Today the business world is more globally connected than ever before. Globalization means that most large companies have operations around the world. To succeed as a manager and business leader in this new global marketplace, it pays off to have a strong international business background.
Having a good education in international business norms and practices will also provide you with the ability to be flexible and adaptable, have excellent communication skills with people with different cultures and values, and to be culturally sensitive. Further, having international business skills will make you familiar with important business and finance regulations in certain parts of the world where your company works.
International Business Acumen
To increase your job potential and salary in international business, you should consider earning your master’s degree in international business. While many professionals will opt to earn their MBA, there are advantages to earning a master’s degree specifically in international business, depending upon your career interests.
This type of business degree will typically focus on international business law, finance, ethics and accounting. It will cover these subjects much more extensively than a traditional MBA.
Why Earn a Master’s In International Business?
The business world is very internationally focused today, with most major corporations having plants and facilities all over the world. To be able to qualify for top management positions in international companies, it is very important to have an advanced degree that is dedicated to understanding international business and management. International business graduates are often hired by multinational companies, businesses that work in foreign trade, government and public organizations, as well as international relief and environmental organizations.
Earning an international business degree will teach you most or all of the following:
- Obtain hands on experience to solve global problems
- Gain new cultural and social insights that will ready you to lead international organizations and people from different cultures
- Learn global business management and entrepreneurial skills.
- Learn how to make international, strategic, and operational decisions that are focused on sustainability for the company.
- Look at complex global problems and international business cases that will force you to examine your own values as they relate to ethics, governance and social responsibility.
- Identify solid risk management strategies that address many political, legal, financial and commercial risks that are often associated with international trade.
- Look at potential international business opportunities and determine their value with quantitative analysis and qualitative data and research.
- Boost your effectiveness as a global manager
Earning an international business master’s degree also has substantial value in terms of employment. There are many excellent job opportunities for professionals with a high level of international business skill.
For example, management analysts very frequently have an international business background, and there will be 14% more jobs in this field by 2024, according to the Bureau of Labor Statistics. Also, many international markets could have even higher demand for management analysts or consultants.
It is recommended that you have a bachelor’s degree in business or business administration so that you have a proper background for this rigorous degree.
Typical admission requirements for this advanced degree include:
- Have at least four years of professional work experience. Some universities will allow you to have two years of related work experience, if you have acceptable scores on the GMAT or GRE examination.
- At least a 2.75 GPA, and some universities will require a 3.0 or higher.
- Updated resume that shows you have at least two years of business experience.
- Statement of purpose
- Three professional or educational references that detail why you are a good candidate for an advanced degree in business administration
Curriculum and Courses
The core curriculum for most international business master’s programs will be similar. For example, the Master of Science in International Business at Northeastern University has these required classes:
- International Marketing
- Introduction to International Accounting and Finance
- Managing the Global Enterprise
- Global Managerial Economics
- Global Supply Chain Strategy
- International Finance Management
- Becoming Global Leader
Northeastern University also has an option for you to study abroad so that you can gain knowledge and new skills and perspectives regarding international business.
Career Outcomes and Job Titles
A master’s degree in international business is very flexible, and you will be able to qualify for job titles such as these:
- Management consultant
- Quality control director
- International development manager
- International finance director
- International underwriter
- International project manager
- Product director
- Operations manager
- Financial manager
You also will be able to work in the following fields:
- Colleges and universities
- Finance and banking
- Health care
- Nonprofit organizations
Job Outlook and Salary
The Bureau of Labor Statistics states that all business and financial jobs will grow by 8% by 2024. It is believed that more than 632,000 jobs will be created in the US in that time, and hundreds of thousands more will be created overseas. It is expected in particular that there will be more need for international finance analysts, management consultants and auditors.
Below is more information about job demand and salaries for specific roles in international business:
- Management Analyst – A management consultant or management analyst is a very common and important role for international companies. Corporations with facilities all over the world will run into numerous operational challenges, and they need to have international management analysts to help them to increase efficiency. There will be 14% more of these jobs in the US by 2024, and the median pay is $81,320.
- Financial Analyst – International financial analysts provide guidance to multinational corporations so that they can make intelligent business and investment decisions. They must carefully assess the performance of bonds, stocks and many related investments. An international financial analyst will usually focus her efforts on trends that are affecting a certain industry, a specific area of the world or type of product. Investing is now a very global business, and many financial analysts will specialize in one country or region. The employment outlook for financial analysts is excellent: 12% demand increase by 2024, and the median salary is $80,310.
Scholarships and Grants
Earning a master’s degree in international business can be expensive. Many companies will at least partially pay for your advanced degree. Still, most people can benefit from having scholarships and grants to reduce their financial obligations for graduate school:
- Hult International Business School Scholarships: This respected international business school offers numerous scholarships for students who are earning their Master of International Business.
- IES Abroad: This prestigious international association offers the Robert McNeill Need Based International Business Scholarship. You can attend a private college that belongs to the IES Abroad Consortium.
If you are going to obtain your master’s degree in international business, you should get as much information as possible about the field. Below are additional resources to review:
- International Business Group (IBG): This international business group offers members vital contacts and exclusive information about new, emerging markets as well as existing financial markets. Members consist of private, commercial consulting firms with offices in 20 countries.
- AACSB International: The Association to Advance Collegiate Schools of Business is the largest business education network in the world. It connects academia, students and businesses to advance the cause of business education around the world.