Knowing the world in an international context is crucial in today’s interconnected environment. Global enterprises surround us due to technological improvements that have made communication more accessible; finding an organisation that only has operations in one country is very rare. . Today’s businesses are global and interdependent with each other in many functional domains of business. Both local and multinational corporations are searching for candidates who can solve cross-cultural challenges and think on a bigger scale. As a result, demand for international business courses has skyrocketed, allowing students to seek a rewarding career through international trade, consulting, marketing, or finance jobs.
To understand the concept of international business and what it holds in the future for fresh graduates, we had a chat with FORE School of Management Professor Sudeep S. He has shared some wonderful insights, not only about the importance of international business but also about the scope and career prospects that students can expect after they complete their studies.
What is international business? & What types of skills might it help students develop?
The modern world is so interconnected in terms of commerce and trade that there are traces of international business in every sector of our economy. Everything from a packet of biscuits at a local supermarket that may have imported materials to the global production of smartphones is a part of international business activities.. With the present globalisation trend, we are part of the global supply chain in some form. Whether you are a customer, a manufacturer, or a human resources manager, you will have to deal with at least one component of international business in your daily business routines. The scope and growth of the international business are so great these days that the younger generation must understand the professional prospects associated with IB.
The primary emphasis of international business and administration is on fundamental business principles and disciplines in a global setting. Students can learn a wide range of valuable and transferable skills through IB. A course in International Business will educate students to gain from the opportunities and face the challenges while managing a global business.
In terms of talents, students who choose an international business course can instill in themselves a variety of qualities and abilities that will aid in the overall development of their profession. For example, cross-cultural communication, which aids in forming partnerships between companies from two countries, is a promising talent that students can cultivate. When we discuss trade, commerce, boundaries, global economies, and many other aspects of the business industry, students can acquire exposure to an international perspective. They can expand enterprises and help them with greater connectivity, networking, and other profitable areas if they have excellent knowledge of these concepts and words.
Contrary to the common misconception among many aspirants, is International Business only meant for students looking for a career overseas?
When we talk about International Business, the term itself helps feed the misconception amongst aspirants that this course is only for someone who wants a career abroad. However, that is not the case at all. We forget to understand that as a nation we are connected to the global value chains, and we have to align our domestic business operations with those of global corporations. . There is some truth to this phrase that almost every business these days have an element of international business.
A degree in international business opens your mind to different concepts about trade and commerce overseas. However, when it comes to building a career, the choice is entirely up to the aspirants.
In any case, in this post-pandemic era, work-from-home has been a widely recognised and accepted choice by most local and international companies. Industries have managed to develop their business operations and strategies around practices that don’t involve the physical presence of personnel resources. So, coming back to the question of whether this is just a course for people looking for an overseas career, the answer would be a No. Students, after the completion of their course, can choose their pathways, whether it is abroad or in their own country, and can look forward to an enriching career in companies with a domestic or global footprint.
What are the top 5 benefits that this course offers? For both students looking to create a career in India or overseas?
1. Enhanced Job Opportunities
As we live in an interconnected world, knowledge and understanding within the international space is hugely in demand. With growing companies and the surge of brand-new startups in the global sector, organisations are constantly on the lookout for professionals who have an in-depth understanding of the entire global context. Hence, students benefit significantly from a Master’s course in International Business. They can go for career roles suited for the most proficient fields of marketing, accounting, finance, human resources, and much more.
2. Deeper Understanding of the International Perspective
Undertaking this course on international business will expose students to various global challenges relevant to the present market scenario. Doing that will instill a sense of perspective in students about the multicultural world we live in. They also gain a heightened understanding of global economics, trade, and other related concepts worldwide.
3. In-demand Skills of Management
While studying the course, students are required to work as a team or autonomously to create findings and reports from research. This experience can be a valuable step in students’ lives because they are rewarded with various hard and soft skills. International Business strengthens your understanding of the global market while also developing crucial abilities and management skills such as critical thinking, leadership, teamwork, and much more.
4. Increased Chances of Success in Career
One of the prime benefits of the course in International Business is the freedom of choice that aspirants have when choosing the direction and length of their career. Fresh graduates with elevated knowledge about international business are exploring different industries of their interest and choice. Students can catapult themselves to the heights of success in their workplace with these newly acquired skills and essential training. Undertaking the Master’s course in International Business will allow students to filter through their preferences when looking out for career options, both locally and globally.
5. Relevant Knowledge About Business
As one might be aware, International Business Degrees can be of great help when exploring areas that include business redesigns, competitor research, financial analysis, performance insights, operations management, and so much more. These are important considerations while conducting foreign commerce. Completing the International Business course will enable students to achieve these objectives regardless of the organisation they work for or whether they work abroad or in their home country.
One of the most important elements that every aspirant considers when deciding to pursue an MBA is the type of placements that are available. Could you please give your thoughts on the placement chances that this programme provides to its students?
Graduates who have mastered the concepts of finance, commerce, and trade in terms of International Businesses will see a brand-new world of opportunities opened up after completing the course. Thanks to the campus placement options and other job-enhancing activities practised in business schools and institutions, students have the opportunity to explore a career in diverse business fields such as Marketing, HR, Finance, Consulting, Advertising, Accounting, and so much more. With such tremendous opportunities, there is no shortage in the number of profiles they can choose from.
After completing the course, students have a wide range of options, from entry-level jobs to executive career options. Some of the most common career roles and profiles students can opt for include options like financial analysts, Business Analysts, Consulting Associates, Project Managers, Communications Officers, etc. The diversity of career roles and employment opportunities is awe-inspiring in the International Business sector, and so are the salary prospects for students who attend this course. On average, students are offered a salary of INR 10-12 Lakhs per annum based on their role.
Based on the current trend, who are the top recruiters for this programme?
As businesses today function in a global setting, we have noticed a significant increase in recruiters searching for graduates with international business expertise. Among the notable recruiters are companies like Infosys, Wipro, HCL Technologies, EY, KPMG, Accenture, American Express, and others who continually seek people with the knowledge and skill set to manage global interactions while preserving business pillars.
About Prof. Sudeep S. (Member of the Faculty at FORE School of Management)
Dr. Sudeep has more than 18 years of expertise in the field of information technology and management training, with almost ten years of experience teaching Postgraduate Management students. Aside from that, his 8 years of expertise working in the IT industry before joining the education sector is noteworthy. Dr. Sudeep S. worked on a variety of projects in the IT industry, including information systems, software development, systems audit, information security consultancy, and project management.
Dr. Sudeep’s knowledge extends beyond the Information Technology sector to consulting and auditing for financial institutions. He has worked with large banks such as Dhanalaxmi Bank, Muthoot Finance, Federal Bank, National Finance Co. (Oman), UAE Exchange, and other international organisations. His published works and articles on information security principles have appeared in prestigious magazines, and he has also delivered research papers at national conferences. He is currently a member of the Association for Computing Machinery (ACM, US) and the Information Systems Audit and Control Association (ISACA, US). He has also received the “Senior Member” designation from ACM for his professional and academic achievements since 2019. International Management, International Trade & Technology, and Information Security are some of his research interests. He offers consulting services in the following areas E-Business strategy development, Information Security Management, and International Business Planning.
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