Last visit was: 19 Nov 2025, 07:22 It is currently 19 Nov 2025, 07:22
Home
GMAT
Messages
Tests
Schools
Events
Rewards
Chat
My Profile
Close
GMAT Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Go to My Error Log Learn more
Close
Request Expert Reply
Confirm Cancel
avatar
falibay
avatar
Current Student
Joined: 28 Feb 2008
Last visit: 29 Dec 2009
Posts: 370
Own Kudos:
6
Given Kudos: 2
Location: New York, Paris
Concentration: Finance, Entrepreneurship
Schools:Wharton '11
Posts: 370
Kudos: 6
Bank of America Pull International Offers 10 Mar 2009, 13:31
Kudos
Add Kudos
Bookmarks
Bookmark this Post
refurb
falibay

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
Show more

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:
User avatar
IHateTheGMAT
User avatar
Current Student
Joined: 10 Jun 2006
Last visit: 25 Jul 2011
Posts: 623
Own Kudos:
61
 [1]
Concentration: Investment Banking or Investment Management
Posts: 623
Kudos: 61
 [1]
Bank of America Pull International Offers 10 Mar 2009, 14:07
1
Kudos
Add Kudos
Bookmarks
Bookmark this Post
riverripper
This artificially lowers the pay for all people in certain jobs.
Show more

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).
avatar
falibay
avatar
Current Student
Joined: 28 Feb 2008
Last visit: 29 Dec 2009
Posts: 370
Own Kudos:
6
Given Kudos: 2
Location: New York, Paris
Concentration: Finance, Entrepreneurship
Schools:Wharton '11
Posts: 370
Kudos: 6
Bank of America Pull International Offers 10 Mar 2009, 14:10
Kudos
Add Kudos
Bookmarks
Bookmark this Post
IHateTheGMAT
riverripper
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).
Show more

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.
User avatar
Jerz
User avatar
Joined: 09 Dec 2008
Last visit: 28 Jan 2017
Posts: 1,221
Own Kudos:
254
Given Kudos: 17
Concentration: Health Enterprise Management, Marketing, Strategy, Finance, Analytical Consulting, Economics
Schools:Kellogg Class of 2011
GMAT 1: 770 Q49 V47
Posts: 1,221
Kudos: 254
Bank of America Pull International Offers 11 Mar 2009, 05:29
Kudos
Add Kudos
Bookmarks
Bookmark this Post
The dean and two associate deans at Tuck respond to the law that prompted BofA to withdraw the offers:

https://online.wsj.com/article/SB1236728 ... us_opinion
User avatar
billyjeans
User avatar
Joined: 18 Feb 2008
Last visit: 22 Aug 2011
Posts: 621
Own Kudos:
215
Given Kudos: 25
Posts: 621
Kudos: 215
Bank of America Pull International Offers 11 Mar 2009, 07:22
Kudos
Add Kudos
Bookmarks
Bookmark this Post
It will benefit me personally in short term. But in long term, this is a set back for America's growth.
avatar
sonicjiafei
avatar
Joined: 09 Feb 2009
Last visit: 27 Aug 2010
Posts: 10
Posts: 10
Kudos: 0
Bank of America Pull International Offers 11 Mar 2009, 19:15
Kudos
Add Kudos
Bookmarks
Bookmark this Post
3underscore
sonicjiafei
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.
Show more

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.
User avatar
3underscore
User avatar
Current Student
Joined: 11 Dec 2006
Last visit: 16 Mar 2016
Posts: 1,428
Own Kudos:
234
Given Kudos: 6
Location: New York, NY
Concentration: Finance (Corp Fin, Financial Instruments)
Schools:NYU Stern 2009
Posts: 1,428
Kudos: 234
Bank of America Pull International Offers 11 Mar 2009, 19:32
Kudos
Add Kudos
Bookmarks
Bookmark this Post
I am going to withdraw from this thread before I start flaming people.
User avatar
xenok
User avatar
Joined: 01 Apr 2008
Last visit: 11 Jan 2012
Posts: 136
Own Kudos:
59
Given Kudos: 6
Concentration: Strategy, GM, Energy, Technology
Schools:Chicago Booth 2011
Posts: 136
Kudos: 59
Bank of America Pull International Offers 11 Mar 2009, 23:29
Kudos
Add Kudos
Bookmarks
Bookmark this Post
GoBruins

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.
Show more

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.
   1   2   3