International Business is not only concerned with import/export, as is the common thinking. It is more about companies operating in more than one nation. These companies are known as MNC (Multi-National Corporations). How these firms adapt to different conditions and laws is the subject matter of study. The degree of Master of International Business has been designed with this aspect in focus. It does not limit your area to a single subject of international business. Instead, it facilitates you to broaden your prospects making it global. Studying International Business abroad helps you understand and discover the nuances the companies encounter while operating in the ever-changing international environment. It will also enhance your people management skills and cultural management skills.
Reasons for Studying International Business
If you want to understand the global market, then international business is the right course for you. The economy which used to be more local a century back is now global. Hence, inflation in the USA will affect the market in Japan. These are the kinds of insights you can get by closely studying international business when enrolled in the Master of International Business course. Most of the international business courses include studying a foreign language of your choice. So, you will add some linguistic skills to your repertoire as well and truly become a global citizen. That is the main reason behind more students opting for this course.
Now that you have seen the major benefits of studying International Business abroad, you need to do some background research. Being informed is always good while going to a foreign country for studying. http://www.schoolapply.com is one portal where you can find all related information required. There are a few things to check before applying. First and foremost, you should decide the location of study. The USA and Canada are the top locations preferred by international business students. However, these places are expensive to live in. If you are on an intermediate budget Australia can be a great location for studying International Business. Australia being a growing economy will also place you in an evolving environment. The second important thing is to consider the time you are able to invest in your study. Most of the MIB (Master of International Business) programs are of two years’ duration with a foreign tour included. Investing money in this field gives a guarantee of a nice career ahead.
The Need for International Business Professionals
Electronic communication has led to the shrinking of global boundaries. Now a manager sitting in London can check with his counterpart in Berlin and even have a face to face meeting without going there. The information about sales, manufacturing and outsourcing can be shared instantly. Furthermore, the development of international supply chains and transportation hubs has made the movement of products from one geographical location to another very easy. However, the laws and currencies are still local and require management. So does the sales and distribution. The International Business professionals make these things easy for the company operating in different countries, making the need for trained professionals a global affair.
The international business professional has to encounter some other issues as well. The most important of these are the cultural issues. The knowledge of these can be the difference between failure or success. Ignoring the cultural issue can lead to serious problems which can lead to losses or even closure of businesses. The knowledge of the local language is another factor. Even though you can use English the globally recognised language, using the local language brings you closer to the people who are your customers and garners much respect.
The international business professional has to keep moving around the world and learning about the different economic environments and purchasing behaviour of consumers. A consumer in the UK will be more inclined towards quality and health while a consumer in India will be more price conscious. Hence, fuel efficient cars will be the best sellers in India while luxury cars will be best sellers in the UK. This is the area which an international business professional can offer his skills both in information research, collection and application proving to be an invaluable resource in today’s marketplace.
Careers in International Business
The traditional jobs for a Business Management graduate are always open to the student of Masters of International Business. So, if you have specialised in International Marketing you can get a job in any company which sells product or services. You can also strive to be in the international wing of their marketing team after the international business course. Thus you can go for global marketing. There are more chances of growth after studying International business in every field which a simple MBA has. You can also take up the finance, HR or operations locally or globally. More choices will be open for you.
Apart from traditional jobs, you can get jobs which require specialisation in international business. Import and Export industry is one of them, which includes the global shipping trade and courier services like DHL. In the shipping trade, you can choose from a variety of options. You can become the documentation expert and handle the documents required for export and/or Import. You can choose to become involved in the operations which involve the movement of goods across countries. Good knowledge of geography is very critical in the shipping trade whatever job you choose. Operations department requires knowledge of dimensions and skills of fitting cargo. Another specialised field is of bulk liquid transport were you can really rise quickly as few people choose it. You can also work in the marketing for cargo in the shipping trade. Another area is international laws that govern the movement of cargo across the oceans and borders. A good knowledge in this field can help you become a consultant as well.
The Global Perspective of Business
An International Business degree will make you learn about the global economic situations. The knowledge of cultures and languages will help you develop critical thinking which is very much required in a world which has only political boundaries. Business is not limited by these boundaries and when you study business from an international perspective, you will understand this concept much better. You will always be working with people from different countries and regions which will help you in team building skills. The experience of studying in a foreign location helps to become more flexible and adaptable in challenging situations. This becomes a critical success factor for professionals. If you later want to establish you own business the experiences will be like gold dust (invaluable).