International trade and finance are no longer bound by the borders of a nation. It has expanded into multiple markets, industrialized and emerging. India and China are at the forefront of global business accounting for a significant portion of the trade of goods and services. Parallelly with this development has been the rise in the need for quality professionals well-versed in the nuances of International Business Management. This article will provide a detailed explanation of the several rewarding avenues you can choose from to build a career in this domain of management.
What is International Business Management?
International Business Management is a specialisation concerned with the management of business operations on a global level. The students enrolled in this programme are given an opportunity to develop commercial awareness and an understanding of the global trends in the field of business.
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Students who wish to pursue International Business Management can acquire this degree in two different manners. One is an MBA in International Business Management, the duration of which will be 2 years and the second one is an MSc in International Business Management, the duration of which can either be 1 year or 2 years.
|MBA in International Business Management||2 years|
|MSc in International Business Management||1-2 years|
An MBA and MSc in International Business Management are almost similar in terms of the courses offered and the career opportunities available to you once you acquire the degree. Both of them deal with an in-depth study of the global business environment and its management. But there are some technical differences between the two.
- An MBA in International Business Management is often preferred over an MSc degree in the same because an MBA focuses more on the practical aspect of Business management whereas MSc focuses more on the theoretical aspect.
- In terms of cost incurred, MSc in International Business Management is a more economical alternative.
- Like for all MBA degrees, to get enrolled into an MBA in this specialisation you need to have some professional experience but in the case of an MSc professional experience is not mandatory.
International Business Management Subjects
A course in International Business Management covers a number of courses aimed at providing a thorough understanding of everything related to International business. The course will be a combination of classroom lectures, workshops and seminars, meant to provide a full-fledged experience to the students. Given below is a list of the main subjects covered under International Business Management.
|MBA in International Business Management||MSc in International Business Management|
|Financial Derivatives and Risk Management||Dynamics of Strategy|
|International Supply Chain Management||Global Marketing Strategy|
|International Contract Management||Managing Finance and Information|
|Financing of International Trade||International Logistics and Supply Chain|
|International Human Resource Management||Managing Across Cultures|
|Managing Global Compliance in Exports||Business Strategy Simulation|
|International Supply Chain Management and Logistics||Fundamentals of Business Management|
|International Advertising and Brand Management||International Money and Finance|
|Foreign Language for Business||Financial Resource Management|
|International Business environment and trade|
The eligibility criteria for this specialisation varies from University to University but here are some general requirements that you need to fulfil in order to be eligible for a degree in International Business Management.
- Must have completed their bachelor’s in any discipline from a reputed educational institution.
- The candidates must clear GMAT or GRE. But some Universities accept students even without qualifying for these exams.
- If you applying to a University abroad, you must have cleared any of the English languages proficiency tests like TOEFL or IELTS.
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Courses in this field are offered by several elite institutions in locations such as Australia, the USA, the UK and Canada amongst others. These institutions offer highly ranked and industry-focused courses to equip students with the right knowledge and exposure to the field of International Business. Below mentioned are the major universities and institutes providing an array of degree and diploma programs in International Business Management.
- University of Chicago
- New York University
- University of Edinburgh
- University of Melbourne
- Georgia Institute of Technology
- Australian National University
Career Scope & Salary
Especially in the past few decades, the scope and penetration of International Business Management programs have led to the sprouting of rewarding opportunities in emerging countries like India, China, Brazil, Bangladesh etc. International business graduates and enthusiasts can choose from a plethora of options traversing interdisciplinary fields of interest of Finance, Marketing, Technology, IT, Human Resource Management etc. Below mentioned are the major sought-after options for building a career in International Business Management.
As companies strive to build a strong online presence, the field of Marketing has potentially emerged as a crucial one. The common tasks of a Marketing Analyst include creating campaigns tailored to market demographics, information dissemination and communication as well as evaluating consumer response and patterns.
International Business Analyst
Particularly concerned with the field of International Business, this job generally requires a few years of experience in other verticals of management such as Finance, Marketing or allied fields.
Amongst the most revered areas to make a career in International Business Management, the field of Management Consultancy comprises elitist jobs across all disciplines. Responsibilities include client research, discerning data, evaluating consumer patterns, need-based solutions, company expansion policies, and product strategy, amongst others. (Alprazolam) Major organisations that hire Management Consultants include EY, Boston Consulting Group, Deloitte, etc.
International Finance Analyst
International Finance experts manage an array of activities such as financial reporting, compliance, recording transactions and filing of taxes amongst others. Further, they help in making financial decisions regarding profit and wealth management, dividend sharing etc.
Sales/Business Development Manager
A major cog in company operations, the job of a Sales/Business Development Manager involves frequent engagement with clients and customers, maintaining healthy relationships with them and proper communication with respect to company products/services. They help in exploring new business opportunities, feedback on products along with business to business marketing. Skills include a thorough knowledge of products, advanced communication, persuasion, marketing and numerical aptitude amongst others.
A Financial Trader or Broker is a highly qualified professional who is well-versed in stocks, bonds, commodities, and trading mechanisms and has a deep-rooted knowledge of the movements of the market. Skills include making sense of market deviations, numerical familiarity, risk-reward analysis, and financial planning along with strong communication skills.
In large organisations, there is a specific need for compliance-related professionals who possess a deep knowledge of policy regulations and laws. Tasks include conducting risk and compliance assessments, reviewing company performance and publishing the reports in a timely manner. This is usually considered a senior executive role.
Apart from the above-mentioned profiles, here is a list of several other job opportunities you can discover in the field of International Business Management:
Salary in International Business Management
Given below is a list of professions and starting salaries that you can expect to get after getting a degree in International Business Management.
|Job position||Average starting salary (In Rs.)|
|International Business Manager||3,50,000 – 5,00,000|
|International Finance Analyst||5,62,000|
|Sales/Business Development Manager||6,13,000|
International Business Management with its unmatched growth has experienced a significant amount of enrollment across degree options mainly due to the rewarding career avenues it offers. That being said, it is only through a well-curated approach that one narrows down a suitable course and university let alone apply for it and secure admission
This program encapsulates the essentials of finance, operations, marketing, human resources, and supply chain in the global market.
This degree can help graduates gain employment in the role of International Business Manager, Compliance Analyst, Finance Analyst, and International Marketing Manager.
International Financial Manager, International Human Resources Manager, International Management Consultant, and Global Marketing Manager are some of the highest-paying international business jobs.