Guide to Master of International Business Degrees
The Master of International Business degree is ideal for those who want to study global business and work for a company that has an international presence. Studying for a Master of International Business, students examine global business issues and tactics, finance, marketing and management. International business offers different challenges from domestic business, and earning this degree will include courses that address the difficulties of working across a language barrier, international trade and finance laws, and other issues that can arise when trying to run a business with bases in multiple countries. Students with a Bachelor of Business Administration or Bachelor of Communications often go on to study for a Master of International Business. This is a fairly general degree that teaches you the fundamentals of working for an international business, leadership skills and how to put new marketing and business techniques into effect to benefit a company.
Pre-requisites for Obtaining a Master of International Business?
There are only two pre-requisites for applying for a Master of International Business. You must have a bachelor’s degree and you must have a certain score on the Graduate Records Exam (GRE) or Graduate Management Admissions Test (GMAT). It is common for students to have a BA in Business or Communications, but anyone with a BA is allowed to apply to the programs. MBA programs are highly competitive though, so you’ll have to have great recommendations and possibly work experience if you want to get into a top-tier business school.
A Master of International Business gives you the knowledge and management skills to work in many capacities in a large company. You can also work as a consultant for international businesses or domestic companies looking to take their business global. If you have lived abroad or speak another language, you might have an advantage over your competition when applying for jobs, so it is a good idea to study a second language whenever you have the opportunity.
How Long Does a Master of International Business Take?
A Master of International Business takes about 2 years to complete if you are attending school full-time. For those attending school part-time, it can take up to 4 years to complete a Master of International Business. A Master of International Business covers general information on the subject, but students can specialize in languages or marketing to offer more once they enter the job market. Courses required in a Master of International Business program may include:
- Supply Chain Fundamentals: International entrepreneurs need to know how to research goods abroad, source and procure high quality merchandise or components, and streamline the transport and payment of said goods so that the cost doesn’t torpedo the business. Supply chain fundamentals teaches students how to manage many moving parts of a business at once, in different countries, using different currencies, without breaking the bank.
- Import/Export Principles and Practices: There are loads of laws governing the import and export of goods between countries, and the world’s largest economies depend largely on exporting to keep their GDPs in a pattern of steady growth. Learning the nitty gritty rules of import/export regulations and practices will help any businessperson navigate the treacherous waters of international buying and selling.
- International Business Law: The laws that govern business across political borders are different and more complex than those for businesses operating within one country’s borders. While a course in international business law won’t give you the experience to be a corporate lawyer, or even a law consultant, you’ll at least have the basic knowledge to ask good questions and know where to look for good legal information.
- Global Marketing: The way that different countries adopt new technology, take advantage of services, and consume products depends on their culture, religion, socioeconomic status, and many other fluid factors. By studying global marketing, you’ll learn how to pinpoint niches or vacancies in product or service availability abroad, and you’ll learn how to appeal to a different culture’s sensibilities to market to its members more effectively.
Online Master of International Business vs. Brick and Mortar
In recent years, online degrees have become the norm for students who have limited time and work full-time and have families. Online degrees are acceptable for business people, as long as they are from an accredited source. It is important you ask your school advisor about the program’s accreditation. You should also consult with the advisor about professors and how long they have taught online courses. A professor who is experienced in this class medium will make the difference in how the class is presented and make it easier to excel.
For those exploring online Master of International Business programs, remember that time management is key. It is essential for you to keep up with the class syllabus and turn in assignments in a timely manner. Many masters programs consist of papers turned in periodically. Online discussions are also encouraged. For some professors, online discussions count as part of your overall grade. This breakdown should be listed on the syllabus when the course begins. Overall, you will learn the same essential information with an online Master of International Business program. If you have work experience on your side, future employers will appreciate the combination of experience and know-how with the formal education of a Master of International Business.
Traditional programs for a Master of International Business study the same material as online programs, but do so in a classroom setting. Students are required to participate in class discussions and may have projects where they collaborate with other students. It is common to have 1-2 major projects within the span of studying for a Master of International Business, usually examining successful global companies. Some of the types of companies that tend to operate internationally include:
- Oil, Gas, and Petroleum Companies: Exxon-Mobil, BP, and Shell are all multinational corporations with offices and resources all over the world, which enables them to tap the juiciest markets and take advantage of low hanging fruit that a U.S. only company can only dream of.
- Retailers: Buy low, sell high. That’s the four word business model behind just about any retail venture you can think of, and one of the main ways that companies pull it off is to have their products manufactured in places where labor is cheap, and sell them wherever the product is most expensive. Apple products are made in China, where labor costs pennies per day, and sold in the U.S. for hundreds of dollars. Target’s clothes are all made abroad and sold in the U.S. at a huge markup. Having international relationships and being able to tap into inexpensive labor and supplies is the dominant paradigm for today’s multibillion dollar businesses.
- Online Services: The beautiful thing about a product or service that is based online is that it can easily be sold to people anywhere on Earth. However, there are still laws governing such businesses, and they are not uniform from country to country. Both Google and Facebook have had difficulties opening up shop in countries with stricter media controls, such as China, and a businessperson with the language skills and aplomb to bridge the gap between two nations for business purposes will easily find work with an Internet based company.
Finding a Master of International Business Program Fast
Both online and traditional Master of International Business programs focus on creativity, innovation, global marketing strategies and team building. These are all tools that can be applied to many different career paths once entering the international business job sector. Only the best business schools will provide you with adequate knowledge and resources to rise to the top of the business world, and it can be hard to filter out the great from the mediocre schools. The list below can help get you in touch with accredited, popular online colleges offering Master of International Business degrees, so that you can find out more about the programs being offered, and pick the one that feels best for you.