A Brief History of the International Business Major
In 1881, the University of Pennsylvania founded the first collegiate business school, the Wharton School, and thus was the beginning of business education in the United States. Wharton School was purposed to provide young men with an education that was based in finance and economy in order to prepare them to be leaders in business and government. Still, it wasn’t until after World War II, when the country began to experience significant industrial growth, that business schools really gained popularity. With industrial growth also came the rise of international trade and the study of business activities across borders. Today, in a global business world, the international business major is an increasingly important area of study.
Delving Into the International Business Major
For students who are interested in business and want the added excitement of working with international partners and companies, a degree in international business will provide a strong foundation in business with a specialization in the intricacies of international business. The world is not limited by national borders in the same way that it used to be and international trade and commerce is expanding all the time. In a world shrunk by globalization and connected by modern telecommunications and technology, a major in international business will provide students with a valuable background to bring to the workplace. Strong language and negotiation skills are important in this major and can be cultivated either during undergraduate studies or with specialized training.
A major in international business will meld the studies of general business principals and international studies. In addition to a foundation of management, finance, economics, communication, advertising, marketing and business ethics, there will also be increased attention paid to international law and trade policies. Language classes may be offered as part of an international business curriculum as well as computer classes which will allow students to take advantage of the technology used to communicate and negotiate with international business partners.
Degree Levels:
Associate
Those who decide to pursue an associate degree in international business will be educated in basic business principles and international studies. These types of programs generally take two years to complete and require students to earn around 60 credits in introductory courses on topics such as business law, economics, travel industry operations, importing and exporting, cross-cultural negotiations, and marketing with a global perspective. As a foundational degree, an associate in management may be awarded at a two-year college or used to transfer to a four-year college or university to pursue a higher-level degree.
Bachelor’s
Those who earn a bachelor’s degree in international business will receive a business education that focuses on international markets, commerce, and trade. Common courses include international operations, global logistics, international marketing, intercultural communication, international finance, and derivatives and financial markets. These types of programs generally take about four years to complete and require students to earn around 120 credits. Given the specialization in international business, students will be well prepared for a variety of master’s degrees which will delve more deeply into the international arena including degrees in international trade and trade policy, international development, trade and customs and more.
Master’s
Those interested in a graduate education in international business can earn a master’s degree in international business or an MBA with a concentration in international business. A master’s degree program in international business incorporates advance coursework concerning global economy, multinational corporations, international markets, and foreign trade. These types of programs require students to complete at least 30 credit hours beyond the baccalaureate degree and can take up to three years to complete. An MBA with a concentration in international business consists of advanced courses in core business subjects with the option to take several elective courses that focus on business in a global environment. Generally, MBA students are required to complete anywhere from 48 to 60 credit hours, which can take from one to three years to complete depending on program format.
Doctorate
Students who are interested in research or education can pursue a Ph.D. in international business which goes a step further than a master’s degree. It consists of advanced coursework and research studies concerning international business and quantitative research methods. Doctoral-level international business programs are designed for those who wish to pursue an academic career or conduct research to further advance the international business field. These types of programs may also require students to conduct research and complete a thesis. A Ph.D. can take from three to five years to earn and require students to complete a minimum of 84 credit hours of graduate coursework.
Supplementing Your International Business Major
In today’s global economy, international markets and foreign trade play a vital role in business providing ample opportunities for international business majors. Given that the field of international business is world-wide, it should be of no surprise that there are various areas and industries that make it up. Majors who wish to become experts within a certain niche can take advantage of learning about a related or complementary area of study. First of all, there are many specializations within international business for students who wish to develop an area of expertise within the field. Some colleges offer these types of specializations as a formal area of concentration, while others may only offer elective courses on them. Some common concentrations within international business are international business environment, international trade, emerging international markets, and international financial management.
Students also have the choice to further define their career potential through choosing a minor. Common minors for marketing majors include social sciences, economics, sociology, anthropology, communications, or political science. Those who aspire to conduct business in a particular foreign country should strongly consider minoring in the official language of that country, as communication abilities will be essential. Minors can also be chosen depending on the type of industry or organization that a student wants to work within. Manufacturing engineering or production technologies can be a great minor for those interested in working for a multinational manufacturing firm. Students wanting to work with retail on an international level may want to look into a minor like consumer economics, fashion merchandizing, or retail management. If the use of technology in world-wide communication interests you, a minor like communication technologies, information sciences, or computer science might be beneficial.
Learn More About the International Business Major
- U.S. News and World Report: International Business Graduate Programs Rankings
- MIT OpenCourseWare: Global Strategy and Organization
- CNN Money: International and World Business News
The International Business Major in the Job Market
Working in international business will bring its perks as well, giving degree holders the chance to travel and experience different business practices that can be learned from and utilized. In terms of domestic companies, there are a huge number of businesses looking to expand into the international arena to take advantage of a larger potential client base. Additionally, the opportunities abroad are countless with companies that want to either branch out in their regions or are looking for business in the United States. Typical jobs for degree holders include management of imports and exports for international companies, managing foreign sales departments, international consulting and translating business deals for multiple companies looking to do business. Salaries are quite variable with entry-level jobs starting around $40,000 and those with advanced degrees making six figures or more. As with any business related job, experience, skill set and education translate to higher salaries and as a result, many people go back to school for more education after some experience in the field.
Those with an undergraduate degree in international business can pursue careers as international trade specialists for multinational organizations developing business opportunities with foreign countries concerning product import and export. They may also find themselves in positions as export sales representatives providing support for international customers and finding domestic buyers for foreign exporters. The average annual salary of an international trade specialist ranges from $39,640 to $76,166, while that of an export sales representative is from $35,223 to $47,098, according to PayScale.
Those who decide to obtain a graduate-level education in international business can pursue careers within executive management positions regarding global business, human resources, and international marketing. Global business managers supervise operations concerning multinational projects and business deals, international human resources managers are responsible for HR duties regarding a corporation’s overseas operations, and international marketing managers oversee the promotion of an organization’s products and services in a global marketplace. The annual salary of global business managers ranges from $81,706 to $142,000, while those of HR managers range from $76,436 to $92,083 and those of marketing managers from $63,163 to $117,224, as reported by PayScale.
Careers I Can Get with This Degree:
