How can H4 count as international? Surely, international should only mean that the bank needs to sponsor you, but as you have a visa that should not be a problem for you?
Genuinely curious....
I was on an H4, but unless you’re on the spousal H4, you age out of it at 21. I wasn’t on the spousal visa (obviously that’s some Alabama shit) so I aged out at 21 and was forced to switch over to the F1 visa. So it’s one and the same as any other international at that point.
Does this mean no bank will sponsor for 2022 SA?
I'll be a SA 2021 at a BB. I try my best to not panic every time the US gov releases an H1B related limitation (and there have been QUITE A FEW lately). This will probably be challenged in court by tech companies etc. However, this is really discouraging. I have an OPT extension until 2025 unless he changes this too so I just want to stay put for now. Do you all think it's worth giving some thought to relocating to an international office or just wait and see how things will look post election?
Is there a possibility that banks will stop giving FT return offers to internationals? I am hoping not because there are quite a few internationals who've gotten offers for SA 2021. Any how, stay strong <3 And the rest of you: please go and vote for us. You know who to not vote for.
Do you plan or going to international office and return with a L visa?
How do you have it until 2025? I thought it was one year?
Also about SA 2022, I can't say. JPM stopped this year and they were the most supportive. I think banks will definitely be less willing to sponsor but can depend on a lot of things ( elections, if we've recovered from the pandemic by then etc).
This is too bad to be true, international student come to the US, get a job, and they can’t even apply to the lottery
It seems a nightmare
I’ve heard from fellow international peers at BBs with STEM OPT extension that it’s just better to hire a lawyer and go straight for the green card. Most of them have had success with that approach but all of them are either European students or even Latin Americans (Mexico and Brazil). This could maybe help those that have STEM OPT and don’t necessarily come from impacted countries which might be the minority I guess.
Interesting - do you happen to know more about such instances?
Were the BBs open to sponsoring green cards at an analyst level?
Were these students filing an EB-3 application through an independent lawyer but being in communication about it with their bank?
Yes they were applying for an EB with an independent law firm but I’m pretty sure the bank was kept in the loop. Keep in mind they spend anything from 5-10k for this legal council. That’s all I know though, wish I could help out more.
Currently an international undergrad here. does this mean students who are authorized to work under OPT and the F-1 Visa (with or without stem extension) won't be able to qualify either?
OPT is fine for now. But you will need H1B sponsorship eventually
Eventually is... sorry I do not know and am curious to know.
What’s people’s opinion for summer 2022? Banks will still sponsor right?
Too early to tell
Banks don't have to sponsor anything for summer interns. International students use their CPT.
Now, the banks might give you a summer offer. But they won't give you a FT offer at the end under these new rules, unless they are willing to raise your A0 base to $93K which is more like A3 base. In order to do that they would have to raise everyone's salaries.
95K base for A1 is the standard across all EBs except for Lazard
This is very bad and in 2 years we will see that no international students are coming to the US and this will be changed back
Don’t feel that the current (Covid-19) related unemployment stats will help either. The whole America first, etc will only be furthered here. Even Biden will be hard pressed given unemployment levels/stiumulus withdrawal.
Tbh, I am based in EMEA, and won’t be surprised if more countries start doing this right now with the narrative of focussing on local unemployment levels.
BB don't sponsor for green card below VP/D anyways, so at most you'll have a 6 year career in the US. A green card petition has to be started about a year before your H-1B expires, and there's very little chance you'll make it to VP by then. Even if you do become a big revenue producing VP, there are no guarantees and they'll hold sponsoring over your head the whole time to get the most out of you.
In those 6 years you'll have difficulty switching jobs/employers, so you're stuck at the bank that originally hired you. An exit to something else is impossible because your degree has to be related to the job for a H-1B. You'll likely be underpaid in terms of bonus because they know you can't really leave anyways, and after 6 long, hard and uncertain years your life in the US is over. I've seen people being forced to leave the country at associate/VP level because their visa has run out, and it rarely works out well for them. There may not be a job waiting for you in your home country, so you'll either be laid off unceremoniously or given the chance to interview for a shitty position after having given the bank your 20s.
Finance isn't the right place for you if you'd like to remain in the US. Google/Facebook are willing to sponsor a green card from day one, so a position in tech would be much better.
Is this true lol?
Yes, I have no incentive to lie. The current political climate has made things much more restrictive. Banks don’t really want to sponsor anymore
.
It doesn’t work like that. You can’t go on H-1B and then save up your years. If you go to b school you’ll have to get an F visa, then get sponsored again, win the H-1B lottery and then get another 6 years. That’s why b school is awful for immigrants, because there’s a 70% chance you won’t win that lottery.
Generally don't give MS, but so much of this is just blatantly false. Yes, you're right, BBs don't sponsor for green card below VP/D anyways, so it seems like you'll have a 6-year career anyway. Here's the deal tho, H1-B visas can be renewed. Just because you're green card hasn't been filed for yet doesn't mean you can't renew it and renewing it while waiting on green card filing or even just waiting for the green card to come is a very common thing.
You will NOT have trouble switching jobs/employers. In fact, if the new employer will file for green card and has offices in your home country in case shit goes south, you'll be perfectly fine. An exit to anything else IS not impossible. Assuming you're here because of a bachelor's degree in econ or finance or maybe an MBA, most common exits (PE, HF, corp dev) can be put under that. If you're on a stem degree like statistics or cs to get that OPT extension, then a half-decent lawyer can still make the case for your H1-B extension by fighting that your degree will help you in your new job. As long you didn't study literature or gender studies, you should be fine connecting your degree to finance. I can't speak to being underpaid on bonus, that might be true but I'm fairly positive the difference can't be that huge. Once again, you're life ISN'T over, you CAN extend your H1B an unlimited amount of times. If for some reason you do have to leave the country entirely (this doesn't happen too often and I know this for a fact because my mother works at one of those suspicious "IT consulting" firms where they pretty much pay kids from nontargets pennies to be working on random projects for random clients, but the biggest thing is that they'll sponsor their visas and green cards, no questions asked). Anyone who struck out in finance can simply join up at one of those, even if their degree isn't cs or engineering, and they won't have to leave the country. There's hundreds of these firms across the country, and the biggest concentration is probably in Central Jersey. USCIS does a couple of raids every now and then, but rarely does anything happen. If you do get sent back home, you now have experience in investment banking in America. I'm Indian, so I can speak to this, but everyone there is a prestige whore. You'll easily get most finance-related jobs you want with that and that alone. Most big employers will also have branches in India, so you'll just get transferred over there or be sent to London.
The last part is somewhat true tho. If you want to be in America, tech is just way easier for you.
You can’t extend your H-1B an unlimited amount of times. 3 years + 3 years and that’s it. You can only extend if you have an approved green card petition pending, so stop spreading misinformation. Getting that approved green card petition is the difficult part, because banks don’t sponsor below VP, and getting to VP on time is nearly impossible.
Let me know which bank sponsors for a green card from day one, because after 3 years of looking I haven’t found one yet. Most don’t even sponsor H-1B anymore, even if you already have a visa and all you need is a transfer petition which isn’t expensive and has little risk. They’re simply not willing to do it because hiring an American is so much easier. Things have gotten progressively worse over the past few years. Most banks will tell you upfront they don’t sponsor anymore. If you tell them you’re on a visa they won’t even interview you anymore, so you have to withhold that information until you’re in the final stages of the process to even get a shot.
While switching jobs is technically possible, it’s practically impossible because no company is generally willing to sponsor you for a green card if you don’t already have experience in that particular job, except for tech.
Also, while your visa is being extended you can’t travel. In fact, I haven’t been able to travel since June because embassies are closed for visa stamping abroad, so I wouldn’t be able to enter the US again. If Trump gets re-elected this will likely continue, so have fun not being able to see your family for the next 4 years.
This is completely absurd and so inaccurate. Exit options are definitely a bit harder but have you ever seen an H1-B application? Even if you have, you should never assume that just because your (or someone you know) experience is the standard.
"An exit to something else is impossible because your degree has to be related to the job for a H-1B" - I am assuming you have never seen one. The lawyers can craft the application and you would be able to say your major is needed for said job you're applying. Of course, it wouldn't work if have a finance major and apply to an aerospace engineering position, however, it works for quite a few jobs. Tech Sales? They can spin saying you need financial expertise to sell that product.
"you'll likely be underpaid in terms of bonus because they know you can't really leave anyways, and after 6 long, hard and uncertain years your life in the US is over" - Again, this is completely BS. Could that have happened to you or someone you know? Certainly, but don't reply with such certainty that this is what happens across every bank. I personally received bigger bonus then quite a few peers, and know quite a few friends on H1-B who were also mid-top bucket (analyst thorough VP). Hell, I know people on L-1 visa who got bigger bonus than domestic folks and having a L-1 is definitely worst than H1-B as you're tied to your company and in that case, yes, you cannot switch employers.
" I've seen people being forced to leave the country at associate/VP level because their visa has run out, and it rarely works out well for them. There may not be a job waiting for you in your home country, so you'll either be laid off unceremoniously or given the chance to interview for a shitty position after having given the bank your 20s" - Once again I am very curious to know where you work that people do this, also what the f*ck? If you have experience working in the U.S. on a well-known bank there are A LOT of opportunities for you in most countries, especially developing/emerging countries. Most BBs (and not all BBs because I don't know anyone at UBS) actually just send you to another country's office if your visa runs out (or you fail to get H1-B after OPT) and you can return on a L-1 if necessary.
Is it hard being an immigrant here? For sure. Could what you described happened to you or one of your friends? Yes, certainly. But what you said is far from the truth, VERY far from what a majority folks will experience if they're on H1-B.
RFEs have tripled over the past year. What used to fly won't fly anymore. And yeah, I'm a finance major, so I can't just go off and do something completed unrelated. Switching jobs is incredibly difficult, and good luck trying to find someone willing to fork over 20k for a green card sponsorship if you don't have direct experience with the job.
The switching to another country means Paris or Frankfurt, as HK and London won't be an option for much longer, and Singapore is making it more difficult to hire a foreigner as well. I have no interest in either Paris or Frankfurt, and it's not a guaranteed switch at all. There would have to be a job opening and you'd still have to interview. Besides, you'd have to rebuild all the industry and client relationships that you've started to cover at a VP level, so a switch will certainly hurt your career in terms of brining in revenue.
What bank do you work for? I work for a top BB and would be happy to switch to an employer where they treat immigrants better. I'm the only remaining person on H-1B in a 100 person group, so I get the feeling they're trying to end it altogether.
Update: the new L1 numbers for "Financial Analyst" for some locations are not as bad as formerly believed
New L1 data for LA:
You selected the All Industries database for 10/8/2020 - 6/30/2021.
Your search returned the following: Print Format
Area Code:31080
Area Title:Los Angeles-Long Beach-Anaheim, CA
OES/SOC Code:13-2051
OES/SOC Title: Financial Analysts
GeoLevel:1
Level 1 Wage:$36.40 hour - $75,712 year
Level 2 Wage:$58.61 hour - $121,909 year
Level 3 Wage:$80.81 hour - $168,085 year
Level 4 Wage:$103.02 hour - $214,282 year
Mean Wage (H-2B):$45.16 hour - $93,933 year
So do we need to beat $75k or $168k in LA? - International SA2021 whos worried
The new L1 is just under the old L3. So that’s like $150k. Basically third year associate/first year VP base pay, unless the numbers posted have been updated already. Lower pay regional cities will be less impacted than high pay cities like SF or NY.
FML... dude this is still following the old Wage Level system. They "new wage level policy" (i.e. percentile change) doesn't kick in until 60 days.
International student studying in the US here. Interned this summer at a BB in HK.
Tried recruiting in 2019 for us BB and now applying to full-time pe/hf roles in the US/HK. Most banks and buysides in the US don't sponsor now, some straight-up tells u that on the job description. The number of interviews I got in the US is much lower than HK, like close to 0. :)
Recruiting for international students is already bad before this dropped... I think the only way you can get a BB role is to go back to your home country... or get an MBA few years later and pray that the president is not trump then...
Compare to US, UK's work visa policy is actually getting better. If you look at the number, international students enrolled in the US has been decreasing since 2017. Studying in the US is less and less attractive now...
What are people thinking for next recruiting cycle, will banks still sponsor?
https://news.efinancialcareers.com/uk-en/3004591/h1b-visas-finance-tech…
Thanks for sharing.
I’m a bit confused: for financial analysts the median is $81,000 so IB analyst should be good right even after the rise to 45 percentile? I am not sure what I’m missing.
The new rule is clear. Match 45th percentile or you're out.
https://www.flcdatacenter.com/OESWizardStart.aspx
Area Code:35620
Area Title:New York-Newark-Jersey City, NY-NJ-PA
OES/SOC Code:13-2051
OES/SOC Title:Financial Analysts
GeoLevel:1
Level 1 Wage:$34.79 hour - $72,363 year (17th percentile)
Level 2 Wage:$49.05 hour - $102,024 year (34th percentile)
Level 3 Wage:$63.31 hour - $131,685 year (50th percentile)
Level 4 Wage:$77.57 hour - $161,346 year (67th percentile)
Mean Wage (H-2B):$63.31 hour - $131,685 year
Looking at the previous Level 3 (50th percentile) Wage numbers, in New York you would now have to match $110-120K with your base.
This says that median trader salary in NYC is 63k, so BB trader w/85k is going to be fine?
Exactly, I’m not sure what I’m missing. Also financial analyst median is 81,000...
You are not comparing your wage w that of other entry level financial analysts, but *all* financial analysts across levels
Whoever spoke about the L3 wages is bullshitting. I am an incoming analyst at a BB and just spoke to the HR. They said it shouldn't be a problem as IB salaries are more than the 45th percentile anyways. The change talks about the 45th percentile and not the L3 wage.
The current L3 was an approximation for the new L1. Current L3 is 50th percentile, new L1 is 45th percentile. For some locations new L1 is around 120k, which is more than analyst base pay. When my H-1B was submitted a long time ago the prevailing L1 wage was $72k, so IB salary was above that, but not by much.
Level 1 wage starts at the 45th percentile (currently 17th percentile) of the OES survey, approximately close to the current L3 wage (at 50th percentile).
Level 2 wage at 62nd percentile (currently 34th percentile)
Level 3 wage at 78th percentile (currently 50th percentile)
Level 4 wage at 95th percentile (currently 67th percentile)
The old L3 for financial analyst in NY is $131k. The new L1 will be a little below that, so around $120k. If your visa has been approved already you won't be impacted until you extend in 3 years, at which point you'll likely be below the required L2 level of 160k ish.
OLD WAGE NUMBERS:
Level 1 Wage:$34.79 hour - $72,363 year
Level 2 Wage:$49.05 hour - $102,024 year
Level 3 Wage:$63.31 hour - $131,685 year
Level 4 Wage:$77.57 hour - $161,346 year
Also, don't trust HR. More often than not they really don't know what they're talking about. Ask your legal contact.
Are you sure those numbers are for the old wages? A quick search shows median salary in NYC is slighly above 100K.
https://www.onetonline.org/link/localwages/13-2051.00?st=NY&g=Go
^^ this is correct. Why all the MS?
Really hope you’re right! Can anyone confirm?
I can deny
Do you know how numbers work? The Old L3 is 50 percentile which is why it's used as a gauge
Just wow it's just fucking comparing 2 numbers and it's too hard i guess
Why are people talking about L3 if no article mentioned it?
Because the OLD L3 will be the approximate level for the NEW L1. If you can't comprehend this then IB is perhaps not the right job for you.
Look, if the old L1 was already at $72k at the 17th percentile, doesn't it make logical sense that the new L1 at the 45th percentile is going to be well above $72k?
I'm not sure how else I can explain it, because it looks like this is not being understood by all the "prospects and interns". Take if from someone who has lived this every day for the past few years.
Are you saying the efinancial career article and HR (that are saying the same thing) are both wrong?
It's so fucking self-explanatory and i even posted a link that walks through step by fucking step
And people still don't get it??
Does this mean the opportunities for laterling to a different location (TX - NYC, for example) will be non-existent? L1 at Houston is about $81,000 whereas L1 at NYC is much higher as previous comments mentioned
I can imagine you could lateral if you were at a more senior level. The new NYC L2 should be between 131k-161k, so around second/third year associate you'd clear the hurdle?
So it seems like analysts are all screwed?:(
The website only shows wages for foreign labor whereas the change includes everyone in the profession distribution.
What does this mean? Could you elaborate?
So the website shows the wage distribution for h1b whereas the law says that the minimum wage is 45th percentile of all wages including Americans. So maybe the data is incorrect. Even if it is correct, it says that the current median is 81k in NYC. So we can assume that the 45th percentile is around 70-75. The best the new median can be is around a 100-110k which is not a lot. My bet is that if this goes through without any lawsuits, banks will increase base and cut bonuses
Summary for the newcomers, there are 2 sets of rules on h1b that came out earlier this week, 1 by DHS on specialty occupation that takes effect on Dec 7, and 1 by DOL on new wage levels that took effect on Oct 8 (meaning it is in effect now). The new wage levels can be seen on the website link i posted earlier, and while numbers for some areas are unavailable, data from a few other areas seems to suggest that the new L1 is not as catastrophic as previously expected
I used the old L3 as a gauge for the new L1 before the numbers came out because that was 50 percentile, hence should only be slightly lower than 45 percentile that the new L1 was based on, but the new L1 ended up not being that bad.
If anyone (minus that retarded dogshit 1st year analyst) has any alternative interpretation, please feel free to leave your comments below, would be interesting to see as well
Here's what you're missing: while some occupations in some geographies have had their wage levels updated, not all have. For instance, the most current data on Financial Analysts' wage levels in NYC does not exist yet (instead, it displays N/A and the Excel files that FLC provides don't have the data either - look up 35620 as Area and 13-2051 as SocCode), so we don't know for sure what the new L1 has become. With the old data, people used L3 as a proxy (since it was 50th percentile), and it indicated that base wage would have to be raised substantially for analysts to be sponsored
Not sure what you meant that I'm missing it given that I was the one explaining in the comment section why I used the old L3 as a proxy. That was before the release of the new L1 numbers
I merely listed examples of areas that has the new numbers (eg LA) and compared it with the previous
Edited the earlier post to clarify this
I understand the new wage levels (mostly thanks to you and that one other guy) but what does the Dec 7 rules mean for IB Analysts?
It means it might be harder for a non finance major who goes on to banking to get approved for h1b (will have to check the details on this but that's the gist: your job has to be the speciality you majored in)
However I believe that's mainly targeted at computer science, need to see how much that affects financial analysts
So should international Students reconsider applying for MBA?
Have you even started your GMAT? Why are you asking such nonsense?
Yes I have started prepping but reading these posts are slightly concerning/demotivating
I strongly suggest you visit business schools' websites.
Am I a bad person if I want Trump to win so he keeps this policy? I feel for the international kids and have respect for you all, bus as an American I also want the best for myself and in a field already so competitive, having less competition is in my best interest.....
Plenty of studies have shown that immigrants create more jobs in the US than they "take". And considering how much harder it is for internationals to get into good IBs in the US, and how few of them actually end up making it, I wouldn't point to them as the cause for you struggling to recruit
dude I doubt that you would have broken into IB even if all international students were kicked out lol. We get in because we are smart and work our asses off. You, meanwhile, probably don't so don't blame us for your failings
This thread is way too long. Can somebody confirm whether 85k base is above or below the new required wage levels, or do we not know yet? That’s the only thing that matters.
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