International Business
International business requires familiarity with business principles as well as knowledge about foreign markets and the global economy. It deals with the exchange of products and services for financial gain on a worldwide level. In today's globalized economy, cars are manufactured for export in Japan, customer service agents work in India, and information technology is developed in the United States – and all these countries are inextricably connected with one another for survival and success.
Obtaining a degree in this field means gaining an understanding of subjects including political science, geography, and history. International businesspeople learn how to obtain business contacts in foreign countries, how industries in different nations impact the wellbeing of people in other countries, how to market goods to particular populations, and how importing and exporting impacts the global economy.
Foreign language concentrations are often offered as part of an international business degree, since fluency in another language is a valuable asset for anyone seeking to work for a company that does business with countries outside the United States. The languages currently most in demand are Chinese, Hindi, German, Spanish, Japanese, French, and Portuguese. Additional courses usually offered in an international business curriculum are:
- Financial Accounting
- Business Writing
- Microeconomics and Macroeconomics
- Calculus
- Business Communication
- International Economy
- Principles of Management and Operations
- International Marketing Strategies
- Organizational Behavior
- Probability and Statistics
- International Business Finance
- Business in the Global Political Environment
- Technology in Global Markets
- Human Rights and Globalization
Skills: Those who thrive in this career are typically fluent in one or more languages in addition to English, and have a solid appreciation for diversity and other cultures. They are also creative, analytical, and good communicators. As with any business specialty, it is necessary to have good time management skills, be competent at budgeting/planning, and knowledgeable about sales and marketing. It is also important to possess leadership skills and be computer literate.
Careers: Ultimately, those who possess a drive for business combined with a deep-seated interest in other countries will find themselves successful in this field. People with these skills and interests pursue careers as international economists, financial planners, sales analysts, CEOs, marketing specialists, product managers, accountants, commodities traders, advertising executives, travel agents, and auditors.
Salary: Because the job market is so wide for international business graduates, salaries range widely, but positions tend to be well paid because they are usually in management. For example, in 2008, a travel agent earned on average $30,570, an administrative services manager $73,520, and an operations manager $91,570.
Article Resources:
California State University, Fullerton
Old Dominion University
University of North Carolina, Wilmington
University of Pennsylvania
The U.S. Bureau of Labor Statistics: "Administrative Services Managers."
The U.S. Bureau of Labor Statistics: "Top Executives."
The U.S. Bureau of Labor Statistics: "Travel Agents."