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Is an international business degree useful?
Nowadays when technologies are growing rapidly businesses can transact internationally more promptly than ever before. Although business education is in demand in the labor market, an international business degree seems to give even more opportunities for studying diverse customs and cultures. At the same time, the question is an international business degree useless” is clouded by uncertain job market and vague employment opportunities.
And, tuition fees are inclined to be more expensive. Does it mean that international business students are more likely to be engaged in global business development? Or there is no need of getting an international business degree?
The international business degree is not really useless. At least, not and not more than a regular business degree. Essentially, students still learn core business subjects as in the regular business degree, but in the end, they take significantly more international business classes and become specialists in global aspects of the business. An international business degree from a good business school will open doors for graduates.
Undergraduates can apply to bachelor’s degrees in international business. However, the positions in top-level international management may often require master’s degrees MIM or MBA. The Master of International Management program concentrates on business course work and language and cultural classes.
It takes up to fifteen months to complete and includes two international trips. Master in Business Administration program focuses on giving international business and management skills, which you can transfer to other business areas. The duration of the MBA is from 1 to 2 years, depending on a business school.
The merits of an international business degree
International business education has its distinctive characteristics, which should be taken into account. First of all, this business degree focuses on international topics and issues, and hence, it provides special opportunities for students. Secondly, the applicant should be fundamentally prepared for education. Let us consider this topic in detail.
A Grain of Salt About - Is an International Business Degree Useless?
Is an International Business Degree Useless – this depends on many factors, like school ranking and natural abilities and skills of each student. Degree itself is not the ticket to riches anymore like it used to be. Times are tough economically, and there is large competition among all business graduates. To distinguish yourself you need to stand out. Here are a couple of options, for example, to help international business degree graduate to standing out:
- Try to get into a high-ranking business school if possible. One with international degree specialization, if that is what you want.
- Try to intern or work while in school to learn some specific practical skills – import-export, marketing, accounting, finance, applied economics, some software like SAP, real estate – anything.
- Learning a foreign language in demand helps. See Online job sites for languages in demand.
You can check more about business careers outlook on U.S. Department of Labor’s web-site here.
Wide educational background
International business students get a quintessence of knowledge in finance, economics, marketing, management, and accounting. Despite this, majors take full advantage of studying with an international focus. This means that courses in cross-cultural organizational behavior and economics of global behavior are also available to explore.
Due to the nature of specialization, international business graduates can enhance their careers by the ability to speak foreign languages in demand and having strong communication and self-marketing skills. Studying for the degree also includes acquiring critical thinking, problem-solving, teamwork, research, and analysis skills.
International Business Degree Offers Diverse Career Paths
International business experts often work in the areas of international trade, banking, or global development and operations and consulting. Working as cultural advisers or human resources officers, the professionals might be mediators between international companies and different cultures. Generally, career options involve specializations in non-profit, public, and private sectors.
In public institutions, for instance, international business majors can hold the post of diplomatic associates or community developers. Besides, international business education may be considered as a good starting point for a degree in consulting or business administration.
TIP: Whatever career you are to choose, start working or interning before graduation to learn some specific skills. For example, an international trade firm – you can learn some import-export. Or even an accounting or finance firm or department – look to learn something specific first. The the wondering about is an international business degree useless will and should be replaced with question – what skills I must obtain and where to learn them?
It helps students to get hands-on skills development and make an impression on future employers. When it comes to mastering languages and studying cultures, volunteering in an international setting for an international organization, especially abroad, can be beneficial as well.
The global perspective on business
Awareness of the different geographies, cultures, and markets allows international business experts to deal with global business issues and analyze the consequences. Being professionals with a huge background, workers can keep their eye on the whole picture. It is a significant competence for making decisions, which impact on the other institutions or companies functioning.
Traveling around the world Using International Business Degree
The degree in international business may enable graduates to travel for free regularly. So, it is hardly possible for such employees to lead a sedentary lifestyle and experience burnouts because of a routine job. But be careful not to burn out from too much traveling. Although, if you are a recent grad – get ready to take on a job that requires 100% travel. You may need any job to start with.
Learning new cultures requires working visits to other lands, getting to know the variety of people, tasting national cuisines. Lodging, airfares, and other miscellaneous are paid by employers. As international business positions are highly-paid, workers can travel for pleasure and provide themselves with a better work-life balance.
Sounds good?
You can do it all, but remember that you need to become a specialist in some area of business to earn good money. It could be anything from accounting to advertising to social media management.
An ideal international business applicant
Business schools seek not only people who can get a student loan and pay for the program. They also seek those who can manage the program well. And, those who are more likely to be able to get employed after graduation. Here are examples of which students business schools are looking for. Those who are:
- are skilled in linguistics, cultural or regional sciences
- can speak at least one language other than English
- is eager to travel abroad
- is aimed at a career in an international organization
- appreciates the diversity of views have strong communication skills (lame, but looks good on a resume)
- wants to develop his or her leadership qualities.
- Do you recognize yourself? So then find out more about business schools!
Choosing the right business school
There is a large number of business schools to select from and owing to the high cost of education, the choice is even more responsible. Depending on the universities, international business degrees vary from relatively hands-on to more theoretical.
Indeed, it is preferable to study at the most reputable and known international business school to find an excellent job. But how to choose the perfect international business institution with highly qualified faculty? You can look through the rankings, assessing business schools by their performance in the area of international business.
The main criteria of evaluation are usually peer and recruiter assessment score, placement success, and student selectivity. However, ratings tend to vary substantially.
The top in below is based on a Best International MBA Programs ranking, published by U.S. News in 2020. You can also search for U.S. News rankings for undergraduate business schools.
Business schools at Harvard, Yale, Wharton, and so forth have excellent placement rates. But good luck trying to get in those.
Still, there are colleges with a strong reputation for the international business program:
- University of South Caroline (Moore)
Darla Moore school of business at the University of South Caroline focuses on are the financial, institutional, sociopolitical, and sociocultural contexts. The program stresses the importance of cross-border relationships between contemporary multinational organizations. Besides, international business majors are allowed to become skilled in liberal arts and sciences.
- Georgetown University (McDonough)
Georgetown McDonough gives students a chance to consult internationally by traveling abroad.
Therefore, graduates are motivated to collaborate inside and outside of the classroom to expand their business skills. The university regularly invites well-known global leaders to share unique experiences with the audience.
- Harvard University
Students of Harvard University learn during case method courses and FIELD projects, that concentrate on real-world challenges. 37% of all graduators are international learners from 69 countries, so it provides looking at international business issues from various perspectives.
- New York University (Stern)
New York was one of the first educational centers, allowing graduates to build a career in international organizations, government, and multinational companies. With the help of the International Business Exchange Program, students can dive into exploring the cultural diversity of other countries.
- University of Pennsylvania (Wharton)
Despite business skills, students of the University of Pennsylvania focus on dealing with stress, leading a team, and making critical decisions. The University also organizes the weeklong trips to the farthest reaches of the world, such as Antarctica or Africa.
Please bear in mind that exploring rankings is not sufficient to choose the perfect place to study. The key stride is to determine the study format, all curricula, and specializations in a particular university. That is the best way to evaluate, is it achievable to be accepted and, more importantly, whether the institution assists you to pursue career ambitions.
And the other essential step before making a decision is communication with current students and professors via official sites or social networks. Some institutions also create webinars and online fairs for applicants. So, undergraduates can ask all the questions and become more familiar with university life.
Visiting the university to feel a special atmosphere surrounding campus life is highly useful as well.
Is an International Business Degree Useless - other specializations also open doors
More aptitude for other specializations but still do want to build an international business career? Graduation in international business is not a necessity for succeeding in business. Many global business leaders have got “regular” degrees in finance, accounting, applied economics, and supply chain or communications.
As these specializations are in demand by employers, students can start their business careers without specifically an international business major.
Another option is to complete multidisciplinary degrees for getting 2 majors. The first one in international business and a second in the additional specialization. Although international business degree implies studying several sciences, completing 2 majors enhances proficiency even more.
The examples of other sought-after degrees in 2020 are:
- Computer system analysis – software architecture
- General Computer Science and/or Software development
- Database management and Development
- Communication, marketing, advertising, especially with skills in online marketing and social media management
- Hospitality
- Environmental science and natural science in general
Obtaining the second major is useful if you are determined to work in interdisciplinary fields, such as advertising or public relations, or you want to switch career focus. The second degree in technical fields can be a key to technological literacy, which now is irreplaceable, whatever major is. Getting skilled in applied economics, or graduate finance or computer science on top of your international business degree may (just may) open more doors.
All of this shows that multi-disciplinary marketable skills allow professionals to distinguish themselves from other candidates.
NOTE: Degree is only to get a foot in the door. Most important are job skills – get those. Intern, work for cheap, try to work in a large known brand company even as a low-level intern – as long as you get it on your resume, and learn some skills.