Students seeking a degree in international business have multiple advantages beyond other majors. Not only can they experience job security through a global business market, but there are seemingly endless opportunities that fall within several specialties, ranging from consultants to finance professionals. The rewarding career path of international business can provide job security and currently shows a continued level of growth that spans far into the future. Additionally, professionals in this field are provided with unique advantages, including traveling and relocation as an expat. Few other careers will provide graduating professionals a chance to immerse themselves into a new culture that can offer experiences far beyond the normal scope of employment.
This guide enables students to determine their individual study plan based on potential job growth, career experiences and expectations, and fluctuations in salary range. Knowing which field is the best fit will allow students to save valuable time during academic study. Use this guide to understand exactly how to evolve from student to professional, in this ever changing and demanding field.
There are opportunities in both governmental and nongovernmental careers in international business. Graduates may work in management, finance, consulting or trade. Those working in the field of international business will experience unique challenges beyond local work industries.
Entering into this field requires an extensive amount of education with an emphasis in key features. Cultural difference must be understood and welcomed. Additionally, students choosing to enter into international business will need to understand ethics on a global scale. They should also have a broad understanding of domestic and international regulations.
Many colleges will offer an associate’s degree in international business, however career options with only an associate’s degree are limited. For this reason, a bachelor’s degree or higher is usually obtained. Having a higher level degree provides additional employment opportunities and will improve earning potentials.
In addition to needing a bachelor’s degree in international business, students will also need to minor in a specialized area of study. A specialized minor provides key knowledge that is specific to finance, trade, marketing or any other specific role that students will enter into. On some occasions, students will complete a double major, to improve employment candidacy within a specific field.
Working environments in international business can fluctuate based on the specific career chosen and regional aspects. Some professionals within this field communicate solely from a local location, while others experience the world. Many international business professionals will travel back and forth from one country to the next, meeting internationals and making high powered deals.
An exciting feature of international business is the opportunity to become an expat. Professional expats will typically move themselves, and eventually their families, to another country so that they can conduct business in person. They’ll have an office just as if they were in their home country. The difference is that they’ll be immersed in another culture and experience first-hand what life is like in places as far away as Hong Kong, Thailand, Singapore, South Africa or New Zealand.
International Business offers a variety of specializations that can cater to the desires of any student or graduate. Individual career paths include finance, management, marketing, trade, foreign affairs and even law. Choosing individual specialties early on will enable students to save time and money while earning degrees.
Lower level positions within international business can include several aspects of hospitality, such as expat coordinators. These professionals are versed in multiple cultures and work one on one to ensure smooth transitions for expats from one country to the next. They can help to obtain housing, evaluate neighborhoods and select schools for children. They have also been known to present cultural differences, so that expats are prepared for new living experiences.
In recent years, large corporations have expanded to having several locations. These corporations provide jobs across multiple companies that help to stimulate dual economies. As such, these Multinational Corporations need employees that specialize in finance, management and trade. These employees are expected to be able to properly manage companies that have separate challenges, such as cultural differences, dual government regulations and multiple trade differences. For example, many manufacturing companies conduct business through several international locations and may have specific material built at specific locations—this is common in the automobile industry.
Multinational Corporations will also commonly need lower level employees, both domestic and international.
International banks allow companies to have a local bank available for trade investments, land development and employee payroll. Because of differences in banking regulations, financial experts are hired to examine domestic and international financial records, evaluate potential risk, conduct continued evaluation of finances in order to recognize discrepancies, follow payroll data and provide financial reports based on cost of trade.
Without financial international business professionals, businesses would face uncertainty within international banking trends.
NGOs, or Nongovernment corporations, are essential to conducting business internationally. They are central in ensuring ethical treatment across multiple cultures. Without employees within NGOs working to better international business practices, the international/domestic workforce would face challenges that could dramatically affect global trades.
NGOs have become central in improving social conditions within the workforce. They have helped to pass additional regulations that are based on ethical reasoning, spanning to global human rights. Employees within this aspect of international business, have a challenging yet also rewarding career. They work firsthand to improve working conditions within corporations who have often disregarded ethics in their business practices.
Students and practicing professionals alike should take advantage of the many available international business professional organizations. They can be vital in supplying current information on changes in practices resulting from new regulations and business trends. Professional organizations for international business can also provide job seeking tools, networking platforms, and professional development.
Organizations can be centrally themed within a select field, or a specific aspect of international business. Some organizations will practice under a broader scope. Regardless of to which professional organization a student or professional turns, they offer several benefits, including up-to-date information, learning seminars and country specific data, all of which is needed to conduct business on a global scale.
A Degree in International Business will provide stability within an ever changing job market. Due to fluctuations within specializations, salaries can differ. However, even at the low end, students can expect to enter the field of international business with a salary of at least $47,000, and can be as high as $100,000 for those entering into banking or finance.
Once experience has been gained through working with a company or corporation, salaries can quickly raise to over $200,000. International business into a lucrative career that can provide stability throughout working years, and even follow professionals far into retirement.
A primary result of continued global trades and business affairs is that students and professionals have an excellent job outlook within international business and it is a field with a steady growth rate. The highest percentage of growth falls within financial fields, at a 22% rate of growth. These jobs include banking professionals, accountants and financial analysts. Additionally, with the increased demand for international business professionals, current international business majors, across all specialties, have had a 54% hire rate prior to graduation.