What is International Business?
International busines is conducting business on a global scale in order to overcome the saturation of national markets and expand market share. Individuals must be knowledgeable in the basic business activities of finance, business law, accounting, management, and marketing and at the same time understand how factors such as politics, economics, and cultural differences affect these. Because business is done on a global scale, it is essential to have excellent communication skills and be aware of business etiquette of multiple cultures.
How to Succeed in International Business?
Individuals who are proficient in multiple languages are better prepared to overcome obstacles when conducting business transactions abroad. In addition, they must understand the risks with traveling to hostile countries and be tolerant of the cultural differences. Working on a global scale, they must also be aware of the different laws that exist in countries and of the role that religious view play in their business activities. Individuals must be prepared to do a lot of traveling and in most cases work long hours so that companies can the most productivity.
Career Opportunities in International Business?
Because the field of international business is responsible for the business activities of foreign entities, they have more options to obtain jobs such as international sales managers, administrative assistants, retail store managers, marketing managers, account managers, and employment recruiters. In addition, more specific employment opportunities are that of logistics analysts, import/export agents, supply chain managers, foreign trade specialists, international economists, compliance specialists, management consultants, and investment advisors.
Salary Expectations (United States Average)
Depending on the specialization and years of experience that an individual has, their salary will vary accordingly. For the international business positions listed below, most of the companies require a year of experience or more.
- International Sales Manager-$47,000
- Logistics Analyst-$35,000- $48,000
- Import/Export Agent-$27,000-$41,000
- Supply Chain Manager-$59,000
- Foreign Trade Specialist-$32,000-$48,000
- International Economist- $45,000
- Compliance Specialist-$33,000-$52,000
- Management Consulting-$65,000
- Investment Advisor-$33,000-$43,000
- Financial Analyst-$43,000-$59,000