Banks value the diversity of an international workforce but securing a graduate place in a foreign location is not as simple as it once was.

EMEA

Most investment banks base the vast majority of their European graduate trainees in London, but new UK immigration restrictions are causing a headache when it comes to recruiting students from outside the European Union (EU). Traditionally, non-EU students have been able to arrange their own tier one post-study work visas that granted permission to work in the UK for two years after graduating without the need for a sponsor employer. But the government has announced plans to close this route from April 2012. At present it is unclear if the closure will definitely go ahead or what will replace it if it does. Instead, non-EU graduates who wish to be recruited via the UK are advised to look to tier two restricted visas, available to those who have been offered a (skilled) job. This means you need a job offer first.

The good news is that the bank generally does the paperwork for these once they’ve decided to appoint you. The bad news is that there are currently only 20,700 of these available to all UK companies. Worse still, these are released on a monthly quota basis and, with most banks tending to apply for their graduate visas in June and July, this reduces their share of the 20,700 still further. Perhaps surprisingly, despite the gloomy outlook and administrative burden, most banks insist that they’re maintaining the number of foreign students they employ.

US

It has been a difficult couple of years for those from outside the US who are looking for a financial services job opportunity. A lull in the job market has meant foreign-born professionals, who need H1-B visa sponsorship, face an uphill struggle. H1-B visa numbers are set by U.S. Citizenship and Immigration Services and have remained flat for some time, at 65,000 annually.

Wendy Tsung, associate dean and executive director of MBA Career Services for Emory University’s Goizueta Business School, says foreign-born students have found jobs in finance hard to get in the US. “Firms are less likely to sponsor someone when they’re unsure they will be able to stay,” says Tsung. “The price of the visa isn’t overly burdensome but the training costs and the cost of getting someone up and running in a position is a big factor.”

H1-B visas generally last for up to six years. After that, foreign-born workers must start the process anew or seek permanent residency status.

Asia-Pacific

A growing number of graduates want to work in Asia because they want to be based in a region of high economic growth.

However, banks demand a genuine knowledge of Asia, without which opportunities for foreigners are limited because employers have a large local talent pool from which to choose. Any foreign national with aspirations to work in Hong Kong or Singapore needs the support of their employer, who then sends a visa request to the Ministry of Manpower in Singapore or the Immigration Department in Hong Kong.

Foreign nationals who have attended university in Asia have an advantage over those coming straight from institutions in other parts of the world. Fluency in Mandarin is helpful, especially in Hong Kong where most firms are increasing their focus on mainland China. Completing a local internship will also boost your chances of securing a graduate place because you will have demonstrated a commitment to the region and the employer. But getting an internship in the first place can be problematic, because some banks are less willing to consider non-local applications for short-term roles. If you are studying outside Asia and haven’t done an Asian internship, consider visiting in the summer before you graduate to network and become a ‘known entity’. Investment banks in Australia, which tend to have a smaller number of entry-level vacancies, generally fill their intake with local graduates.