Business is a complex and ever-changing world. The needs of consumers shift day by day, and the modes of commerce shift right along with them. Those who like finding creative new solutions to the challenges posed by the constantly evolving economic environment — especially in a global arena — will benefit from a degree in International Business Administration.
Specifically, you might wish to consider a Bachelor of Science in Business Administration which prepares you to embark on a variety of business careers. If your interest is international in scope, you can take your specialty in retail, consumer products, sales analysis and more worldwide. But what does such a degree involve, exactly? And what does a career look like afterward? Let’s take a look:
Duties and Responsibilities
On a general level, international business people specialize in understanding financial and commercial markets on a global level. Their job is to bring the lessons and modes of business to international markets, serving customers worldwide and helping companies with a global footprint to compete in highly aggressive sales arenas.
The challenges of international business are different than domestic business. Those with international focus have to understand the complexities underlying commercial endeavors that take place across international boundaries. They are responsible for recognizing the salient details in commercial transactions, financial moves or sales processes and bringing them to their organizations in a digestible, actionable way.
Over the last two decades, according to the most recently available statistics from the World Trade Organization, international business has grown at a staggering rate:
- World merchandise exports grew from US$5,168 billion to $19,002 billion between 1995 and 2014
- World commercial services grew from $2,516 billion to $4,872 billion between 2005 and 2014
- Worldwide GDP and world merchandise exports grew every year between 1995 and 2014 — falling short only twice
The takeaway? Demand for those who understand the demanding global marketplace is growing as well.
Salary and Job Prospects
While international business majors share the common skills of understanding financial markets, creating business plans, analyzing data and solving problems, you can take various approaches with degree in hand. Below are some of the most common jobs those with international business degrees, as well as average salaries and job growth between 2016 and 2026, according to the Bureau of Labor Statistics.
Also called management consultants, management analysts are typically freelancers or contractors. They come into an organization on a short-term basis to consult on the best ways to make an organization more efficient, improve management and increase bottom line.
- $82,450 per year
- $39.64 per hour
- Job growth: 14 percent
Sales managers oversee sales teams, helping ensure they meet quotas, designing and managing sales campaigns, and promoting the products or services purveyed by the company. They are also responsible for training sales staff, analyzing the data and using it to adjust sales approaches in future.
- $121,060 per year
- $58.20 per hour
- Job growth: 7 percent
Securities, Commodities, and Financial Services Sales Agents
Those in the securities, commodities and financial services field help others trade and transact, both domestically and across the world. They connect buyers and sellers in financial markets, helping them target the best deals globally.
- $63,780 per year
- $30.66 per hour
- Job growth: 6 percent
Market Research Analyst
If you’ve always been interested in studying how markets grow, shrink, change and adapt to the current economic climate, this job might be for you. Market research analysts help explore new markets, identify where products might best be sold and determining which niches are currently underserved.
- $63,230 per year
- $30.40 per hour
- Job growth: 23 percent
Financial managers oversee the budget and long-term financial plans of an organization. They are responsible for maintaining the bird’s-eye view of the company, whether that means within the national borders or across global locations.
- $125,080 per year
- $60.14 per hour
- Job growth: 19 percent
Courses and Curriculum
A degree in international business involves a variety of courses, subject matter and skills. These include:
- Business analytics
- Business law, policies and practices
- Global perspectives
Would you like to learn more about a degree in the international business sphere and your place within it? Please feel free to get in touch with us here at Post University today. Our team would love to answer any questions you might have about this degree and help you plan the career of your dreams.