The world has become a global marketplace; all types of businesses are now conducting operations throughout the world. Multinational corporations, joint ventures, financial institutions, law firms, consulting firms, and manufacturers of both goods and services cater to an international clientele. When referring to “international” business, there are some important distinctions to keep in mind. With larger, established companies, what is “international” to the job seeker might be “domestic” to the company. If a student seeks work in a country other than his/her home country, typically the student thinks of that work as “international”. However, most employers treat the work in each country as a “domestic operation” with primarily local managers and local employees from that country. With the large increase in global business education over the last twenty years, there is far less need to hire “expatriates” for positions requiring a graduate degree when equally skilled staff can be sourced locally in the countries where they are doing business. Consequently, employers typically seek candidates who already have work authorization for the country where they want to work and prior knowledge of the business practices in that location. The best way for a student to begin an international business career is to start by working for a company in his/her home country that has international operations and then transfers within that company once he/she has reached a managerial level.
Most entry-level jobs in the business world have a functional focus, such as marketing, sales, finance, operations, and strategic planning. Multinational companies (companies doing business in more than one country) are now headquartered around the globe, with larger concentrations in places like the US, UK, Hong Kong and UAE.
WHY SURYADATTA INSTITUTE OF BUSINESS MANAGEMENT & TECHNOLOGY (SIBMT)?
Suryadatta Institute of Business Management & Technology (SIBMT) offers “Pune University Affiliated & AICTE Approved Two years Full-Time MBA”. Suryadatta Institute of Management, Pune is ranked as “A+ Category B-School by Business & Management Chronicle – 8th Chronicle B-School Survey 2017. Suryadatta’s core team comprises senior professionals, each with the highest qualification in their respective fields, in addition to a minimum of 15 years of in-depth work experience in the corporate world as well as the academics. Along with sound academic inputs, Suryadatta also believes in giving practical exposure to its students. As a part of this initiative, Suryadatta regularly organizes industrial visits, seminars, and workshops serving as a platform where senior executives from the corporate world share their invaluable experiences. We provide a vibrant atmosphere for Industry-Institute Interface in the form of Management Development Programmes, Consultancy, Applied Research, Internship tenures and Event Management.
Career Paths
Most graduate students are career changers. They often have many useful transferable skill sets, but employers still typically consider these applicants for “entry-level” positions where a graduate degree is expected, but actual experience is limited. The first three to five years are often spent learning the functional area in greater depth as well as the industry. As expertise increases, so do the opportunities to expand responsibility and learn additional functional areas. It is not uncommon for someone pursuing senior leadership roles to make two or three lateral moves within an organization, or industry, in the early years of his/her career to gain the cross-functional expertise necessary for senior leadership roles. Some large corporations do have formalized leadership training programs, often lasting one to three years. Completion of these programs typically results in faster advancement to more senior leadership roles. These programs are a great way for a career change to begin his/her international business career, but competition for these limited opportunities is fierce.
Qualifications Necessary
The Field Knowledge of a foreign language, area studies, and international experience are important credentials, but beginning a career in international business requires knowledge of an industry and the ability to demonstrate mastery of the skill sets relevant to the functional area where the student is targeting. The knowledge and passion come from research and networking to understand the industries and business issues that interest a student. The skill sets and business acumen can be developed through coursework in accounting, business finance, money and financial markets, statistics, micro- and macroeconomics, and marketing in addition to the traditional IR areas such as public policy, international trade, and law. Companies also value management and leadership skills so it is important for candidates to speak confidently about the transferable skill sets they may have developed in these areas from previous work experience, as well as look for opportunities to expand these skills while pursuing a graduate degree such as club leadership roles. Internships are also an excellent way to gain both industry knowledge and functional experience.
Future Challenges of the Profession
As the world becomes more of a global village and trade barriers are eased, there will be an increased need for professionals who can service an international clientele in terms of understanding international business and marketing, international law, and international trade and finance. Although opportunities will increase, competition will be high as an increasingly educated global workforce vies for international positions around the world with foreign nationals.
Take a look at the latest graduate opportunities at Suryadatta, discover how to become a management consultant and find out why you should consider studying international business.