With the world economy continuing to grow every day, more and more corporations search for international business employees who will interact with high-level clients and help companies achieve more. But what exactly is an international business major, and what can you do with it? Let’s dive in and explain to you in detail all there is to know about this major, including your possible future career paths.
What Is an International Business Degree?
An international business degree teaches you how global and local forces like economic, technological, or political factors shape global markets. Our mission as a university that offers this program is simple: prepare you with fundamental managerial skills that will help you succeed in a global business environment and allow you to pursue careers in managerial positions, be it in public companies, private corporations, or non-profit organizations.
We do this by providing you with a wide and carefully-designed curriculum that includes, but isn’t limited to:
- Computer and Office Applications
- English Composition
- Foundations of Business
- Principles of Economics
- International Business Law
- International Trade and Practices
After obtaining your Bachelor of Science in International Business Degree at the University of Potomac, you’ll be able to analyze how different paradigms impact several ethical issues in different strategic planning situations, work in teams and use critical thinking to solve numerous problems, and analyze economic and financial information through written and oral communication.
Jobs You Can Do with an International Business Degree
Potomac’s international business program will open many doors for your career, offering you a variety of different opportunities, including banking, marketing, human resources, and more.
If you’re wondering what jobs can you get with an international business degree, take a look at this list of some of the most popular jobs for international business majors.
1. International banker
As the name suggests, an international banking career consists of dealing with global initiatives that a bank may have or taking care of the clients of a bank that does business internationally. This job requires more skills and experience than other banking jobs since you’ll need to make sure that the terms and conditions fully comply with the respective country’s policies.
Some of the duties and responsibilities you’re expected to complete as an international banker are:
- Managing a bank’s international operations.
- Providing efficient services to clients who deal with international business.
- Preparing papers that are required for international money transfers.
- Preparing profit-loss scenario reports.
The average international banking salary may vary depending on your position and experience. If you manage to land an International Banking Manager position, you can expect to earn between $97,633 – $213,600 a year, with the median salary being $143,064.
2. Financial analyst
As a financial analyst, you’re expected to conduct financial planning and analysis for various companies and corporations. Additionally, senior-level financial analysts usually work with CFOs and other team executives to set company investment direction and policies.
Some of the duties and responsibilities of a financial analyst are:
- Analyze financial data and performance.
- Evaluating capital expenditures.
- Exploring investment opportunities.
- Providing financial models.
- Identifying new trends in financial performance.
The 2020 median pay for financial analysts was $83,660 per year, and the estimated job outlook for the next decade is 6%.
Also known as share brokers, stockbrokers evaluate shares’ performance and securities in the stock market and recommend their clients for future steps, such as buying and selling different stocks.
As a stockbroker, your clients expect you to:
- Provide well-thought investment advice.
- Evaluate financial report.
- Manage their investment portfolio.
- Change investment strategies based on market conditions.
The average stockbroker salary as of November 2021 is $66,364; however, based on your skills and experience, you can expect a salary as high as $81,686.
You’ve probably heard of this term many times, but what exactly does an economist do? As an economist, you’ll be responsible for creating new opportunities from your understanding of the economy. Furthermore, you’ll have to analyze large amounts of data and develop economic policies for your workplace.
Among other duties, economists are responsible for:
- Developing economic models.
- Designing advanced analyzing projects.
- Audit work using best practices.
- Create economic outlook reports.
As of 2020, the median pay for economists was $108,350, and the estimated job outlook for the next ten years is 13% (faster than average).
5. Policy analyst
As the name suggests, policy analysts are responsible for examining the existing policies’ efficiency and proposing suggestions that may improve them. Moreover, Policy analysts anticipate new programs and legislation to help their company meet goals and objectives.
Some of the duties and responsibilities of a policy analyst are:
- Reviewing and evaluating legislation and policies.
- Identifying legal flaws in current policies.
- Editing and amending policy drafts per requirement.
- Analyzing market trends and conditions.
As of December 2021, the average annual salary for a policy analyst is $74.335; however, some policy analysts may earn as much as $106,000 per year.
6. Product manager
A product manager’s responsibilities consist of delivering to the market a product that will meet customers’ needs and present a viable business opportunity. Moreover, a product manager should ensure that said product supports the overall strategy and goals of the company.
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Other duties include:
- Defining the product vision and strategy.
- Gathering, managing, and prioritizing customer needs.
- Working closely with sales and marketing to make sure that customer satisfaction meets a set of goals.
- Developing positioning for the product.
Being in a managerial position, you wouldn’t expect an insufficient salary for a product manager. As of December 2021, the average base salary for this career is $123,312.
7. Human resources manager
As a human resources manager, you’ll be expected to plan and coordinate the administrative functions of your organization. This usually means working full time in offices during regular business hours. Additionally, HR managers are also responsible for administering employees’ pay, benefits, and leave.
What you’ll be doing most of the time as a human resources manager is:
- Recruit, interview, hire, and train new employees.
- Oversee the daily workflow in the workplace.
- Handle employees’ discipline and termination in accordance with company policy.
- Be in touch with the latest practices and recent trends in human resources.
As of May 2020, the median annual salary for human resources managers was $121,220, and the expected job outlook for the next decade is 9%.
8. Financial trader
A financial trader buys and sells financial products on behalf of investors like investment banks or individuals. This includes buying and selling bonds, shares, and assets on behalf of others.
The typical workflow of a financial trader includes:
- Analyzing the market.
- Providing in-depth market reports.
- Identifying issues that affect clients.
- Keeping traders informed regarding relevant issues.
- Executing trades and securing new deals.
As of December 2021, most financial trader salaries range between $42,500 per year to $98,000 per year, with the average annual salary being $78,688.
9. Recruitment consultant
Recruitment consultants usually serve as a bridge between job candidates and companies. This means they attract candidates for a specific job and match them to temporary or permanent positions with different companies.
As a recruitment consultant, you’ll be:
- Using sales and marketing techniques to attract business companies.
- Advertising vacancies in media.
- Using candidates database to match the suitable candidates with the right companies.
- Organizing candidates’ interviews.
Currently, the average salary for a recruitment consultant is $47,744; however, that may defer based on your education, skills, and experience.
10. Marketing manager
Another field where your international business degree may lead you is marketing. As a marketing manager, you’ll be developing marketing and pricing strategies that will help to generate new business leads.
A marketing manager’s responsibilities consist of:
- Analyzing market trends.
- Generating new business leads.
- Raising brand awareness.
- Developing marketing department’s budget.
- Consistently being in touch with new marketing strategies and trends.
In 2020, a marketing manager typically earned $141,490 per year, and the estimated job outlook for 2020-2030 is expected to be 10%.
11. Marketing executive
Marketing executives maximize profits by developing sales strategies that promote products, services, and ideas. Similar to Marketing managers, Marketing executives develop marketing campaigns to promote products.
Key responsibilities of a marketing executive include:
- Developing marketing campaigns.
- Presenting new ideas and strategies.
- Writing and proofreading numerous copies.
- Organizing product exhibitions.
- Managing social media campaigns.
As of December 2021, the annual average salary for a Marketing executive is $65,954, and similar to the marketing manager position, this career path will continue to produce new job positions.
12. Management analyst
The final but not the least important job position in this international business careers list is Management analyst. If you land a job in this field, you’ll be responsible for conducting operations and procedures manuals that will assist a company’s management in operating more efficiently.
Other duties of a Management analyst include:
- Collaborating with clients and company executives to identify a business’s strengths and weaknesses.
- Assessing current practices, documents, and reports on findings.
- Collaborating with employees for a successful implementation of new systems and procedures.
- Making recommendations for further adaptations.
In 2020, the median pay for management analysts was $87,660 per year; whereas, the estimated job outlook for the following decade is expected to be 14% (faster than the average).
International Business Career Path & Salary
Overall, BLS expects an 8% growth in the next decade in the International Business career path, adding approximately 750,800 new jobs. This is also because globalization, the development of the economy, and a complex tax and regulatory environment will lead to strong demand for accountants, auditors, and other professionals who have obtained an international business degree.
Additionally, data and market research keep increasing every year. Together with the need to understand product demand and evaluate marketing strategies, we can expect a great demand for market research analysts.
As far as salaries are concerned, the median annual salary for international business and financial occupations in May 2020 was $72,250, higher than the median yearly salary for all occupations ($41,950).