International Business
International Business Career Overview
International Business specialists are those who have studied the intricacies of the international market. International business encompasses a variety of fields, including global finance, corporate law, shipping, and multi-national corporations. A wide range of other skills for international business careers are also important. For example, foreign language skills, extensive travel experience, or experience living abroad all contribute to success in international business.
Opportunities for work in international business come in a few different forms:
- Working for an American company that deals with international clients.
- Working for an American company and occasionally traveling abroad for business.
- Working for an American company that sends you to live abroad as an expat.
- Working for a foreign company that does business in America (possibly abroad).
Often, workers in the international business field begin their careers working in the Untied States, so those interested in progressing towards international business should look for positions with multi-national firms. Companies generally want to train employees in all areas of the company’s business before giving them the opportunity to represent the company abroad
International Business Training and Education
A four year degree in a field that relates to business (accounting, statistics, marketing, or economics) is usually essential to gaining a position in international business. Aside from a four-year degree, the following things will help you advance in international business management more quickly:
- Fluency in a foreign language.
- Experience living abroad.
- Extensive travel experience.
- Experience or internships within international business.
- An MBA degree.
Those interested in international business may want to consider spending a semester abroad during their undergraduate career, as companies will look favorably upon this experience when they are looking for people to send abroad.
International Business Career & Salary
In today’s global economy, many businesses are looking to expand into an international market. Therefore, careers in international business are expected to grow at a faster than normal rate, and this trend is expected to continue. Nevertheless, thanks to the interconnectedness of global financial markets, growth in international business is tied to the health of the US economy.
Starting salaries in this field vary depending on the market and the industry at hand. Experienced top-level executives in international business earn well into the six-figure range. According to PayScale.com, those who possess an MBA in Business with a focus in International Business can expect to earn a median salary between $50,000 for entry-level jobs, and those with top-tier MBA’s can expect triple that amount in starting positions.
Career Fields/Specializations
International Accounting Career
International accountants take care of a company’s finances and may work with other companies outside the United States. They balance the books, prepare financial reports, and maintain financial records. They might work closely with foreign offices and must have knowledge of international finance as well as general accounting knowledge. International accountants will often work in tandem with international corporate attorneys to ensure compliance with international trade regulations.
International Finance Career
International finance is one of the most competitive job industries in the world, as it requires extraordinary intelligence and hard work. Top international firms like Credit Suisse, Goldman Sachs, and Deutsche Bank tend to recruit exclusively from Ivy League undergraduate and MBA programs for entry-level positions, but that shouldn’t discourage dedicated students from a career in international banking. A multitude of opportunities exist in international finance, especially in non-governmental organizations like the World Bank and the International Monetary Fund. Positions with foreign governments seeking to invest in the global marketplace also abound.
Foreign Investmenting Career
Those who work with foreign investments usually manage people’s investment accounts with a focus on foreign markets. They must be able to track international stock markets and have their ear to the ground for opportunities available in other countries. In addition to this, they must have some knowledge of currency exchange. People in foreign investments should be forward-thinking and interested in the international business arena.
International Marketing Career
International marketing is called for when a company wants to expand its business into a foreign country. The international marketing department must learn what marketing techniques will work best in the foreign country. They may perform advertising campaigns or simply work with the marketing department of a foreign branch of their company. People are usually promoted to international marketing from within a company, so general marketing skills are necessary. Fluency in a foreign language is necessary for most international jobs. Those interested in international marketing should have a strong desire to learn about other cultures and a talent for sales.
