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

Question

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

riverripper · Answer

t76122-the-new-way-wall-street-works-foreigners-need-read

pleonasm · Answer

Thanks for the information

fall09 · Answer

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.

jb32 · Answer

https://www.workforce.com/section/06/feature/26/20/13/

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

pleonasm · Answer

Yep, Either have to take up schooling in Europe or give up on IB and focus on MC.

pleonasm · Answer

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

-pradeep

jb32 · Answer

Answer is they wouldn't except maybe on a case-by-case basis.

jb32 · Answer

So, it looks like that is exactly what the banks are doing to skirt the limitations on hiring internationals from US business schools.  https://online.wsj.com/article/SB123975190063718725.html

snipertrader · Answer

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.

3underscore · Answer

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.

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

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