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What is International Business?
International business is the field that allows for commerce between nations, it is the understanding of laws and practices, as well as customs, that facilitates trade. Individuals in the field of international business play a role in the development of business relations between companies separated by country, learn the laws that govern these companies, work toward accommodating and easing the transition into new markets for growing companies, and spearhead campaigns to introduce goods into new markets with respect to cultural and social norms within a given society.
There are a variety of degrees offered, with varying specializations, but all focus on the process of doing business in a foreign country, either through operation or cooperation. Those seeking an associate's degree will typically do so in order expand their knowledge base and assist in their current business or job. Higher levels of education will offer more opportunities, including foreign job placement or multinational managerial positions. Some schools will encourage studying abroad for a year in order to acclimate the potential graduate with foreign environments.
The goal of an international business program is to make one understand cultural differences and to work through obstacles presented by those differences in order to successfully market goods or services. As such a variety of courses will be taken in order to introduce the student to the problems he or she will be tackling
These courses may include:
- International Marketing
- Financial Accounting
- Principles of Importing and Exporting
- International Economics
- A Second Language
Individuals seeking a career in international business will typically work within large corporations with operations in multiple countries, or cooperative agreements with foreign companies. International business students tend to focus on a country or region during their education, and as such are typically, but not necessarily, limited to the area of their expertise. Individuals will need to be able to navigate corporate environments, and it is often necessary to understand such environments for foreign branches or partners in order to avoid missteps and properly engage in their duties. Knowledge of a regions language, though not absolutely required, provides a large advantage for potential employees.
Job Growth, Salary and Related Fields
Career growth in international business is expected to grow over the next decade as the lines the separate countries continue to blur economically, and burgeoning economies will seek out new markets and partners. As a result qualified individuals will most likely to be able to find work related to their studies, assuming they can demonstrate competency. International can be lucrative, especially in the emerging global economy. Graduates pursuing a career in international business can expect $60,000 per year depending on education and specialization, but have the potential to earn more based on success and experience.
Those interested in a degree in international business may also be interested in business administration, international marketing and international finance.