What is International Business?
With globalization, especially of the world economy, there has been a significant rise in the number of companies that operate globally. Although the concept of ‘International Business’ has been around since the time of the East India Company and continued till the early 20th century, there was a considerable drop in the expansion of global companies mainly because of the two World Wars. Post this, there was reluctance in making the operations of multinational companies international. It was only later in the 1980s and majorly the 1990s when the world witnessed frenzied expansion of global companies all around. Establishment of the World Trade Organization (WTO) was the major factor that influenced this expansion and helped in building business relationships among countries.
International Business refers mainly to any business related activities that are done across national borders. This includes the organizations involved looking for trade opportunities to extend their own business by either manufacturing, mining, agriculture, transportation, education, etc. outside their national borders. This has benefitted nations by connecting them to each other and helped them in overcoming the geological, financial and social contrasts.
Why International Business?
With ever-changing global economic and business environment, there is a need to understand business at an international front. Graduates are therefore expected to understand international business operations and have deeper insights of how international business affects every domestic and foreign country, government, market and company. Hence, graduates who are planning to build successful careers in global marketplace, should be aware of international trade practices, policies, market scenario, advantages and opportunities available as well as the risks involved. This helps them to work across international boundaries and cultures and prepares them for careers that involve working with organizations that are engaged in business on a global scale.
What courses are taught?
Studying International Business makes you aware about how globalization has resulted into increase ‘connectedness’ of information and businesses across the globe. Students have an opportunity to explore courses like International Business Development & Strategy, International Business Environment, International and Cross-Cultural Management, Risk & Society and Entrepreneurship. Some Universities also offer International Trade Policies & Practices, Micro & Macroeconomics and Public Speaking to a certain extent. Supply Chain Management and Logistics, Marketing, Management, Banking & Finance are also some electives that students get to choose from.
Job prospects after International Business
Many multinational companies need experts who can overcome cultural boundaries and learn about every country’s unique economic, political and legal factors so as to ensure smooth business in that country. Students holding an International Business degree are hired as Financial & Marketing Analyst, Trade Specialists, Product Specialists & Managers, Purchasing Manager, and International Business Developers & Analyst, etc. The degree can also facilitate entry or advance your career in the domain of Finance, Marketing, Human Resources and Accounts, with respect to the courses undertaken during the program duration.
Best Countries for Studying International Business
Although the criteria that are considered to list the top countries for pursuing International Business can vary, but some of the important factors to be considered are quality of education, infrastructure, connectivity with international markets and economic & political predictability. Universities located in Canada, Australia, USA, Singapore, UK, Sweden offer some quality programs when it comes to International Business. Moreover, since these countries provide students with opportunity to gain experience post completion of their degree, makes them a popular destination for study as well as work. To know details about every country, their application process, costs involved and work options, you may opt for a one-to-one counseling session with one of our counselors. Please book an appointment or connect with us at http://imperial-overseas.com/contact.php
Ms. Sonali Palkar
Imperial Overseas Educational Consultants