If you are interested in earning ambadegree with a specialization towards international business, then you may already be starting to research what types of career opportunities are available to you once you graduate. The field of international business has grown in leaps and bounds in the last decade alone, as the advent of global ecommerce solutions and the internet has given rise to incredible new opportunities for students who graduate with their mba in international business.
Because there are more ports of entry each day for international business professionals, the problem you may run into today is deciding which area of international business you want to specialize in. While some still use the phrase â€œinternational businessâ€ as a catchphrase to describe any profession or career that requires interaction of an international nature, this is fast becoming an outdated way of thinking. Thatâ€™s because the field of international business becomes more specialized and more sophisticated. Learn what the term â€œinternational businessâ€ means today and find out more about the opportunities in this emergent field.
International Business Isâ€¦
Defining â€œinternational businessâ€ can be approached from a global or microcosmic perspective. From a global perspective, it is correct that the term refers to any transactions that are conducted between two individuals or companies who inhabit two separate and discrete countries, regions or governments. The key in identifying and defining an international business transaction from a global perspective is to verify that the two entities are aligned with different regions.
For instance, if two individuals or companies transact business that spans from Iowa to California, this is intra-national business. But if those same two individuals or companies come from the United States and China, respectively, this is international business. From a microcosmic perspective, the field of international business can be broken down into different areas of specialization within the field itself, including legal, finance, accounting, marketing, sales and environmental, as well as specific business issues as they relate to language and communications differences, import and export tariffs and taxes, political climate, foreign exchange rates, cultural background and social mores, and other nuances of the field.
Where Do You Take International Business?
Various different fields need the skills and education of international business professionals; one of the fastest -growing specialty areas within the field of international business is tourism. Another is ecommerce/technology and yet another is entrepreneurship. Because both in the United States and abroad more individuals are choosing to work for themselves and start their own businesses, and international commerce is a rich arena for going into business, there is a need for consultants that can advise new business owners on the intricacies of doing business with another region, government or country.
One nuance that is often overlooked when entrepreneurs are launching a new business is the need to know as much about policies, procedures, regulations, taxes and tariffs, licensure and certification, and other issues pertinent to the home country as they do about the foreign country with which they plan to do business. Here as well, international business consultants can earn a profitable living advising solopreneurs and corporate clients in the facets of the field such as finance and accounting, legal issues, and politics.
In the Era of Globalization
Some individuals and companies choose to focus on doing business with only one other region or country, while others may choose to become â€œmulti-national.â€ That means that business is conducted with a number of different regions or countries. This increases the challenge and complexity of the international business professionalâ€™s job and can increase salary commensurately as well. There is a great need as well for portfolio and investment managers who understand international business and can sort out the intricacies of investing in foreign operations, managing currency exchange, and understanding how markets work in other countries.
It is important to understand as well that you do not have to live abroad in order to go into international business as a career. You may find yourself advising clients who wish to invest into or open new operations in other regions or countries, or you may spend your career building lucrative retirement portfolios that include international investment options in real estate, precious metals, energy, or other popular areas for your clients. International business is an exciting, ever-expanding field, and once you earn your international business mba, you will have a variety of rewarding, long-term careers to choose from.
About the Author:Â Â Karl Kehola was born in England, but he immigrated to the United States with his family as a young boy and has lived here ever since. He is an MBA student.