International Business Management
Increasingly, there are more and more multinational corporations with branches and franchises all around the globe. Subsequently, there is an ever rising need for individuals who are adept at international business management. Every foreign branch of a larger multinational corporation will essentially function as its own business with its own internal functions such as accounting, human resources, and marketing. However, all those functions need to be aligned with the main company’s goals and objectives. Naturally, this is possibly very difficult to communicate across various cultures. An MBA in International Business helps teach individuals the necessary skills to be an effective business leader. Regardless of where they decide to go in the world.
What does an MBA teach you?
A Masters in Business Administration (MBA) provides users with both a core and advanced level of understanding of various business concepts and theories. It introduces students to a basic level of core classes such as economics, math, human resources, accounting and finance. From this the student then selects a concentration (usually after their first year) in order to become an expert in the field they want. It is possible to specialize in anything from finance to consulting to even agribusiness! An international business degree will allow you to become a specialist in handling business at a global scale.
What is international business?
International business encompasses all commercial activities which take place over national borders such as transfer of goods, services, people, ideas and technologies. In order for businesses to successfully create an international market, they need to bridge the gap between their separate national markets and the global marketplace. Careers in international business will place a heavy emphasis on international business ethics and strategy. Ethics and strategy are important to consider when dealing with foreign cultures which can have very different norms for doing business.
What are some international business careers I can do?
Nearly every facet of business can be expanded to have a global focus. For example, just as how local businesses have a marketing department, global businesses will too- except their scope is widened. However, there are some jobs that are unique to the global market. Including: import/export agent, translator, foreign sales representative, international trade and customs manager, and international foreign policy adviser. Working for a multinational corporation also usually comes with high compensation. Additionally, there are other benefits to accommodate a possibly more demanding work-life schedule.
It is hard to find accurate statistics on how much an international business management employee potentially makes in a year. These salaries are based on their individual workload (i.e. how long someone is traveling, their per diem, cost of living). Generally, international management employees make more than domestic ones. To put that into perspective, the 2018 median pay for a financial manager in the U.S was $127,990 according to the Bureau of Labor Statistics (BLS). Simply having an MBA will in general lead to higher wages and is worth the investment in time and money.
According to the United Nations, globalization has helped increase the world’s GDP. From $50 trillion in 2000, to $75 trillion in 2016. With global markets continuing to grow, the demand for individuals with training in international business management will also grow.
International Business Degree
Specializing in international business management provides you with the necessary skills to navigate the complex ecosystem that is international commerce. More universities are beginning to offer an international management specialization for their MBA programs as the opportunity becomes more attractive. One important consideration in picking a university to go to is the connections with the industry you are interested in. Whether that be through internships or the alumni network. Interested in learning more about getting your international business? Check out this blog we did on getting your MBA in international business, or visit our blog for all things MBA!