We all are aware that MBA managers are needed everywhere. Traditional specializations in MBA are Finance, Marketing, HR and Operations. But, recent development in business world has gave rise to new specializations of MBA like MBA in International Business, MBA in Information Technology, MBA in Rural Management and others. Here in this article we shall discuss about the MBA specialization of International business.
In the world of globalization and liberalization, every business wants to expand itself in the International market because opportunities are huge everywhere. In this age of cut throat competition where companies face intense competition in home country, they look for expanding their market to ensure sustainability and profitability. Multinational Corporations or MNCs rule the international business, trade and commerce and every other company is trying to adopt the money-making techniques as used by MNCs. To make your presence feel internationally, you would not only need out of box business strategies but right kind of people who understand international business and its various aspects. Graduates who specialize in International Business are key resource for those companies to plan, execute and get results from international operations of business.
Increasingly, many companies and organizations are now hiring the MBA graduates specializing in “International Business” to ensure company’s interest and business growth in foreign market.
You should understand the role and responsibilities of a professional in international business is much more than traditional counterparts. He is expected not only to be good at every aspects of business i.e. Marketing, Finance, HR, Operations, IT etc but know and have experience in other aspects too like Business Laws, language and culture in other countries. He doesn’t have the luxury of sitting in the office 9am to 5pm and do what is required but to tour around the world, make the business of company profitable and solve any bottle necks which can range from cultural to technological, HR to local laws.
MBA in International Business is a postgraduate programme which aims to impart the students with the knowledge, skill sets and training required for working in area International Business. It can be of two categories- Firstly, working in a foreign country for an MNC or secondly working in Export-Import domain.
It is a specialized degree designed to develop the capabilities and skill sets of managers to work in the global economy.
The course structure of the MBA in IB contains important aspects of international trade, commerce, investments and projects. It includes the procedure and documentation involved in international trade i.e. export and import, methods of setting up foreign businesses- wholly owned subsidiary, acquisition, joint venture, licensing, or others, currency fluctuation & exchange rate, raising capital from international market, investment in other country’s capital market and doing business in foreign market (finance, marketing, sales & distribution, R & D, local laws etc.).
Generally, the first year covers the papers of general management which is required by any business manager like Marketing, Accounting, Human Resource Fundamentals, Business Communication, Business Law, Economics etc. with focus on international business. In the second year only the students are exposed to the core international business papers with option of having a minor specialization in any traditional filed - finance, marketing, supply chain management. But, the emphasis is on how to make the student aware of complexity of international business with live cases and experiences through internship and live projects.
Like any other MBA, MBA in IB is a regular 2 years programme, which can be done full-time or part-time or through distance education programme. Many reputed b schools in India offer this course with Indian Institute of Foreign Trade (IIFT), New Delhi and Kolkata being the top in the list. (Read more about IIFT at http://edu.iift.ac.in/iift/index.php)
MBA in IB should have the following core papers:
- Export & Import Management
- International Logistics
- International Finance
- Governments and Political Relations between nations
- Foreign Exchange
- International Marketing
- Business Laws
- Business Strategies by MNCs
Like any other MBA course, admission in MBA in IB is done through National Level Management Entrance Tests like CAT, XAT, MAT, CMAT, SNAP, IIFT etc. On basis of score obtained, you apply to different b schools offering MBA in International Business, a short listing of basis of minimum acceptable cut off is declared and short listed students are asked to attend the Group Discussion process for final selection.
The opportunities and growth prospects in the area of international business is immense, mainly because of exponentially increasing international trade and lack of proper human resources to look after international business.
An MBA graduate having the degree in international business can work for either private or government sector organisations. The nature of work requires to work under international assignments and move from one country to another as the company management requires you to do.
The MBA in IB can also opt to work for MNCs Indian or foreign in the International Business department/division, import and export departments of companies, global logistics companies like shipping or airlines, global tourism sector, international consultancy firms and international courier companies.
As an MBA in IB and with required experience, you work on the posts like:
- Export Managers
- International Business Development Manager
- International Finance Manager
- International Business Consultant
- International Marketing Manager
- Project Manager
- Investment Banking Managers
- Accounts Manager
- Brand Manager
- International Logistics Manager
As mentioned earlier, the job responsibilities in field of international business is highly specialized and the industry faces shortage of resource persons. As a result, salaries of professionals working in this area tend to be better than regular MBA.
A postgraduate in international business from a reputed institution in India can get the entry level salary offered in the range from 5 lakh to 12 lakh per annum and generally the designation offered is a management trainee. You can also work for foreign firms and earn salary in foreign currency. With a few years of experience and development of skills, promotion in this sector tends to be faster than regular MBA.