Trade Schools with International Business Programs
- Utica College
- Trident at American InterContinental University
- Santa Barbara Business College (SBBC)
- California University of Pennsylvania
- California South Bay University
- Boston University
- Berkeley College
- Thunderbird School of Global Management
- Houston Community College
- Nova Southeastern University
- Colorado Technical University
- Ashworth College
- Keiser University
- Post University
International Business Definition
International business involves any commercial endeavors that take place across national borders. These activities deal with goods and services, but can also include resources, ideas, or new technologies.
A major example of international business is trade involving the importing and exporting of goods. For instance, the United States imports many goods from other countries. These include, but are not limited to, the following:
- Medications
- Cars, trucks, and SUVs
- Automobile parts and accessories
- Crude oil and processed petroleum oils
- Computers and optical readers
- Integrated circuits
- Insulated wire and cable
- Furniture
What Is International Business?
Workers in this complex field study the differences between domestic and foreign markets. They use their findings to maintain strategic investments abroad. In order to make informed business decisions, they must understand foreign politics and international business law.
Successful multinational companies need to know about the diversity of the global marketplace. Corporations must accept the risks involved with doing business in different cultures with unique social standards. These issues are usually approached using a transnational, global, or multidomestic strategy.
In a transnational strategy, certain items are offered worldwide while others are available in designated markets. Many candy companies use this scheme. They will offer their best-known products everywhere while selling alternate flavors in specific countries.
When very little or no changes are made to a product’s formula or flavor, it is known as a global strategy. This increases efficiency of production and distribution, as minimal effort needs to be put into localizing ingredients, materials, or labels.
A multidomestic strategy is when companies specifically release products in regions based on consumers’ wants and needs. For example, many U.S.-based food companies offer international customers options that are not available on American shelves. Corporations may also use different formulas for the same product in different regions. To illustrate, some soda producers utilize artificial sweeteners in the United States while using sugar in the same beverage sold in Mexico.
What Duties Are Associated with International Business Jobs?
The duties of those involved with international business can vary a great deal. In general, workers strive to meet the needs and wants of people in foreign markets. They do this by finding areas of demand and supplying products or services to meet these needs. Entrepreneurs must consider the pricing of similar products in a region and decide whether to match or undercut that price point.
Colleagues do research to determine the profitability of goods or services in international locations. This helps them discover new audiences and increase overall revenue for their company. Associates help businesses expand into new markets through competitive pricing, international distribution, and internet advertising.
Experienced workers may scout locations to consider for international headquarters. While establishing operations overseas, staff members might live away from home for months or years. If business opportunities are lucrative enough, some employees have to relocate their families abroad.
Associates must stay aware of trade agreements signed between companies or governments. They use information like this to tap into new business markets in nations with economic potential. This knowledge is also helpful while choosing which markets to avoid.
Other tasks associated with the industry include:
- Managing the logistics of a company’s imports and exports
- Contributing to international business articles in trade journals
- Promoting green practices to help sustain the environment while meeting profit milestones
- Analyze the strategies and financials of global companies to identify trends
- Use research to decide which foreign markets to embark upon
- Think of creative strategies to increase revenue
- Come up with ways to counteract global competitive pressure
What Types of Skills Should International Business Workers Possess?
An international business career is a fulfilling choice for the worker with global aspirations. Associates need to learn the language and culture of the places they plan on doing business. They must see things from a cross-cultural perspective when planning strategies in foreign markets.
Colleagues need to be sensitive to international trade practices. Policies often vary from country to country, so research is required when entering foreign markets. To become better-rounded, it’s also wise for prospects to take courses in:
- Public speaking
- Psychology
- Micro and macroeconomics
What Do the Best International Business Schools Teach?
There is a lot of ground to cover when entering international business college. Students must learn about foreign trade policies and practices, focusing on current controversies or affairs. They may also receive schooling on the history of transnational trade. Most curriculums dive deep into the management and financial concerns of running a business overseas.
Prospects studying for an international business major should understand how culture affects commerce. They must know how environmental differences can impact manufacturing and shipping processes. While attending classes, students learn various techniques for entering foreign markets. Other concepts taught to potentials include the following:
- Logistics for understanding processes of the worldwide purchasing domain
- International banking to study the monetary actions of foreign companies and governments
- Global supply chain management to learn about material sourcing and logistical routes
- International marketing to discover how cultural influences affect advertising
Why Should Workers Keep up with International Business News?
Industry colleagues stay informed by reading business news sites and blogs. They do this to learn about tariffs and sanctions that can affect relations between transnational companies and consumers. These are also good places to find stories of prosperous entrepreneurs and learn about their journey to success.
It’s wise for those in the industry to read about the types of products and services being developed overseas. This helps them keep up with the technology advancements of potential competition. Workers stay informed on debt levels and the state of international stock markets and currencies.
How Do Workers Advance in the Industry?
Many opportunities for advancement exist in the industry. One may learn the ropes as a financial analyst or marketing representative. This can lead to work as a development manager, which involves creating partnerships and writing proposals.
Skills acquired along the way can also transfer into regional marketing manager roles. These workers ensure that international marketing fits within a brand’s image. They also project campaign budgets or sales needs, and at times meet with creative teams to develop advertising schemes.
What Are Useful Skills for People in This Field?
- Knowledge of foreign demands to satisfy international customers
- Cleverness to devise effective ways to sell goods or services in unique areas
- An outgoing personality to interact with associates from all over the world
- Insight on the customs and culture of foreign nations
- A willingness to travel and be away from home for long periods
- The desire to learn about the history and politics of other cultures
- Creativity to think of promotional strategies for people in different cultures
- Familiarity with the languages of international clients
Are There Special Requirements for International Business Jobs?
Most entry-level recruits begin by attending trade school or taking associate’s degree programs. After getting their foot in the door, they strive for bachelor’s, master’s, or doctorate degrees in order to take on higher-paying jobs.
When trying to land international business internships, a business background can increase the chances of success. Recruiters look for prospects with industry-related work history, whether it was with small companies or large conglomerates. Experience in sales or as an entrepreneur can also help.
What Is the Outlook for
Jobs in International Business?
Merchandise exports from World Trade Organization members exceed $17 trillion, with exports of commercial services totaling nearly $5 trillion. Since the mid-nineties, the value of global exports has grown by over 260 percent, providing security for those with international business careers. The continuous growth of U.S. exports actively supports over 11 million jobs in various industries.
The typical international business salary is somewhere around $60k per year. Top earners in the field can make over $120k annually. Most workers receive excellent job benefits like the following:
- Healthcare coverage
- Life insurance
- Paid vacation
- 401(k) retirement plans
- Pension programs
- Performance bonuses
- Work from home opportunities
- Company cell phone and vehicle
- Free flights and hotel rooms
- Travel stipends
Where Can Prospects Find Work?
Possession of an international business degree makes a prospect very marketable. All companies involved with transnational commerce rely on workers skilled in the nuances of transnational commerce. Good-paying jobs are available with the following employers:
- Retailers
- Restaurant chains
- Telecom companies
- Entertainment brands
- Websites and digital content providers
- Television broadcasters
- Record labels, film distributors, and game publishers
Do International Business Workers Have Any Other Options?
Graduates of international business school have several choices while searching for employment. For example, they can look for jobs as business development directors. These workers manage client relationships to ensure customer satisfaction and maintain open communication.
Business development directors find leads for sales and explore new marketing opportunities. They attempt to increase revenue by forming strategic partnerships with local organizations, schools, or governments. Sometimes they write proposals regarding new business opportunities. On average, these workers bring home over $100k per year.
Other popular job choices for international business graduates include the following:
- Human resources manager
- Logistics supervisor
- Marketing manager
- Management analyst
- Banking manager
- Business analytics director
What Are Alternate Careers for International Business Workers?
Global policy analysts help shape public policy by examining complicated problems. These issues often involve politics, social discord, governments, and political trends. Workers gather data from all types of sources, including public opinion surveys and crime statistics. About 7,300 workers find employment in the field, and the median annual pay hovers around $115k.
Associates study worldwide policies and trends in order to develop theories and propose relevant solutions. They must weigh options regarding important topics such as resources, regulation, and ongoing legislation. Workers often focus on a specific area of international relations, including but not limited to:
- Global business policies
- Foreign law
- International commerce
- National defense
- Business policies