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Bank of America Pull International Offers

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Re: Bank of America Pull International Offers [#permalink]

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New post 10 Mar 2009, 13:31
refurb wrote:
falibay wrote:
The problem is that the prevailing wage is really low for most competitive position. The "prevailing wage" considers the average position in the US. So bank's prevailing wage are understated by 40-50%, which leaves some room to underpay H1-B. I think I was slightly underpay because i was on an H1-B (Doesn't everyone think they are underpaid? :) ), but it was way higher than the prevailing wage.


I'm sure there are some companies that underpay H1-Bs, but in my company, your level of pay was completely independent of immigrations status.

RF


You are right, for banks it is independant from immigration status. Same for MSFT, INTC and GOOG, I would assume.

I still like to think that I was underpaid because of my status !!! :lol:

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Re: Bank of America Pull International Offers [#permalink]

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New post 10 Mar 2009, 14:07
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riverripper wrote:
This artificially lowers the pay for all people in certain jobs.


I wouldn't say it artificially lowers the pay. It's a pay set by market forces (supply and demand) in a global labor market. If there are people willing to do the same exact job for cheaper, then companies should pay the lowest price and it will lower the market rate for that position. There is nothing artificial about it. Shutting out global competition to "protech american workers" is what actually creates artificial wages - by keeping them artificially high. This benefits that small subset of US workers but hurts the US economy overall (that money could be more effectively allocated elsewhere).

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Re: Bank of America Pull International Offers [#permalink]

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New post 10 Mar 2009, 14:10
IHateTheGMAT wrote:
riverripper wrote:
This artificially lowers the pay for all people in certain jobs.


I wouldn't say it artificially lowers the pay. It's a pay set by market forces (supply and demand) in a global labor market. If there are people willing to do the same exact job for cheaper, then companies should pay the lowest price and it will lower the market rate for that position. There is nothing artificial about it. Shutting out global competition is what actually creates artificial wages - by keeping them artificially high. This benefits that small subset of US workers but hurts the US economy overall (that money could be more effectively allocated elsewhere).


Very true! Pure market forces at play. It is a very tough proposition to accept for many people but I think that's the best long-term solution.

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Re: Bank of America Pull International Offers [#permalink]

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New post 11 Mar 2009, 05:29
The dean and two associate deans at Tuck respond to the law that prompted BofA to withdraw the offers:

http://online.wsj.com/article/SB1236728 ... us_opinion
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Re: Bank of America Pull International Offers [#permalink]

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New post 11 Mar 2009, 07:22
It will benefit me personally in short term. But in long term, this is a set back for America's growth.

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Re: Bank of America Pull International Offers [#permalink]

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New post 11 Mar 2009, 19:15
3underscore wrote:
sonicjiafei wrote:
my question is this: why would you want to go to BofA right now anyways? Why would you go to any ibank (aka US govt) if you can find a better option? Ibanks are not what they used to be.


Now I don't want to burst your bubble, but going to business school doesn't mean you pick your company and your job. When only 1/30 applicants get an offer in the field you recruit in, you take what you get.


Heres the thing, I'm assuming you get an MBA so that you can start a career at a company. No offense to ppl who've got offers from BofA, but it just isn't a great place to work for, especially in the current environment where theres ongoing layoffs at both ML and BofA. I know this because...well I have strong ties to both firms.

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Re: Bank of America Pull International Offers [#permalink]

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New post 11 Mar 2009, 19:32
I am going to withdraw from this thread before I start flaming people.
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Re: Bank of America Pull International Offers [#permalink]

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New post 11 Mar 2009, 23:29
GoBruins wrote:
Maybe that's also part of the problem, people who are well educated and extremely smart being turned down at masters and Phd's so because the schools are filled with international students. I think 1 problem is that although a US degree opens doors for internationals, International degree mean virtually nothing in the US (with very few exceptions). So american students are pretty much locked into studying within the US, while students in China and India have most of asia, north american, europe, and australia to choose from.


I am a long time lurker, but I had to post to dispell this misconception.

My background is in engineering, and I have received undergraduate and graduate engineering degrees from top US universities. My experience says that entering graduate school for science and engineering, is actually easier for American citizens than internationals. The reason why there are so many international students in graduate schools is not because these international students are keeping American students out, but because American students just do not want to go to graduate school.

This is especially true in engineering. American graduate students are really treasured by professors because these are the students that can be put on projects that require security clearance. And American students are also eligible for a plethora of funding opportunities (if you're a woman doing engineering in graduate school, they'll literally pour money on you), so professors can use funds for other things like another student, or more equipment. A NSF funded American graduate student is the most highly sought after asset in graduate school.

Here's an anecdote, most of my American friends in my undergraduate seriously considered graduate school, but once they found a job, they found it hard to say no to $40/50+K a year in salary and yes to a measly graduate stipend. Almost all of them gave up graduate schools the moment they got a decent job offer.

Even those who really wanted to go to graduate school after working a few years, never do because they get used to a certain lifestyle and can't imagine abandoning their well-paying job. Which is why graduate school applications shoot up during tough times, because these people with interest in graduate school suddenly find themselves without a job, so they find no reason not to pursue this path anymore.

When I was still in school, I read somewhere that a majority of graduating students (I think the numbers is 80+%) say they want to come back for graduate school after working a few years, but less than 10% of those who say that, actually do it.

In summary, there aren't many American students in graduate school (particularly engineering and science) not because international students are crowding them out, but because American students in general rather work and get paid than go to graduate school.

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Re: Bank of America Pull International Offers   [#permalink] 11 Mar 2009, 23:29

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