What’s the overall career outlook for this field?
HR is a highly competitive field comprised of individuals from a variety of educational and occupational backgrounds. The GMAC estimates that employment will grow in the upcoming years as the workplace becomes increasingly diverse. Employers will have to respond to new regulations or to stricter versions of existing labor, health, and safety laws, which will open up new positions for HR MBAs. The salaries vary based upon the job position and size of the company; other important factors include your previous experience and level of education.
7. International Business
What do employees in international business fields do?
International business graduates may work in domestic or international positions with private companies, governments or other organizations. As a international business major, you will be prepared to work in international finance, marketing, management, importing/exporting or sales.
Global professions are the future of business. Unlimited career opportunities await individuals who can bring international perspectives to business firms.
What degree options are available in this area?
Undergraduates can earn a Bachelor’s in International Business, but most upper-level international management positions require an MBA or Master’s Degree. MBA students can specialize in international business/management.
Find Schools with International Business Programs
What is the difference between a Master’s Degree in International Business and an MBA with a concentration in international business?
The basic difference between these two options is that the master’s degree is highly specialized and will allow you to focus almost exclusively on issues related to international business. In contrast, an MBA program will permit you to develop a general set of management skills in addition to specific multinational knowledge. There are advantages to each: a master’s program will enable you to delve into international issues in greater depth; an MBA program is will allow you to spend your first year developing a set of skills that can be transferred to other areas. While both a master’s degree and an MBA concentration will prepare you to hold management positions within the field of international business, an MBA degree may also qualify you to hold management positions in other fields, should you become interested in a different career.
What subjects will I study?
MBA programs in international business can be general or specialized programs, but most cover basic aspects of business administration like accounting, finance, management and marketing. The main focus is on topics like international governmental policies, international financial services, cross-cultural management, unique customs and attitudes, and other factors that affect multinational operations management.
You will study the major laws and organizations that affect global business and trade (the European Union, NAFTA, the Latin American Common Markets, etc). Students also study international strategy: a successful product in Thailand may flounder in Laos. Foreign language proficiency is generally required in order to make you an efficient communicator. Furthermore, study abroad programs are highly recommended, as are internships with multinational corporations.
What skills will I need?
In addition to an overall comprehension of business administration, international business students should have:
Cultural Sensitivity: Even well-known corporate giants have erred unintentionally when they fail to research cultural beliefs and traditions in new markets. You must be able to speak more than one language and should be well versed in the practices of the country where you work; a simple blunder, like an improper business card exchange, can offend potential clients.
Patience and flexibility: Do not expect to start work in Paris or Hong Kong. Most international business women and men begin their careers in domestic operations and advance to positions abroad after demonstrating prowess at home. When new markets open to your company, opportunities may arise in countries that you never considered. If you long to be an international executive, be willing to accept a position in Eastern Europe. Your achievements there might help you secure the job of your dreams in Latin America.
People skills: Whether you pitch products to upper-level executives or assist customers during sales, you need to know how to work with diverse groups of individuals who come from very different cultural backgrounds. Understanding the needs of clients is crucial to your success, as is the ability to perform as part of a multinational team.
Communication skills: To excel in business, you must be able to convey your ideas effectively and efficiently. You should be a proficient speaker and writer. Take time to research which languages are most important in your field. For finance careers, Asian and Latin American languages are useful. If you are interested in information systems management, consider Russian or the languages of developing nations.
Creativity: Turn your ideas into marketing tools and you will become a valued employee. Creativity is vital to multinational corporations, which must sell their products to a variety of customers. If your concept successfully redesigns a popular American product for sales in New Zealand, it may propel you into a management position.
The ability to work under pressure: The launch of a new ad campaign or product is extremely intense; unforeseen cultural issues and trade barriers can arise at the last minute. You will be at a competitive advantage if you can meet impending deadlines quickly.
What kinds of firms employ international business students?
The list is extensive, but frequent employers include banks, import/export corporations, multinational manufacturers, consulting firms, international nongovernmental organizations (NGOs), electronics companies and transportation industries like shipping and airlines.
What careers do international business students pursue?
The international business profession is expanding rapidly as an increasing number of companies conduct multinational transactions. Your specific field may be in accounting, finance, marketing, management, purchasing or production, but you will focus on global and cultural business issues. Common job titles include Import/Export Agent, Foreign Currency Investment Advisor, Foreign Sales Representative and International Management Consultant.
What’s the overall career outlook for this field?
International business is influenced by numerous socio-cultural, political and legal factors, but overall employment is expected to rise as young organizations like the European Union expand and recruit new economic partners.
Salaries depend upon the size and location of the company, as well as your own related experience, level of education and cultural skills. Entry-level earnings can range from $24,000 to $40,000, and these numbers will increase significantly if you have earned an MBA or Master’s degree.
8. Marketing
What do employees in marketing fields do?
As a marketing graduate, you will have access to a wide variety of career options. With an MBA in marketing, you''''ll be prepared to enter fields like product development, advertising, PR, retail, and sales. You''''ll be prepared not only to perform detailed analyses of customer attitudes, market trends, and profit-and-loss margins, but to develop sophisticated product development and promotional campaigns based on this information.
Students in marketing have the potential to earn high salaries. Your job may require you to travel frequently and to work extended hours, but you will be part of an exciting discipline that continues to change. A business degree and relevant experience will help you enter this highly competitive, rewarding field.
What degree options are available in this area?
Undergraduates can earn a Bachelor’s Degree in Marketing or take marketing classes as part of a business degree. MBA students can choose concentrations in marketing, and some schools offer Master’s of Science in Marketing or PhD programs.
Find Schools with Marketing Programs
What is the difference between a Master’s Degree in Marketing and an MBA with a concentration in marketing?
The basic difference between these two options is that a Master’s Degree in Marketing is a highly specialized degree that will allow you to focus almost exclusively on issues related to marketing. In contrast, an MBA program will allow you to develop a general set of management skills in addition to specific marketing knowledge. There are advantages to each: a master’s program will enable you to delve into marketing issues in greater depth; an MBA program is will allow you to spend your first year developing a set of skills that can be transferred to other areas. While both a master’s degree and an MBA concentration will prepare you to hold management positions within the field of marketing at some point in your career, an MBA degree may also qualify you to hold management positions in other fields, should you become interested in a different career.
What subjects will I study?
In addition to your core MBA courses, you will be able to select a series of classes that lead to a marketing concentration. Initial classes usually include a course in marketing management that introduces students to the role of marketing in past and current business practices. Classes in marketing methods, advertising, research and strategy are also recommended. Other areas of emphasis might include non-profit marketing, consumer behavior, sales research and management, entrepreneurial marketing, logistics and physical distribution, or multinational management and marketing.