What is International Business ?
We call those International that are not restricted by geographical or political boundaries. Hence business operations without geographical boundaries, i.e., global commerce and the Internet have made the world smaller, but far more competitive. So one deals with terms like international business, multinational, transnational, globalization, multi domestic and the global marketplace very often. This arena along with the traditional export and import industry provides pathway to a multitude of careers.
It can be well imagined that international business success requires more business acumen than managing a domestic enterprise. The traditional business functions and values are there to be managed, but one also must understand and work from a global perspective that adds politics, culture, monetary variables, time, and distance to the international business management equation. There is also international marketing which is simply the application of marketing principles to more than one country.
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Why International business
An MBA in International Business grooms working managers and executives for careers of increased responsibility with focus on diversity and multicultural concerns, International relations and business strategies sensitive to international issues.
In today’s global economy, many businesses are looking to expand into an international market, therefore, careers in international business are expected to grow at a faster than normal rate. From banks to manufacturing firms to government agencies, almost all industries have a need for people with a background in international business. There is such a wide range or opportunities available that someone with strong business skills and an international mindset should be able to easily find a job in a field that interests them.
If you are already working in a business environment, studying for your International Business MBA is the ideal way to progress your career and enjoy improved promotional prospects. You can move into the exciting area of global business management and enjoy a very rewarding and successful career with the skills and qualities that you will gain from doing an International Business MBA.
International business and international marketing is taught as part of the MBA curriculum at B-Schools across the country. A number of universities also offer a Masters In International Business (MIB) to train for a career in International Business and Foreign Trade.
Institutions that are most active in the field are:
Indian Institute Of Foreign Trade (IIFT) – New Delhi – 110 016
Symbiosis Institute Of Foreign trade(SIFT) – Pune – 411 016
Who are the prospective employers?
International Marketing departments of companies engaged in exports (eg: multinational manufacturers such as automobile companies, electronics and computer companies, consumer durables manufacturers and FMCG companies etc.)
Banks and securities firms, import/export companies, consulting businesses.
Port & aviation services
Courier, airlines, cargo, steamship lines, global shipping companies
International placements in company offices abroad (eg: MNCs).
Travel and tourism and hospitality sector.
Foreign direct Investment and economic development agencies
A fresh postgraduate in International Business Management from a reputed institute is usually recruited as a management trainee and the salary offered ranges between Rs.5 to 12 lakh per annum. The offerings head northward for international placements. Job satisfaction and career growth can be an important factor in International market research firms or consulting organizations.
To summarize, one can consider this niche area of study for a lucrative career and a rewarding work environment. Moreover, a functional expertise in business finance, finance & accounting, International Human resource management, marketing, e-business and information technology would improve an individual’s chances of obtaining a top position. Familiarity with a foreign language and international business practices, interest in people-development and teaching will be an asset and an added competitive advantage.