A decade-long recruiting flywheel, is it over now?
Editor’s note: Following additional conversations, the current understanding is that incoming full-time analysts are still expected to be entered into the H-1B lottery, and that no signed offers have been formally rescinded as of yet. Details continue to evolve.
On January 20, 2026, a significant number of Canadian students reported that offers they had signed with U.S. firms like Evercore have received notice that their offers may be rescinded, or that their Summer 2027 recruiting processes were abruptly shut down.
The prevailing speculation, based on what’s circulating in threads and private conversations, is that firms are facing heightened scrutiny from the current U.S. administration over the number of Canadians classified as “economists” under the TN framework. As a result, many banks appear to be reassessing visa and H-1B risk more conservatively than in prior years.
This is and will be a massive shock to student finance clubs across Canadian universities.
For years, clubs like Western Investment Club, Ivey Private Capital, QUIC, and more recently Limestone Capital built pipelines so reliable that some U.S. firms effectively reserve seats each year for Canadian targets — particularly in NYC, LA, and Menlo Park.
These clubs provide members with access to extensive internal resources — such as technical interview “bibles” and alumni lists — that are gatekept from the broader student body by design. The pressure to perform remains high, largely because these clubs’ reputations and member expectations are closely tied to consistently placing students into highly competitive roles.
The WIC / Evercore Pipeline
Matt Ting, founder of Peak Frameworks, during his time as WIC president (2014–15)
If one pipeline feels particularly exposed right now, it’s the long-running WIC–Evercore relationship.
For more than a decade, it’s been one of the cleanest examples of a cross-border recruiting flywheel. Most people trace the modern era back to around 2014–15, when Matt Ting was WIC president and part of what’s often described (half-jokingly) as one the first “podlings.”
After him, the relationship compounded. Over time, Evercore slots for WIC alumni became less “aspirational” and more… expected.
That expectation is what’s cracking now.
The Queen’s Counterpart
QUIC placements — Class of 2026
Queen’s is, of course, the other de facto Canadian feeder into top U.S. platforms, consistently placing students into GS TMT, MS, PJT M&A, Moelis, and other elite boutiques for the same reasons: tight-knit clubs, aggressive internal prep, and alumni willing to go to bat for their own.
The alumni machine is very real.
So… What Happens Now?
What’s different this time is that everything is unfolding at once. It’s no longer clear how durable these pipelines will be. That uncertainty is hitting student clubs directly — especially those whose identities are tied almost entirely to their U.S. placements and TN → H-1B pathways.
Students on the ground are already seeing second-order effects.
From recent DMs (and phone calls):
Fourth-years who lost U.S. offers are extending to a fifth year to re-recruit for Canadian IB and MBB roles, crowding out incoming third-years
Current Evercore full-time analysts on TN visas are under real scrutiny, with the expectation that those who fail to secure an H-1B may be let go
Some firms are exploring moves to the UK or reclassifying incoming analysts as “economists,” but nothing is official
SA26 is widely expected to see few, if any, return offers, and SA27 recruiting for Canadians was cancelled mid-process at multiple U.S. firms
At the same time, Canadian banks like RBC and TD have already posted SA 2027 roles, pulling Canadian IB recruiting fully onto U.S. timelines and making an already competitive process even tighter.
Conclusion
This isn’t the end of Canadians going to the U.S. The talent is still there. The alumni networks still exist. The prep machines haven’t vanished.
But for student organizations whose entire identity is tied to sending members to the U.S. (and whose model relies heavily on TN visas eventually rolling into H-1Bs) this moment has created real panic for student finance clubs across Canada.
Recruiting this year is shaping up to be very tough.
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