10% unemployment but H1B visas accelerating
- Thread starter noob_trad3r
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Finance already fell, but I actually believe accounting will be safe. IFRS are going to be difficult, perhaps impossible, to implement. And as an accounting student, I can tell you that the starting salary of most H1-B accounting grads at the Big 4 firms is pretty close to that of American accounting grads. Plus, most regional accounting firms prefer to hire on Americans.
In the long run, I suppose only surgeons will have good pay and job security.
"In theory" its the same way in IT, but H1-B is preferred over American hires in the IT industry because the H1-B's are essentially endentured to a particular firm. So the $60k starting salary of a H1-B really doesn't end up rising, while the American worker wants $100k+ after a few years, on account of greater experience in the position.
I am also a believer in the concept that if it is Chinese and Indians who own American firms in the future, they will insist that Chinese and Indian audit firms be used to audit such investments. Because of these financial shennanigans, the "white man" anglo-saxon firms, the big-4's, have lost all credibility.
Nope. IT is not dead. It has just shifted business practices. Many standard IT U.S. professionals cannot find work because it is being done in or by the BRICâs or by an H1-Bâs. It is only the highly skilled that have any mobility in IT today.
I talked with a few IT managers I know recently and they said this problem is not going to change any time soon. They said ââ¦Many U.S. Corporations canât borrow big money for IT projects from the cash strapped banks. These companies are running on internal cash flow. This means no big hiring and continued cost cutting. Cost cutting means fire U.S. employees and replace with more BRICâs or H1-Bâs. And BOâs national health plan will only intensify the cost cutting by raising health care costs if price hikes cannot be made to stick to cover these increased costs â¦â
So true. I was born in America. I got a graduate degree in statistics from a major West coast university about seven years ago.
I used to study with an undergraduate in one of my courses. She was a math major about to graduate. She told me that the original undergraduate math program contained 40 students when she was a freshman, and that 30 of them had flunked or dropped out of the math program. A university with 10,000 undergraduates, graduating 10 math majors a year.
I asked one of my professors (he was from the US) why all the graduate students were from overseas. He told me that the primary and secondary education in the US is so poor that students here cannot get through the undergraduate math courses that are the necessary background for graduate studies.
In my program there were about 100 students. About five of us were born in the US. Almost all the rest were from China or Korea.
Now I have been employed in industry for seven years. Most of my colleagues and counterparts at other companies are from Asia. I predict the day will soon come when the inability to speak Mandarin will be a liability in my industry, since everyone I talk to can speak it better than English. If I were young, I would learn Mandarin. But I'm older, and I'll retire soon.
As private employers, except those who spend $$$ lobbying, are killed by the politicians, are we all going to work for the government?
Medicine has & will always be immune, you has to be there for most things(how will they change a bedpan from overseas?LOL) Also, accounting is safe. Remember they write the checks, they won't cut their own throats, especially since Sarbanes Oxley law!! Law, as a profession it sucks! Only the best make any money at it, not worth outsourcing! But, nation definitely is shooting itself in the foot with engineering & science! Why spend all the time & money for that type of education when it will always be under undue outsourcing risk??
Two things these MORON MBA'S NEVER seem to get is. 1. A FREE society can never COMPETE with a slave based society laborwise! In China the government tells you what to do! If you don't do it, you get thrown in jail or worse! 2. If we ALL get advanced degrees, who is going to build our houses, pick up our garbage, etc.?? Common sense escapes these people!!
Two things these MORON MBA'S NEVER seem to get is. 1. A FREE society can never COMPETE with a slave based society laborwise! In China the government tells you what to do! If you don't do it, you get thrown in jail or worse! 2. If we ALL get advanced degrees, who is going to build our houses, pick up our garbage, etc.?? Common sense escapes these people!!