An international business degree provides the skills required to conduct business in a global economy. This program covers fundamental business practices and globalization concepts such as financial policies, trade operations, and international marketing.
An international business degree will also give you the opportunity to develop various transferable skills, allow you to travel around the world, interact with important clients, and, most importantly, prepare you for international careers or working in organizations engaged in business on a global scale.
What Is an International Business Degree?
An international business degree enables you to adapt business practices and concepts to other countries’ financial, economic, sociopolitical, and legal systems. It also prepares students to operate with confidence in the international business environment by providing the necessary skills to conduct business in a global, multicultural economy.
Skills Gained With an International Business Degree
The study of international business allows for the development of foundational business concepts and cross-cultural skills required to succeed in global activities. A list of in-demand representative skills and abilities follows.
Communication skills are critical for building and maintaining foreign relationships and international business. International business graduates will have to work with many high-level international clients or customers who expect an understanding and acceptance of their cultural norms. Being able to interpret and respond to customers can help avoid misunderstandings and strengthen relationships.
Studying International Business helps students develop the leadership abilities required to increase the organization’s efficiency. Good leadership skills allow professionals and executives to communicate effectively, work with overseas clients, and build and grow business relationships.
Like general business majors, international business students develop analytical skills, which are fundamental to understanding economics and global business operations. An international business degree will teach you how to assess different business situations and issues and come up with creative strategies and solutions to position your organization for global success.
Adaptive thinking skills
As is the case with most business professionals, international professionals also need to think critically and adapt to diverse situations with customers. An international business program will teach you how to adapt to ever-changing environments by assessing potential issues and conditions and responding appropriately.
Emotional intelligence skills
Emotional intelligence skills are vital to building and growing business relationships. International business graduates will have the chance to work with people of different cultures and sometimes experience difficult business situations or obstacles. It is essential to be empathetic and control your emotions in those situations in order to build strong global relationships.
What Can You Do with an International Business Degree?
“Technology is driving huge change in the finance industry, and as a result tech skills are in higher demand. Finance professionals should expect the explosive growth of financial technology to continue, and consider brushing up on their big data skills. However, as the economy continues to grow and the finance industry becomes more innovative in the way it’s doing business, there is also a high demand for core finance and accounting skills to keep the lights on.”- LinkedIn Data Reveals The Most Promising Finance Jobs of 2017
An international business degree will allow you to travel the world and work with high-profile business leaders. Even though a career in international business may be demanding, it will position you for professional advancement and a rewarding career.
There are many career paths that you can pursue with an international business degree. Some of the most in-demand job positions you can land include management analyst, marketing manager, international trade specialist, human resources manager, and so on.
1. International marketing manager
If you are passionate about marketing, pursuing a career in international marketing is a great next step after graduation. A marketing professional is able to effectively translate their campaigns across cultural, linguistic, or physical obstacles. They do that by adjusting their approaches depending on the country that they wish to sell a product or service.
Most employers require a bachelor’s degree for an international marketing manager position. Because this role requires specialized knowledge, most companies prefer to hire candidates with some field experience.
According to the U.S Bureau of Labor Statistics, the average salary for advertising, promotions, and marketing managers is $141,490 per year or $68,03 per hour.
Overall employment of advertising, promotions and marketing managers is expected to grow 10% from 2020 to 2030, about as fast as the average for all occupations. And about 31,100 openings are expected each year over the next ten years, the U.S Bureau of Labor Statistics reports.
2. Financial analyst
As a financial analyst, you will help individuals and businesses make strategic plans based on shareholder interests, competition, stock viability, growth expectations, and so on. The responsibilities of a financial analyst include examining the financial data of a company and providing advice for investment decisions.
A financial analyst needs at least a bachelor’s degree in business or a related field such as accounting, economics, finance, mathematics, or statistics to enter the occupation. However, many employers prefer to hire candidates with a master’s degree in accounting, finance, or business administration.
Financial analysts earned an average of $83,660 per year or $40.22 per hour, according to the U.S. Bureau of Labor Statistics.
Around 41,000 new job openings for financial analysts are expected to open each year, on average, over the decade, BLS reported. Many of these openings will result from the need to replace those who transferred to different positions or retired.
3. Product manager
One of the most in-demand jobs in the market is product management. These professionals’ duties are to boost profits by ensuring high production standards, cost-effectiveness, and that the product is well-marketed and meets clients’ expectations. An international business degree will give you a significant advantage in the job market because it shows that you have the necessary business and interpersonal skills.
Employers typically require product managers to have at least a bachelor’s degree in business or a related field. Those who dream of becoming product managers could greatly benefit from marketing, communications, economics, advertising, and statistics classes. Most product managers also receive training on the job to become familiar with the product.
According to Payscale, product managers (unspecified type) get paid from $59,000 to $135,000 annually.
The U.S Bureau of Labor and Statistics reports that the product manager jobs will increase at a rate of 5% from 2020 to 2030.
4. Management analyst
Management analysts play a crucial role in improving an organization’s success. A management analyst or consultant enhances the efficiency of a business or organization by identifying a company’s strengths and weaknesses and conducting studies and evaluations. Based on their analysis, they come up with ways to improve performance and coach other employees to be more effective, reduce costs, and boost revenue.
The minimum education requirement for a management analyst is a bachelor’s degree in a business-related program. But many earn a master’s degree too to increase their competitiveness in the job market.
The median annual wage for management analysts was $87,660 in 2020. An entry-level management analyst with less than one year of experience earns an average of $55,407, a salary that increases to $72,627 after five years of experience.
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The employment of management analysts is expected to grow 14% from 2020 to 2030, a substantial growth compared to other occupations. About 99,400 management analysts’ job openings are expected to open each year for the next ten years.
5. International trade specialist
These experts develop plans and strategies to expand a business into new markets or countries. They are responsible for coordinating credit and other financial activities for import and export operations. In addition, they provide specific advice on how to secure capital and real estate and how to execute business plans and strategies.
But how can one get there? Well, in order to become an international trade specialist, you will need at least a business-oriented degree such as international business, business administration, international finance, or economics. Most employers also require candidates to have three to five years of international trade experience, and that is why entry-level workers usually work under the supervision of a senior staff member.
International trade specialists are sometimes referred to as market research analysts. Annual earnings of international trade specialists vary greatly depending on the years of experience. According to the U.S Bureau of Labor Statistics, the median salary for a professional in this line of work is $65,810. The highest 10 percent earns more than $127,410.
The BLS projects employment opportunities for this profession to grow by 22% through 2030, which is much faster than the average for all occupations. The BLS attributes this growth to more industries using data and market research in their day-to-day operations.
6. Marketing manager
A marketing manager deals with the marketing and promotion of a product or business. They make sure that the company is attracting customers and growing by focusing on developing business strategies that boost global sales and demand for a product, service, or business.
You need at least a Bachelor’s degree in business, advertising, communication, or other similar fields if you want to become a marketing manager. Some even earn a Master’s degree to become a better candidate for the job position.
According to the U.S. Bureau of Labor Statistics, a marketing manager’s annual average salary is $141,490.
An entry-level marketing manager with less than a year of experience earns about $48,508, a salary that increases to $69,959 after around five years of experience.
The Bureau of Labor Statistics foresees a faster than average growth rate for marketing managers. The employment rate is projected to increase by ten percent from 2020 to 2030. And about 31,100 job openings for marketing managers will be added yearly over the next ten years.
7. International sales manager
These sales experts oversee the exports of a company around the world. Their job is to locate opportunities to expand into new countries and review trends to predict the success of a product or service. International sales managers also monitor and recommend sales and marketing strategies to achieve the company’s objectives.
For international sales manager positions, employers require candidates to have at least a bachelor’s degree in international business, business administration, or a related program. Students typically take classes in business, finance, accounting, management, law, economics, international business, and statistics. Many students also enroll in foreign language classes, which enables them to communicate and network with clients around the world.
According to the U.S Bureau of Labor Statistics, sales managers make around $132,290 per year. This can vary depending on education, years of experience, as well as the industry that you decide to work in.
According to the BLS, opportunities for sales managers, including those in international sales, are expected to grow at a fast-as-average pace of 7% from 2020 to 2030.
8. Human resources manager
A human resource manager is a vital part of every company. Their responsibilities include planning, coordinating, and managing the administrative procedures within a company. They also handle team member relations, benefits, manage employee records, process paperwork, and oversee team training.
A human resource manager usually needs at least a bachelor’s degree in human resources, business, communications, international business, or a related field. Internships during studies may be helpful when competing for a human resource manager position.
According to the U.S Bureau of Labor Statistics, the average yearly wage for a human resources manager reached $63,490 in May of 2020.
According to the U.S Bureau of Labor Statistics, the employment of human resources managers is projected to grow by 10 percent from 2020 to 2030.
An international business bachelor’s degree can open many doors to exciting and new opportunities for you. It offers you the knowledge and skills necessary to adapt and to flourish wherever your next career step may take you. So, if you are passionate about business, traveling, and interacting with people from different parts of the world, consider earning a bachelor’s degree in international business; it can take you almost anywhere and land you your dream job.