when looking for IT jobs in NYC Investment Banks/ Financial Services firms, that is?I have been offered admission into the part-time MS in Quant Finance program at a good univ, and would like to pursue it. For this I need to work in US, while I pursue my studies. (The full-time option was too much of an investment for me). Untill 2 days back, I was all set on an internal transfer to US, on an L1 visa. However, just yesterday I was informed that there has been a headcount review in light of recession and the position I was being transferred to, has been withdrawn. So, that option has unfortunately ended up in smoke.As a fallback, I have an H1B visa from a body shopper who will have to help me get a contract once I come to US. I will have to work through the body shopper for at least 6 months per the contract. This is definitely a route, I wanted to avoid, but now is left to me as the only option if I want to pursue the part-time studies @ US. I have been in IT industry for 8 years, with a mix of experience in India and Singapore. The last 3 years have been in investbanking/financial serivces, specifically building algorithmic trading platform for Equities and Front Office Trade Capture systems for vanilla/exotic Equity Derivatives. In all, the companies I've been employed in are: GE Research, Sun Microsystems, Fidelity Investments and a well known IB.The body shopper tells me that I would have to take a significant cut in my salary, as I do not have US experience, and am hence not so marketable. Is it really true that so much importance is give to US experience, that the lack of it severly diminishes the value of your international experience. Are hiring managers so much picky in this matter?In addition to this, I am quite wary of the job market conditions currently, and am now having second thoughts on my plans to pursue a Financial Enginnering degree, even though I have been quite passionate about it from the beginning. Any inputs/views/suggestions would be greatly appreciated.Kind Regards

QuoteOriginally posted by: fenewbieThe body shopper tells me that I would have to take a significant cut in my salary, as I do not have US experience, and am hence not so marketable.This is very false, although it is very convenient for the person telling you this if they can get you to believe it.

i don't know what you think the potential upside of this move is. why are you considering this?it sounds like a bad idea to me.this "body shop" (that's an it contractor, right?) is two or three steps down from what you currently have on your resume.what's gonna happen if the company sends you on an assignment somewhere where you can't attend classes?if you really want to do the ms i would definitely wait until another transfer opportunity arises.you got admitted once, no reason to believe you wouldn't get admitted the next time.

Thanks twofish and icon.I had been planning for this MS since almost an year, trying to time it appropriately with my current career phase. Unfortunately my internal move got cancelled at the eleventh hour.The only hope I have with the bodyshopper (yes, an IT contactor) is that I break out of the contract after 6 months and then look out myself for an IT opportunity in an IB/Financial firm at NYC. However I know that the market conditions are not on my side. Plus this over-emphasis on "American experience" which I have heard quite often from such body shoppers before, concerns me. But twofish says thats completely false.If delaying my MS for an year makes sense, I may consider it.Any more inputs/views would be helpful.

QuoteOriginally posted by: fenewbiePlus this over-emphasis on "American experience" which I have heard quite often from such body shoppers before, concerns me. But twofish says thats completely false.There are about five or six things about your story that make me think *run away*. The only reason I can think of that the "body shopper" emphasizes "American experience" is that it's the only way they can justified a ridiculously low salary, and you aren't in a position to know that they are stretching the truth.There's no reason to take a major cut (or any cut) in salary especially since living expenses in the US are likely to be higher than where you are at now.

Thanks twofish. I assume, by *run away* you mean: dont go the body shopper route (the only one left to me if I want to pursue MS this year).I may be able to secure a hourly billing arrangement with the client I am put with (as opposed to a fixed salary with the body shopper), where I get 70% and the body shopper gets 30%. If that happens a 80 USD/hr rate (if I can get that) could make it comfortable/comparable wrt to my current salary and expected living expenses. And then after 6 months, I could break out of the contract after looking out on my own.I know the whole idea is like taking a big bet. Which is hoping that : - personally (am married) and professionally everything will fall into place in a new country. - All this just to be able to pursue MS and do well as planned, not loosing another year (am already 31). Hoping to later translate my part-time Quant Finance degree, and the CMU brand, into a quant finance focussed career move.Just frantically thinking about options at this eleventh hour! This is something I was so unprepared for, since untill now my internal move seemed to be progressing very smoothly.

i think you are very resourceful to make this work but it's all way too much of a stretch. DO NOT overestimate the value of the "brand name". it's not worth taking the risks your are talking about. i am at Princeton (and I am 34) and the brand name really didn't make much of a difference during my interview process.to get a start on your quant career: set up a decision tree for your situation. you'll see that what your are proposing to do does not have the highest expected payoff.

Thanks Icon, are you doing a full-time/part-time FE degree from Princeton? It would be helpful, if you could you share/PM your experience profile

QuoteOriginally posted by: fenewbieIf that happens a 80 USD/hr rate (if I can get that) could make it comfortable/comparable wrt to my current salary and expected living expenses. And then after 6 months, I could break out of the contract after looking out on my own.80 USD/hr rate net or gross? If it is gross then it seems quite low. One thing that you really have to worry about here is whether you will get screwed by some contract provision. If you are in another country with an unfamilar legal system, few social networks, and immigration/visa issues, there are all sorts of ways for people to trap you, and if you are working through someone who has a financial interest in making sure that you are trapped, you have to be careful. One thing that concerns me about the "American employers want American experience" statement is that contradicts reality so badly that it opens up doubts about everything they are saying and doing to you.Also, some pretty rotten jobs can get contracted out. Another danger here is that you should have some idea what the job is that you will be doing before you jump. One bad situation is if you get caught in a "death march" project which is being contracted out because it is an unpleasant, massively underresourced project that everyone knows is a disaster but no one internal wants to touch. Also, if you work full-time, the employer has some small financial incentive to see that you improve your skills and become more valuable. If you are an external contractor, then there isn't even this minimal incentive.QuoteAll this just to be able to pursue MS and do well as planned, not loosing another year (am already 31). Hoping to later translate my part-time Quant Finance degree, and the CMU brand, into a quant finance focussed career move.One option you can consider is to keep working at your current job and take Wilmott's CQF via distance learning. If you ask nicely you might be able to get the employer to pick up the tab. Something that worries me about the MSCF is that a fair bit of it seems to replicate experience that you already have, and any time you take going over material that you are already familar with is less time going over new material. Wilmott's classes are much easier to take "ala carte".Also, honestly, the CMU brand doesn't seem to me to provide very much over what you already have.QuoteJust frantically thinking about options at this eleventh hour! This is something I was so unprepared for, since untill now my internal move seemed to be progressing very smoothly. One other thing that you might consider doing is to "buy time" and try to figure out what the immediate time constraints are so that you can relax them and make a better decision.

Twofish is nearly right, but there is a discount factor for non-domestic experience, and also it's a different game.US wages are of course higher than India & Singapore, so although I'd expect you to get less money than a citizen with US experience, you should be getting more than at home.The fact that you've worked for well branded firms is of course a factor that helps.The contract is an issue, and I'm I'm particularly interested in the end-game clauses. Are they obliged to pay you, if they don't find work ? What, exactly happens if you leave at 6 months.Quality of work will probably go down, and if you're locked in your ability to get away from the worst type is constrained.But conversely, being a contractor is actually convenient for part time study, indeed I know several people who have switched to that mode of employment to make sure they have the time flexibility.The obvious path from where you are is as a quant/developer, and I agree it is a tough call to see how optimal an MFE might be.I'd need to know more detail on your educational background and what, precisely you've been doing.I'd be reasonably tempted to take the 6 months though.It will give you an adequate income whilst you look around for something better.Also, since you will be US resident for tax purposes, you will need to get professional advice about your CMU fees.I am not an accountant, but my understanding is that the $55K you need to pay out is a deductable expense.This means that instead of you having to earn about $80K to pay fees, you can deduct it from your taxable income.That requires you do it right, and I am only qualified to raise the idea, not how to do it so you definitely get the money.Lastly there is an endgame to be played with BarCap, if and when you are 100% clear in your mind you are going.Odds are that they don't want you to leave, there is not an over-supply of your skills even in this market.I'd give it 70/30 they try somewhat to get you to stay, and there is a non-zero chance they may be able to reinstate the original plan.However, I counsel you no to trust those people at BarCap at all, even slightly, and under no circumstances accept a line of the form "we'll do this next year".But as an IT person at BarCap, I guess you've already worked out BarCap management's contempt for people like you.

QuoteOriginally posted by: fenewbieThanks twofish and icon.I had been planning for this MS since almost an year, trying to time it appropriately with my current career phase. Unfortunately my internal move got cancelled at the eleventh hour.The only hope I have with the bodyshopper (yes, an IT contactor) is that I break out of the contract after 6 months and then look out myself for an IT opportunity in an IB/Financial firm at NYC. However I know that the market conditions are not on my side. Plus this over-emphasis on "American experience" which I have heard quite often from such body shoppers before, concerns me. But twofish says thats completely false.If delaying my MS for an year makes sense, I may consider it.Any more inputs/views would be helpful.Why don't you do your MS at CMU fulltime?

I am not sure of the payoff of investing into a full-time MSCF, in the current and expected market conditions. What do you think?