This MBA program will teach you about global business practices, economics and ethics and how they are applied within the world market. International Business MBAs are a combination of management and foreign relations. They focus on the disciplines of finance, accounting and marketing and how they are utilized to conduct business. They emphasize such matters as conducting business among differing cultures and countries.
What Does an MBA in International Business Cover?
With advancing technologies, mass communication and an Internet platform, businesses no longer have only a local, but a national and international presence. Any organization that is involved in the transaction of products, resources or services between at least two countries is considered to be involved in international business. From fast food chains to electronic manufacturers, all sorts of companies depend on overseas business and multinational markets to increase profitability. There is an increasing need for qualified individuals who possess an understanding of foreign business practices.
A MBA in international business is a graduate program that focuses on how business practices are conducted on a multinational level. It will not only require you to master all of the same objectives as a traditional MBA program, but additional curriculum in foreign studies. Online International Business programs will involve many projects, presentations, assignments and reports. This type of course work is meant to help you learn the best ways to make difficult decisions, solve complex problems and identify lucrative solutions. By earning an online International Business MBA you will be able to manage transactions and deals in foreign countries. An MBA program with a concentration in this area will emphasize aspects of multinational corporate management such as international trade laws, comparative economic systems and foreign market investments. You will also learn how to handle situations you may face concerning cultural differences, language barriers and ethical issues.
In general a MBA program can range from 48 to 51 credits and can take anywhere from one to three years to complete depending on previous education, business course work and enrollment status. In the first half of the program, core courses address the fundamentals including business analysis, legal environment of business, operations management, managerial economics, financial reporting and analysis, corporate finance, organizational information systems, and organizational design and behavior. These classes are meant to help you understand business practices, as well as develop analytical, critical-thinking, leadership, communication and management skills.
During the second half of the online International Business MBA program, you take advanced courses that focus on conducting business in international environments and integrate aspects like global financial strategies. Classes may include managing global diversity, multinational management, international business law, transitional economies and emerging markets, international business strategy, global logistics, intercultural communication, and derivatives and financial markets. In many of these programs, students are required to learn a foreign language as well as strongly encouraged to complete an internship at a company overseas.
Getting Into an International Business MBA Program
All applicants must have a bachelor’s degree from an accredited institution, typically with an overall grade point average of 3.0 or higher, though some schools may allow lower ones. As the international business specialization emphasis goes far beyond just local business practices, all applicants are expected to possess at least basic foundation knowledge of business. Those who did not receive their bachelor’s degree in business or another related field are required to complete courses such as the following before beginning their MBA studies:
- Principles of Management
- Financial Accounting
- Foundations of Business
- Business Law and Ethics
Some schools require that applicants submit their GMAT scores, even if there is no minimum for admission. Most schools will also require letters of recommendation and essays.
Why Should I Get an AACSB Accredited International Business MBA?
When it comes to receiving a business education, the highest quality online International Business MBA programs are accredited by the Association to Advance Collegiate Schools of Business. If you want business executives in both this country and abroad to be confident in your educational background, you should get an AACSB accredited International Business MBA.
What Jobs Can an Online International Business MBA Get Me?
- International Human Resources Manager: These professionals handle HR duties for a corporation’s overseas operations, including those related to hiring, training, compensation, benefits and labor relations. They may also be responsible for ensuring that facilities located in other countries operate according to the business practices, labor laws and safety procedures established by foreign governments. These types of managers may also help prepare employees to transfer to positions abroad, reassign those who are returning from overseas positions, and make sure that all staff is informed about issues related to international business and customs. The employment of human resources managers is projected to increase by 22 percent through 2018, according to the Bureau of Labor Statistics. As more businesses are expanding and establishing facilities in foreign countries, there will be more of a demand for those who are qualified to handle human resources on an international level. The median annual wages of these types of managers was $86,500 in May 2008, the Bureau reported, with those employed in the management of companies and enterprises earning the highest amounts.
- Global Business Manager: Global business managers are responsible for overseeing the operational duties involved in multinational projects and business deals. They manage global business development, foreign business operations, operational costs and expenses, and entry into new foreign markets. Often the nature of their work also requires them to effectively communicate to various clients as well as adapt the communication of company messages and philosophy to local cultures. In May 2008, those in this occupational group earned an average annual salary of $91,570, according to the Bureau of Labor Statistics.
- International Marketing Manager: International marketing managers work to promote a company’s products and services in a global marketplace. They are responsible for estimating consumer demand for current products and services and identifying the need for new ones. To do this they must be able to spot potential foreign markets, monitor international trends and develop marketing strategies. These types of managers also help develop pricing strategies to increase profits and market share. Their job requires that they be able to collaborate with other managers in sales, advertising, promotions and product development. The employment of marketing managers will increase 12 percent by 2018, the Bureau of Labor Statistics reports. Salaries of international marketing managers typically range from $63,004 to $119,739, according to PayScale.
Top Earning Industries for Jobs
- Financial Services: $54,461-$84,419
- Information Technology(IT) Services: $53,049-$77,973
- Financial Services: $53,023-$99,155
- Information Technology Services: $42,290-$91,396
- Financial Services: $51,688-$82,477
- Information Technology Services: $48,830-$79,621
How Do I Find Online International Business MBA Programs?
Rankings are important when it comes to identifying the top MBA programs in all concentrations including international business. Generally, rankings are based on factors such as student selectivity, academic quality, student-to-faculty ratio, graduation rate and post-graduation outcome.
Many publications develop annual rankings of the top-rated colleges and universities as well as the programs they offer. They include: