sustained EB-2 NIW Case: Finance And Economics

U.S. Citizenship 
and Immigration 
Services 
Non-Precedent Decision of the
Administrative Appeals Office 
Date: OCT. 16, 2024 In Re: 33379218 
Appeal of Texas Service Center Decision 
Form 1-140, Immigrant Petition for Alien Workers (National Interest Waiver) 
The Petitioner, an assistant professor and researcher in finance and economics, seeks employment­
based second preference (EB-2) immigrant classification as a member of the professions holding an 
advanced degree. See Immigration and Nationality Act (the Act) section 203(b)(2), 8 U.S.C. 
§ 1153(b)(2). The Petitioner also seeks a national interest waiver of the job offer requirement that is 
attached to this EB-2 immigrant classification. See section 203(b)(2)(B)(i) of the Act, 8 U.S.C. § 
1153(b)(2)(B)(i). U.S. Citizenship and Immigration Services (USCIS) may grant this discretionary 
waiver of the required job offer, and thus of a labor certification, when it is in the national interest to 
do so. 
The Director of the Texas Service Center denied the petition, concluding that the Petitioner qualified 
for classification as a member of the professions holding an advanced degree, but that he had not 
established that a waiver of the required job offer, and thus of the labor certification, would be in the 
national interest. The matter is now before us on appeal. 
The Petitioner bears the burden of proof to demonstrate eligibility by apreponderance of the evidence. 
Matter of Chawathe, 25 l&N Dec. 369, 375-76 (AAO 2010). We review the questions in this matter 
de nova. Matter of Christo 's, Inc., 26 l&N Dec. 537, 537 n.2 (AAO 2015). Upon de nova review, 
we will sustain the appeal. 
I. LAW 
To establish eligibility for a national interest waiver, a petitioner must first demonstrate qualification 
for the underlying EB-2 visa classification, as either an advanced degree professional or an individual 
of exceptional ability in the sciences, arts, or business. Section 203(b)(2)(B)(i) of the Act. If a 
petitioner demonstrates eligibility for the underlying EB-2 classification, they must then establish that 
they merit a discretionary waiver of the job offer requirement "in the national interest." 
Section 203(b)(2)(B)(i) of the Act. While neither the statute nor the pertinent regulations define the 
term "national interest," Matter of Dhanasar, 26 l&N Dec. 884, 889 (AAO 2016), states that U.S. 
Citizenship and Immigration Services (USCIS) may, as matter of discretion,1 grant a national interest 
waiver if the petitioner demonstrates that: 
• The proposed endeavor has both substantial merit and national importance; 
• The individual is well-positioned to advance their proposed endeavor; and 
• On balance, waiving the job offer requirement would benefit the United States. 
The first prong, substantial merit and national importance, focuses on the specific endeavor that the 
individual proposes to undertake. The endeavor's merit may be demonstrated in arange of areas such 
as business, entrepreneurialism, science, technology, culture, health, or education. In determining 
whether the proposed endeavor has national importance, we consider its potential prospective impact. 
Dhanasar, 26 l&N Dec. at 889. 
The second prong shifts the focus from the proposed endeavor to the individual. To determine whether 
they are well-positioned to advance the proposed endeavor, we consider factors including, but not 
limited to: their education, skills, knowledge and record of success in related or similar efforts; a model 
or plan for future activities; any progress towards achieving the proposed endeavor; and the interest 
of potential customers, users, investors, or other relevant entities or individuals. Id. at 890. 
The third prong requires a petitioner to demonstrate that, on balance, it would be beneficial to the 
United States to waive the requirements of a job offer and thus of a labor certification. In performing 
this analysis, we may evaluate factors such as: whether, in light of the nature of the individual's 
qualifications or the proposed endeavor, it would be impractical either for them to secure a job offer 
or to obtain a labor certification; whether, even assuming that other qualified U.S. workers are 
available, the United States would still benefit from their contributions; and whether the national 
interest in their contributions is sufficiently urgent to warrant forgoing the labor certification process. 
In each case, the factor(s) considered must, taken together, establish that on balance, it would be 
beneficial to the United States to waive the requirements of a job offer and thus of a labor certification. 
Id. at 890-91. 
11. ANALYSIS 
The Petitioner's endeavor is to continue his career teaching in a University in the United States and 
pursue research to develop machine learning techniques for application to finance to enhance return 
prediction, discover new risk factors, and explore the effect of corporation innovation activities on 
stock returns. 
The Director found that the Petitioner qualifies as a member of the professions holding an advanced 
degree.2 The sole issue to be determined is whether the Petitioner has established that a waiver of the 
requirement of a job offer, and thus a labor certification, would be in the national interest. 
1 See also Flores v. Garland, 72 F.4th 85, 88 (5th Cir. 2023) Uoining the Ninth, Eleventh, and D.C. Circuit Courts (and 
Third in an unpublished decision) in concluding that USCIS' decision to grant or deny a national interest waiver to be 
discretionary in nature). 
2 The Petitioner received a PhD. in economics from I I in 2015. 
2 
For the first prong of the Dhanasar framework, the Director determined that the Petitioner's proposed 
endeavor as described above has substantial merit and is of national importance. Upon review of the 
record, we agree that the Petitioner has established that he meets the first prong of the Dhanasar 
framework. 
The Petitioner challenges the Director's findings on whether he is well-positioned to advance the 
proposed endeavor and whether on balance, waiving the job offer requirement would benefit the 
United States. Upon review, we agree with the Petitioner, and we will sustain the appeal. 
A. Wei I-Positioned to Advance the Proposed Endeavor 
The second prong shifts the focus from the proposed endeavor to the individual. To determine whether 
an individual is well-positioned to advance the proposed endeavor, we consider factors including, but 
not limited to, education, skills, knowledge, and record of success in related or similar efforts; amodel 
or plan for future activities; any progress towards achieving the proposed endeavor; and the interest 
of potential customers, users, investors, or other relevant entities or individuals. Id. at 890. 
The Director determined that, after consideration of these factors, the evidence submitted did not 
establish that the Petitioner meets Dhanasar 's second prong. Upon de nova review, we conclude that 
the Petitioner has established by apreponderance of the evidence that he is well-positioned to advance 
his proposed endeavor. 
On appeal, the Petitioner contends that the Director applied the wrong standard of proof and the 
evidence, if considered under a preponderance standard, does establish the Petitioner is well­
positioned to advance his proposed endeavor. Specifically, the Director placed little weight on 
numerous testimonial letters with the observation that the letters do not provide specific examples of 
the Petitioner's influence on the field "beyond adding to the general pool of knowledge." The 
Petitioner aptly points out that we previously rejected the "influence" standard, Dhanasar, 26 l&N 
Dec. at 887-888 and at footnote 6. 
The Petitioner's Ph.D. and area of expertise in economics is econometrics, mathematical modeling 
related to economics, and his endeavor is interdisciplinary applying machine learning computer 
programming to finance and econometric forecasting.3 The record includes the following: the 
Petitioner 's curriculum vitae; academic records and awards; published and presented work; 
documentation regarding the Petitioner's peer review activity; articles citing to the Petitioner's 
research findings; recommendation letters from numerous academic research colleagues around the 
world with whom the Petitioner has collaborated; recommendations from academics familiar with the 
Petitioner's work; a letter of interest in hiring the Petitioner from an American university subject to 
the Petitioner securing permanent residence; and, information relating to public funding of projects 
the Petitioner co-authored. The record also shows that the Petitioner teaches courses in introduction 
to probability and statistics (to undergraduates), empirical asset pricing (to Ph.D. and master's 
students), and advanced macroeconomics (to Ph.D. students). 
3 For purposes of assessment under the second prong, USCIS considers an advanced degree in the fields of science, 
technology, engineering, and mathematics (STEM), which is tied to the proposed endeavor and related to work furthering 
a STEM area important to U.S. competitiveness or national security, an especially positive factor to be considered along 
with other evidence. See generally 6 USClS Policy Manual, F.5(0)(2), https://www.uscis.gov/policymanual. 
3 
The recommendation letters from fellow academics describe, in meaningful detail, their research 
expertise and the significance and influence of the Petitioner's research related to consumer behavior 
and the risks of underusing protective investment strategies. A distinguished professor at I I I I praised the Petitioner's research stating that when compared to other methodologies, the 
Petitioner's test for asymmetric dependence between stock market return and the market "consistently 
exhibited superior power to reject asymmetries." At the 2021 I I I IConference, the Petitioner won the I I Best Paper Award. 4 In addition, the letters 
provide specific detailed examples of how the Petitioner's research findings directly impacted their 
own and others' research with econometrics, forecasting, and risk. The record shows the Petitioner's 
research has garnered recognition through its citation by independent, reputable national and 
international researchers, and that the rate at which his published work has been cited is comparable 
relative to the citation rate of articles in this discipline. The record shows that a university professor 
in New Zealand requested the Petitioner's software programs so that the colleague could implement 
the Petitioner's bias-adjusted estimator in his own research. 
In considering the totality of the evidence, the Petitioner has demonstrated that his education, 
experience, and accomplishments in his economics and finance field, the significance of his role and 
background in conducting his research, and his current employment as a teacher and researcher are 
relevant, probative, and material proof of being well-positioned to advance the proposed endeavor. 
As we stated in Dhanasar, "endeavors related to research, pure science, and the furtherance of human 
knowledge may qualify, whether or not the potential accomplishments in those fields are likely to 
translate into economic benefits for the United States." Id. at 892. We must consider the totality of 
the circumstances and whether the record as a whole demonstrates that the Petitioner is well positioned 
to advance the proposed endeavor. See generally 6 USC1S Policy Manual, F.5(O)(1), 
https://www.uscis.gov/policymanual. Considering the totality of this evidence and its support of the 
nonexclusive second prong factors provided in Dhanasar, we conclude that the Petitioner has 
established by a preponderance of the evidence that he is well-positioned to advance his proposed 
endeavor. 
Accordingly, we withdraw the Director's determination as to the second prong of the Dhanasar 
framework and conclude that the Petitioner has satisfied this requirement. 
B. Balancing Factors to Dete1mine Waiver's Benefit to the United States 
The third prong requires the petitioner to demonstrate that, on balance, it would be beneficial to the 
United States to waive the requirements of a job offer and thus of a labor certification. In performing 
this analysis, USCIS may evaluate factors such as: whether, in light of the nature of the foreign 
national 's qualifications or the proposed endeavor, it would be impractical either for the foreign 
national to secure a job offer or for the petitioner to obtain a labor certification; whether, even assuming 
that other qualified U.S. workers are available, the United States would still benefit from the foreign 
4 According to the website, the society is a global network of academics and practitioners dedicated to sharing 
research and ideas in financial econometrics. It is an independent non-profit membership organization, currently housed 
at _______ __,promotes and expands research and education by organizing and sponsoring conferences, 
programs, and activities at the intersection of finance and econometrics, including links to macroeconomic fundamentals. 
The annual conference is the largest conference in financial econometrics with a competitive selection process. 
4 
national' s contributions; and whether the national interest in the foreign national' s contributions is 
sufficiently urgent to warrant forgoing the labor certification process. In each case, the factor(s) 
considered must, taken together, indicate that on balance, it would be beneficial to the United States 
to waive the requirements of a job offer and thus of a labor certification. Id. at 890-91. 
The Director determined that the Petitioner had not satisfied the third prong of the Dhanasar 
framework. Upon de nova review, we conclude that the waiver of the labor certification requirement 
for the Petitioner would, on balance, be beneficial to the United States. 
USCIS considers the following combination of facts contained in the record to be strong positive 
factors: possession of an advanced STEM degree in his field of endeavor; his published research and 
peer review of his work; his knowledge and skills in his proposed endeavor; a plan with progress to 
further his proposed STEM endeavor; and the interest and support of national academic members in 
his field. The Petitioner possesses considerable education, experience, and expertise in the analysis 
of finance and economics to continue his research developing machine learning techniques for 
application to finance to enhance return prediction, discover new risk factors, and explore the effect 
of corporation innovation activities on stock returns. Based on the foregoing, the Petitioner has 
established he offers contributions of such value that, on balance, he would benefit the United States 
even if other qualified U.S. workers are available. The Petitioner, therefore, meets the third prong of 
the Dhanasar framework. Accordingly, we hereby withdraw the Director's decision otherwise. 
111. CONCLUSION 
The Petitioner has met the requisite three prongs set forth in the Dhanasar analytical framework. We 
find that he has established he is eligible for and otherwise merits anational interest waiver as a matter 
of discretion. 
ORDER: The appeal is sustained. 
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