International Business Studies Bachelor’s Degree Online
Is an International Business Degree for You?
As the world becomes increasingly globalized, there will continue to be an added emphasis on international business. International business students study other cultures, international politics, foreign languages, and international law, as well as the logistics of international trade and investing. They become familiar with markets and cultures that differ from our own and can understand how they function together. Students can tailor their degrees to specific careers they are pursuing too, such as concentrating on disciplines like economics, accounting, finance, management and marketing. They can also focus on the specific regions in which they would like to work and learn the language. As the global economy grows and regions and countries become even more closely tied together through trade, we will most likely see careers in international business continue to rise in number.
Advice for Earning Your International Business Degree Online
When searching for an online international business degree, it's essential that you make sure the schools and programs you are considering are accredited. Accreditation is a measure that ensures colleges are performing to the satisfactory educational standards established by the accrediting agencies. By checking the U.S. Department of Education's Database of Postsecondary Accredited Institutions, you can find out if a school is accredited or under review for accreditation status. You can also find out if your prospective business program is accredited by checking the Association to Advance Collegiate Schools of Business (AACSB).
Required Courses
Before diving into specific international business courses, students usually take prerequisite classes in financial accounting, managerial accounting, principles of macroeconomics, principles of microeconomics, business administration, and business law. Once they have completed those courses, they enroll in classes like principles of marketing, international marketing strategies, business finance, international business finance, organizational behavior, principles of management operations, and quantitative business analysis. Of course, to function internationally, an international businessman or businesswoman must also communicate in the language of the region. Some programs require up to three years of study in a foreign language, and some offer business concentrations tailored for specific countries. In addition, dedicated students can gain hands-on experience by studying abroad.
Common Career Paths
A degree in international business can take you around the world. Graduates find careers working for international firms in different capacities. To attain the best jobs upon graduation, it helps to have accumulated experience working overseas with the culture with which you hope to work. Participating in multiple internships helps as well, as internships can provide the experience and connections that are crucial in the business world. Common careers include (but are not limited to):
- Foreign Service Officer
Foreign service officers work within the U.S. State Department, which represents America abroad. Foreign service officers have five career tracks: consular, economic, management, political, and public diplomacy. Those with a degree in international business are best prepared to work as economic officers or management officers. According to the State Department, economic officers work with foreign governments on issues regarding trade, the economy, and energy, while management officers are responsible for embassy operations.
Competition for these jobs can be especially tough in slow economic conditions. As a result, prospective foreign service officers should make themselves as marketable as possible by studying abroad and fulfilling internships. Fortunately, the U.S. Bureau of Labor Statistics projects job growth in the federal government to be around 10% from 2008 to 2018. This will include State Department jobs, especially as the U.S. continues to clarify its policies abroad. In May of 2008, full-time federal workers earned around $70,000 a year.
- International Travel Agent
International travel agents help travelers by guiding them in deciding when, where, and how to travel, as well as facilitating their travel to and from international destinations. Essentially, international travel agents do all of the time-consuming legwork so that travelers can focus on enjoying their trips and making memories. International travel agents have to be accustomed to the variety of cultures, languages, and laws they may encounter while booking and researching trips.
Although the U.S. Bureau of Labor Statistics (BLS) suggests that they expect little to no change in job prospects for travel agents, they do project that the demand for specialized travel agents, such as international travel agents, will increase as travelers seek out more exotic locations to visit. Furthermore, the increasing number of those who visit America from other countries will also boost international travel agents' business. Because job competition will still be stiff, those interested in becoming an international travel agent should strongly consider getting as many credentials as possible before seeking out work. The BLS also reported that in May of 2008, the median annual salary of travel agents was around $30,570 a year.
- Foreign Market Analyst
Foreign market analysts work with companies to gather information regarding the ability of a product or service to succeed in a foreign market. They gather this information from a variety of sources, such as cultural traditions, potential consumers' needs, and foreign laws. They then advise companies as to how to produce, price, distribute, and market the product or service in a way that will maximize sales and minimize costs associated with rolling out and maintaining the product lines. Furthermore, foreign market analysts can help companies decide whether or not a certain product or service should be discontinued or modified within a foreign market.
The U.S. Bureau of Labor Statistics projects that market research analysts, including foreign market analysts, will see an employment growth of around 28% from 2008 to 2018. Regardless, competition will still be tough, so aspiring foreign market analysts should do their best to make themselves highly marketable by obtaining experience within the field.
