Online International Business Degrees
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See All AnswersInternational business is just what it sounds like -- it is the administration and development of business relationships between institutions located in separate countries. International business is a quickly growing specialization for business students with language skills or travel experience. It represents an increasingly important part of the American economy and new business success. Those who go on to work in this career often find that their careers are more rewarding, lasting, and profitable than traditional business positions.
In an increasingly globalized society, the roles of international business executives are crucial. European business and Asian business are the most prominent international entities, but there is money to be made and work to be done in African and Latin American business as well. International business careers, not surprisingly, usually involve significant travel. It is not at all unusual for businesses and corporations to place their employees in developing economic partner countries permanently. As a result, only those who are adventurous and adaptable should pursue jobs in international business.
Major corporations, insurance companies, and large law offices nearly all have international departments, some of which are quite large. There are opportunities available for men and women of every imaginable business specialization in international business, but competition is also stiff. Students with foreign experience and special skills such as economics or marketing will find exciting potential careers, but should be ready to prove themselves over other qualified candidates.
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Career Specializations
- Finance - Finance is one of the most lucrative international business specializations, because financial officers, especially in major international corporations and firms, often command the highest salaries for their financial planning and consulting services.
- Economics - Economics is a popular specialization in international business. Most all economists must have a strong understanding of the way international business functions.
- Business Law - International business law is an interesting, sometimes nonexistent, entity. Those who specialize in international business law will have the privilege of watching complex developments unfold across cultures.
- Geographical Locations - Some schools train students for business careers in specific areas of the world, in countries such as China, France, Germany, Japan, Spain, and Brazil. These program specializations often include language requirements.
Degree Levels Available for International Business
- Bachelor's Degree in International Business - 4 years
- Master's Degree in International Business - 2-3 years
- MBA in International Business - 2-3 years
- PhD in International Business - 4-5 years
Education and Certification Requirements
The MBA is becoming an essential component of any businessperson's resume. Especially in lucrative international business careers, having an advanced business degree is of great importance to employers who are often overwhelmed by the number of applicants they get.
MBAs in international business very often encourage students to participate in internships or work-study opportunities that specifically address the needs of international business. The master's thesis, though not required of every program, is nearly always offered as an elective option. This would require students to choose a specific topic to conduct research on and formulate their ideas about, culminating in a lengthy discussion paper.
Study abroad experiences for a student's indicated area of interest are also strongly encouraged by international business departments. It is not uncommon for students to choose one country or geographic area of interest for their MBA. China and India, for example, are popular areas of interest because of their growing importance on the world stage.
Therefore, international business students should strongly consider taking multiple language classes that will help them work in their chosen area of interest. Having bilingual or trilingual abilities is extremely desirable in international business candidates.
The classes involved in both bachelor's and master's degree programs are comparable to that of most business programs, with specially focused classes that include international economy and international marketing strategies.
International business positions do not require any kind of certification or licensure, unless one is choosing to open his or her own business.
Salary Information
Professionals in international business enjoy high earnings, though they are also required to commit to long hours. The salaries of top executives in major companies are often six figures- averaging $158,560 per year (BLS). Most top executives have at least a master's degree. Most administrators also have masters degrees, and their earnings average about $73,520 annually (BLS).
Job Outlook
Of all business fields, international business is one of the fastest growing. Between 2008 and 2018, top business executive positions are expected to see little or no growth, and will remain extremely competitive. Administrative positions in existing businesses are expected to grow by about 12%, but they will still be extraordinarily competitive. Employment for interpreters and translators, meanwhile, is expected to grow by 22% during the same time period.
That being said, having a background in international business can set an applicant apart, especially for companies that are beginning to expand into new locations, and despite (or because of) economic troubles, more and more businesses are choosing to continue their international expansion.
Related Careers
When international business combined with technology, e-Business was born. The internet has quickly expanded the world of international business, and made the trade of goods, money, and ideas significantly easier than it was in the past.
Economics is a career that is also explicitly inseparable from international business. Because the world is so interconnected now, every country's economy in the industrialized world affects everyone else. Economics deals with the stock market, trade, and investments, and economists are responsible for tracking market trends and making recommendations to companies who are deciding which business models to follow.
Professionals in finance are also important to international businesses. Financiers may work for businesses, banks, or consulting firms, and must be aware of global financial trends.
Entrepreneurs are those who start their own businesses. Typically a start-up is unlikely to deal internationally except in specific industries, but international growth or consulting for established global corporations are two ways that entrepreneurship can lead to the performance of international business tasks.
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