Immigrant students who attend US colleges are disproportionately employed in either large firms — especially multinationals — or small firms and self-employment. Using linked Census and longitudinal employment data, we trace the jobs taken by college students in 2000 during the 2001–2020 period and evaluate four mechanisms shaping sector and firm size placement: geographic clustering, degree specialization, firm capabilities/visas, and ethnic self-employment specialization. Degree fields predict large firm and MNE placement, while ethnic specialization explains small firm sorting. Immigrant students who remain in the United States earn more than their native peers, suggesting the segmentation reflects productive sorting rather than blocked opportunity.
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