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IB - BBB /Consulting - Big 3 recruiting : Visa issues

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IB - BBB /Consulting - Big 3 recruiting : Visa issues [#permalink] New post 02 Mar 2009, 10:20
Can someone please let me know how serious is the H1B issue for international students seeking recruitment? I saw a few posts where universities have announced that international students seeking recruitment might have fewer opportunities in IB/Consulting.

One very feasible option for companies to beat around this restriction would be to hire the candidate for a US placement - but place them temporarily in Europe/Asia for a year and then bring them back on a L1 visa. This is of course subject to student willingness. Is this feasible at all ?

-pradeep
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Re: IB - BBB /Consulting - Big 3 recruiting : Visa issues [#permalink] New post 02 Mar 2009, 16:07
t76122-the-new-way-wall-street-works-foreigners-need-read
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Re: IB - BBB /Consulting - Big 3 recruiting : Visa issues [#permalink] New post 02 Mar 2009, 18:20
riverripper wrote:
http://gmatclub.com/forum/t76122-the-new-way-wall-street-works-foreigners-need-read


Thanks for the information
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Re: IB - BBB /Consulting - Big 3 recruiting : Visa issues [#permalink] New post 03 Mar 2009, 07:27
Pradeep

I believe L1 is for intra-company transfers.So you can work in the company which sponsored your L1.But there might be restrictions on working at client locations.
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Re: IB - BBB /Consulting - Big 3 recruiting : Visa issues [#permalink] New post 03 Mar 2009, 08:18
http://www.workforce.com/section/06/feature/26/20/13/

Quote:
Harvard Business School’s Class of 2010 will send 900 new MBAs out into the job market, but one-third who are non-U.S. citizens will be effectively off limits for recruiters from Bank of America, JPMorgan Chase and Goldman Sachs.
All three companies recruit on Harvard’s campus but now fall under new restrictions on H-1B visas, the primary vehicle for hiring foreign students graduating from U.S. universities. The new H-1B restrictions, which are part of the American Recovery and Reinvestment Act of 2009 signed into law on February 17, apply to any company receiving Troubled Assets Relief Program funds.

So I hope no foreign students wanted to work in investment banking in the US because you won't be able to.
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Re: IB - BBB /Consulting - Big 3 recruiting : Visa issues [#permalink] New post 03 Mar 2009, 09:17
jb32 wrote:
http://www.workforce.com/section/06/feature/26/20/13/

Quote:
Harvard Business School’s Class of 2010 will send 900 new MBAs out into the job market, but one-third who are non-U.S. citizens will be effectively off limits for recruiters from Bank of America, JPMorgan Chase and Goldman Sachs.
All three companies recruit on Harvard’s campus but now fall under new restrictions on H-1B visas, the primary vehicle for hiring foreign students graduating from U.S. universities. The new H-1B restrictions, which are part of the American Recovery and Reinvestment Act of 2009 signed into law on February 17, apply to any company receiving Troubled Assets Relief Program funds.

So I hope no foreign students wanted to work in investment banking in the US because you won't be able to.


Yep, Either have to take up schooling in Europe or give up on IB and focus on MC.
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Re: IB - BBB /Consulting - Big 3 recruiting : Visa issues [#permalink] New post 03 Mar 2009, 09:29
fall09 wrote:
Pradeep

I believe L1 is for intra-company transfers.So you can work in the company which sponsored your L1.But there might be restrictions on working at client locations.


Right. So technically a BBB can hire a student, place them in the London office and after a year file L1 and bring the candidate to the US. This will be an intra-company transfer, yes. L1 can only be filed after an employee has served in a company for a year. Am no immigration expert but I think this can be done. Then again, I don't know the synergies between the different locations of a BBB. Also, why would a BBB take the pains of going through all these hassles when they can just hire domestic talent that is on par with the international pool.

-pradeep
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Re: IB - BBB /Consulting - Big 3 recruiting : Visa issues [#permalink] New post 03 Mar 2009, 10:02
pbanavara wrote:
fall09 wrote:
Pradeep

I believe L1 is for intra-company transfers.So you can work in the company which sponsored your L1.But there might be restrictions on working at client locations.


Right. So technically a BBB can hire a student, place them in the London office and after a year file L1 and bring the candidate to the US. This will be an intra-company transfer, yes. L1 can only be filed after an employee has served in a company for a year. Am no immigration expert but I think this can be done. Then again, I don't know the synergies between the different locations of a BBB. Also, why would a BBB take the pains of going through all these hassles when they can just hire domestic talent that is on par with the international pool.

-pradeep

Answer is they wouldn't except maybe on a case-by-case basis.
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Re: IB - BBB /Consulting - Big 3 recruiting : Visa issues [#permalink] New post 15 Apr 2009, 07:23
pbanavara wrote:
Right. So technically a BBB can hire a student, place them in the London office and after a year file L1 and bring the candidate to the US. This will be an intra-company transfer, yes. L1 can only be filed after an employee has served in a company for a year. Am no immigration expert but I think this can be done. Then again, I don't know the synergies between the different locations of a BBB. Also, why would a BBB take the pains of going through all these hassles when they can just hire domestic talent that is on par with the international pool.
-pradeep

So, it looks like that is exactly what the banks are doing to skirt the limitations on hiring internationals from US business schools. http://online.wsj.com/article/SB123975190063718725.html
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Re: IB - BBB /Consulting - Big 3 recruiting : Visa issues [#permalink] New post 08 May 2009, 13:35
With a L1, you cant jump jobs. For ex - if you are working for AIG on a L1 sponsored for them, if you get laid off or want to move on to greener pastures, you simply cant. I am facing this issue, cant tell you how frustrating it is!!

On a sidenote, i read that the H1b/TARP fund clause has a 2 yr sunset clause.

fall09 wrote:
Pradeep

I believe L1 is for intra-company transfers.So you can work in the company which sponsored your L1.But there might be restrictions on working at client locations.

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Re: IB - BBB /Consulting - Big 3 recruiting : Visa issues [#permalink] New post 17 May 2009, 13:36
Firstly, there is no reason why they cannot stretch the two year clause.

Second, the current remedies are being put in place for people they have already recruited. The consequence is that this will influence recruiting approaches (it actually did last year - Lehman didn't extend an offer to my friend due to visa concerns). I think at the end of the summer, you might well find a lot of banks don't extend offers to the internationals in any way like what they did last year. I maintain that the TARP policy is a significant concern for internationals.
Re: IB - BBB /Consulting - Big 3 recruiting : Visa issues   [#permalink] 17 May 2009, 13:36
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