Due to globalisation there is need for trained people who understand different cultures, laws and mindsets. A degree in International Business not only gives students indepth knowledge of all aspects of global business, it has also opened several job opportunities across the world, says Jessie Tan
We live in an integrated world today. A normal household in Delhi could be having a Japanese car, a South Korean mobile, American laptop, Scottish beverages, Swiss chocolates, Brazilian coffee, Dutch cheese, the list of such products is endless.
Take another scenario. A successful multinational business in the UK may be owned by an Indian, financed by US and the primary market for its products could be South America. This is absolutely amazing. Globalisation has indeed turned this vast world into a global village where international business forms the bedrock of global economy. But cool as it may sound, international business is a complicated affair. But then big rewards never came for simple expertise.
So what does it take to become a master in the field of international businessIJ Does it involve knowing some exim laws, some international product codes, the workings of exchange rates or having a clue about currency fluctuations. Actually it involves all this and much more. Studying international business is more akin to getting to know global cultures, global sensibilities, comparative economic competitiveness, international laws and so on.
But one thing is sure. The field is exciting and rewarding and getting a degree in international business from reputed international universities either in India or abroad have opened several doors. A good programme in international business prepares a student to take the next big leap in his career by preparing him to become a sound qualified professional ready to respond to the rigours and complexities of international business.
Take for example the case of Government allowing KFC to set up shop in India. Now on paper, it is perfectly legal for an MNC to set up its outlet anywhere in the country. But the reality has been far different. It took many years for KFC to overcome local resistance. But its years of experience in dealing with different international business situations came handy and ultimately it became successful.
Similarly, an Indian company acquiring business stakes in Europe will have to deal with very different set of laws and mindsets. Unless, it has a team of intelligent and experienced people who understand different cultural and legal framework, the company even if it legally acquires an entity will never be successful in operating it. Its acquisition and money will sooner than later will be a big letdown.
Today, big business is all global. It’s the time of transnational corporations — whether homegrown or international. Every industry today needs people who are equipped with broad knowledge and principles of global business. And so, career in international business has bright prospects including employment as well as entrepreneurial activities.
A student doing a masters in international business gains extensive, in-depth knowledge about the global economy and business climate across the world. The course helps students to understand the dynamic facets of global economy, finance, range of business fields, marketing, management etc. required altogether to begin and handle or expand business across the border. They will learn how companies work and communicate in the parent and host country at the same time.
Possessing an international business (IB) degree opens up several career opportunities. It prepares a student to explore opportunities in the public and private sectors as well as international agencies and MNCs. Through this degree, an individual develops a valuable set of skills that can be applied to a range of careers.
An IB degree holder will thus have a specialised understanding of the international business culture and can be placed in Government departments, MNCs, tourism and hospitality sector, consulting firms, banking sector, financial institutions etc. In all these organisations, they can fit into the role of a Financial Controller, International Marketing Director, Foreign Policy Advisor, Global Manager, International HR Manager, International Operation Manager, Chief Executives, Business Professors and Economists.
The good part is that with an IB degree one may earn well. The salaries may range from $45,000 to $1,20,000 per annum depending upon the experience.
The ultimate goal is to prepare students to work in a dynamic international environment where advanced technology, telecommunication and diverse cultural situations occupy an increasingly important place in daily functioning of an enterprise.
(The writer is director of International Business, Management Development Institute of Singapore)