This domain pretty much explains itself, doesn’t it? A program in international business imparts the skills to conduct business across nations. The popularity of this program is attributed to standardization of international trade, wherein more and more nations have started to develop a common set of rules and code of conduct with mutual agreement. As a result, more businesses want to explore markets overseas. To help them in their international ventures, they need professionals who are trained to handle the unique set of challenges in this domain. The demand for such programs ensures that the students are well placed after the completion of study. Apart from the placement and high salaries in this domain, there is an added perk of frequent overseas travel.
Scope of International Business Management
After the introduction of liberalization policies in 1991, India has seen unprecedented growth in imports and exports. Indian exports have risen from 18 billion dollars in 1991 to close to 200 billion dollars in 2009 and the number is still on the rise. The infrastructure required to strengthen international trade has also been developed in recent years. But the domain faces great challenges like custom agreements, clearances, transportation, logistics, difference in import-export policies between trading nations, foreign exchange management, quality standards, etc. These issues, along with existing cultural differences, add to the complexity. These challenges give way to more career opportunities in this field for people who are skilled to tackle them head on and enable business to go beyond borders.
The need for skilled international business professionals is common in any venture that deals in international finance and accounting like export houses, banks which provide foreign exchange services and consultation, businesses which have overseas subsidiaries ,etc. Renowned international organizations like WTO, IMF, and World Bank also look for such professionals as this is their core requirement. Apart from this, any business or institution dealing in the import or export of any kind will need expertise of a international business Manager to get ahead with the procedures.
Roles and Responsibilities
At the beginning of his career, an IB professional is expected to help the firm in documentation related to international dealings, getting custom clearance, procedural requirements, quality control and monitoring, taxes and finances. Usually, as a fresher, managers are made well-acquainted with the procedures and ground realities of the trade. After enough experience, IB managers can delve deeper into trade handling like surveying and certification, strategy and research, latest standards, international legislation, risk analysis, and predicting business opportunities.
At more senior levels, managers can get into consultation where they can guide businesses about the opportunities and competition abroad, investments, legal implications, marketing strategies, trade negotiations, developing expansion strategies, patents, tariffs, etc.
Generally, a program in international business Management teaches the basics of business management, followed by specialized topics in international business. The program structure is usually as follows:
The advantages of pursuing a program in international business management extend beyond its learning experience and the handsome pay package. The program teaches students to skillfully get through the complexities of global organizations. Students get to compare their competency on a global platform. In many cases, these programs include overseas internship or an exchange program. The programs aim at understanding economic and political scenarios that dominate business in a particular country. As a part of Human Resource training, students are taught about human behaviour in general so that they learn about the principle that govern decision making across various cultures.
In conclusion, we can surely expect to see increasing number of professionals skilled in international business in coming times because of the huge industry demand.