Foreign MBAs a bargain in America

My bet is that foreign MBAs from top US schools are an exceptional bargain this year because they are effectively barred from jobs at most major employers in the finance industry. 

We all know that the best paying industry, finance and Wall Street in particular, is in the middle of an implosion and series of massive layoffs. And just about every big and important firm has received money from the US government as part of its bailout (even if just to show there was no stigma in doing so). But one important side effect of that is that any of these firms that have accepted money from the government, and laid off workers, is being barred by US immigration authorities from getting visas allowing foreigners to work for them.  This just hit the news with the headline that Bank of America has withdrawn all jobs offers from foreign MBAs. Naturally, this means more foreign MBAs trying to get jobs in other industries, increasing competition and driving down wages, especially for foreigners, in those places where they can work.

In the past, immigration authorities had responded to the recession by making some special allowances for recent graduates. The Department of Homeland Security had announced (April 4, 2008) that they would let recent graduates work in the country longer as part of their post-graduation practical training period. Normally, after graduating, students can work for just about anyone, anywhere, with not special paperwork, for up to twelve months. This had been extended to seventeen months.