Concentration Description
As technology expands, the world is getting smaller which means an increasing number of organizations now conduct business globally. It is becoming easier for businesses to distribute products and services to customers around the world and as a result, more organizations are entering the international marketplace and will need strong management to be successful. The concentration in international business will expose students to global and cultural business issues while allowing them to gain valuable knowledge about different trade regulations, understand cultural differences, and learn multicultural business etiquette. International business managers contribute their cultural skills and knowledge of international economics, trade, governments, contracts, markets and finance to ensure an organization’s entrance into international markets is aligned with its goals and objectives. Strong leadership skills, implementation of ethical behavior, and adaptability in evolving technologies are the cornerstone components of the concentration in international business. Foreign language courses are strongly recommended to compliment this concentration.
Learning Objectives
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Apply risk management strategies that address the commercial, political, legal, financial and cultural risks associated with international trade, contractual relationships and investments
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Evaluate how the interaction between cultural, economic, legal, political and business practices impacts organizations in the international environment
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Analyze geopolitical factors and how they affect global companies
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Apply legal and ethical principles to international business activities
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Integrate intercultural awareness and sensitivity into international communication, negotiation, collaboration and management practices
Careers
International business employees are the public faces of their organizations. They operate with cultural sensitivity to facilitate deals and transactions that benefit both parties. Specific job duties for international business managers will vary according to the actual position. They may include finding new markets for a company’s products, or negotiating the sales contracts that will enable a manufacturing firm to ramp up production. Some international business managers may specialize in marketing and advertising to foreign customers, while others are responsible for recruiting and hiring personnel around the globe. In general, international business managers are accountable for making a company’s efforts in global markets profitable.
Common job titles in international business include:
- Import/Export agent
- Translator/Interpreter
- Foreign currency investment advisor
- Foreign sales representative
- International management consultant
- International marketing director
- Financial controller
- Multinational manager
- Business development director
- International trade and customs manager
- International foreign policy advisor
Typical employers include banks, import/export corporations, multinational manufacturers, consulting firms, international nongovernmental organizations (NGOs), electronics and technology companies, and transportation industries like shipping and airlines.
The U.S. Bureau of Labor Statistics’ 2016-17 Occupational Outlook Handbook places employment growth for interpreters and translators at 29 percent through 2024, which is much faster than average for all occupations. Job growth for international management analysts should be 17 percent in the same time frame, which is also faster than average. A 2015 Georgetown University, Center on Education and the Workforce study found that professionals with bachelor’s degrees in international business earned an average salary of $60,000 in 2013, with those in the 75th percentile earning an average of $88,000. International travel and expenses are typically paid for by the organization.
