With business becoming increasingly globalized, there is now a huge demand for people who understand the intricacies of management across different cultures, currencies, and socio-political-economic arenas. Businesses have to compete with others on an international scale, which has brought about some very unique challenges. This is why completing an International Business MBA can set the stage for a very interesting career.
With technology and communication both advancing rapidly, and international travel becoming more commonplace, the planet seems to have become smaller. This has also opened up a world of opportunities for those who want to conduct business anywhere in the world. International trade tariffs have dropped and the economy of nations around the world is now open.
Those who study towards an International Business MBA degree will learn to understand the complexities of the global economic landscape. They are prepared to understand businesses all over the world, having an increased understanding of the challenges faced in specific global and international markets. Essentially, these skills are required in order for companies to survive, as the world is also becoming increasingly competitive.
Why Earn an International Business MBA?
The International Management MBA is becoming increasingly popular, because there is now such a huge demand for those who understand global trends in terms of both consumer buying and financial markets. In many cases, these degree programs focus on a particular culture or language, which enables graduates to increase business relationships on very specific markets. In fact, many programs have a prerequisite requirement of being bilingual.
Once you graduate from an International Business MBA, you will have advanced knowledge on business competencies, different cultures, and a range of other elements applicable to the global marketplace. You will learn about international corporate finance, business management, marketing management, and the economics of international trade. You will also be respected for your practical knowledge, with many programs requiring a internship abroad so that graduates learn how to apply their knowledge.
Many people who complete the International Business MBA go on to complete a Ph.D. in this field as well. This is because there is a significant shortage in those who have the skills and ability to teach the next generation of international managers at academic level. This is another very interesting possibility for those who find that they want to move out of senior management, as well as for those who want to conduct research in international economies, business, and development.
Each school sets its own admission requirements. MBA programs usually come with quite competitive requirements, and those asked by Northcentral University are quite representative of those at other universities. They are:
• A bachelor’s degree in any field from an accredited university
• Prerequisite courses
• TOEFL/IELTS for non-native English speakers
• Proficiency in a second language
Curriculum and Courses
Just as each school can set its own particular admission requirements, they can also set their own curriculum. So long as the school is accredited, and even more so if the program is accredited, however, you will have the peace of mind of knowing that it meets certain educational standards. A good example of an International MBA curriculum is provided by the American Intercontinental University, which include:
• Economics for the Global Manager
• International Finance
• International Management and Leadership
• Legal and Regulatory Environment in International Business
• Global Financial Management
• Business Research for Decision Making
• A Managerial Approach to Marketing
• Strategic Management
Career Outcomes and Job Titles
Once you complete your International Business MBA degree, a wealth of opportunities will be available to you with global companies, focusing on any international markets. Some of the most common job titles include:
• Senior manager
• Financial manager
• International business consultant
• Account manager
• Regional sales manager
• Business development manager
• Marketing manager
Interestingly, there is a particular requirement for those with an International Management MBA in the field of hospitality and travel, because these are traditionally involved in international markets. However, demand is expanding into other industries as well.
Job Salary & Outlook
The U.S. Bureau of Labor Statistics (BLS) has reported that top executives earned an average of $102,690 per year per year as of May 2015. However, this is at bachelor’s degree level. Holding an MBA increases salaries by an average of $15,000 per year. The BLS also reports that there will be a 6% increase in demand for top executives by 2024, which is as fast as the national average.
Scholarships and Grants
• Switzer Environmental Fellowship Program-California, which is a scholarship targeted particularly towards master’s degree students who come from disadvantaged backgrounds. Students must complete an essay that reflects on students’ current accomplishments, describing how they would apply their course work and research in society. Applicants must also describe what their vision is of their managerial future, focusing particularly on how this will affect the global environment. Applicants are also encouraged to include information on their personal experiences that is relevant to their degree, even if they do not have any past leadership experience. To be eligible, students must submit two professional letters of recommendation, a current resume, transcripts, and an outline of the degree that they wish to complete, or are enrolled in. They must also demonstrate financial need.
• CGSM Fellowship for Talented Minorities, which is a merit based fellowship. CGSM has offered in excess of $325 million over the past half a century in fellowships, specifically to MBA students, focusing on the brightest and the best in the country. CGSM has a number of different programs available, including scholarships that cover the full cost of a two year program, including mandatory fees, for full time students. They also have the Emory department, which offers a one year program in particular.
• The Roothburt Fund, which awards scholarships for graduate and undergraduate students. They also aim to build fellowships with those who have received grants in the past and have used it to finance their degree. Their goal is to work together with women and men who have demonstrated true strength of character and ability within this country. To be eligible, they must demonstrate financial need in order to further their education. They must also demonstrate that their actions and behaviors are guided by spiritual motives.
• Stanford Africa MBA Fellowship, which offers a graduate scholarship for MBA students at the Stanford Graduate School of Business. While applicants from all backgrounds are welcome to apply, preference is given to those from a minority background.