JOIN USRapid increase in global enterprises poses a greater need for qualified professionals with knowledge of global market, writes Sanjiv Marwah.
Global market is not a myth, but a reality today. Markets and products which were not even visualized earlier are finding space now. Disappearing boundaries, breaking down of barriers, and expansive growth in communication and IT have made the world a global village. No product is unknown in any market and similarly no market is inaccessible.
The influencing factors range from steel production in china to light weather in North America, and from estimated food range production in Latin America to emerging financial scenario in Europe. In simple words, each and every development affects global business. This has resulted in each and every country’s trade policies oriented to external demands. Resultantly, practioners of international business have to be global in all their perspectives.
Skills required
Fundamental skills required of an international business graduate are the ability to foresee and forecast negotiation skills, sharp business acumen, and knowledge of various trade provisions, currency, and logistics. One aspect which has gained immense importance is quality and its implementation. Documentation skills and analytical ability are additional skills required.
Scope
There are several opportunities for a candidate while pursuing a career in international business (IB). A degree in international business management can guide a candidate to work in various departments of a domestic or global company. He / she can be part of any function like marketing, finance, human resources, operations and trade.
There are numerous career paths for the international business graduates. Most frequently linked with international business career is international trade. English language remains the standard means of communication for international business and English is highly valued in the educational systems of countries as individuals have to deal with trade agreements and negotiation. Areas like automobile, fast food including retail chains, high-end fashion goods and services, are gaining momentum in the market share of global business.
Eligibility and course content
Road to International Business program is on the basis of entrance exams like CAT, MAT and XAT. Now-a-days, executive MBA (IB) is also offered by various institutes across the country. The material of the course includes subjects like import / export management, international trade & logistics, international marketing, foreign exchange management, and international finance.
Candidates who wish to pursue international business should have a recognized bachelor’s degree of minimum three years’ duration in any discipline with a minimum of 50% aggregate. Management pass out students get more preference as they are familiar with the management terms. The final year management students who are waiting for their results can also apply for this course.
Job Opportunities
Large number of global enterprises are already operating in India and new ones are entering the market rapidly. These organizations would definitely need qualified and experienced professionals with knowledge of domestic and global market to take care of their business interests. Buying, sourcing, logistics and providing expert services are areas which would be in great demand. Opportunities also exist in domestic enterprises on an expansion plan and targeting overseas markets.
Remuneration
Candidates passing out from reputed Institutes with a degree in International Business is usually recruited as a management trainee, and the salary would range from Rs 5 lakh to Rs12 Lakh per annum. In fact, job satisfaction and career growth can be important factors in International market research firms or consulting organizations. To be effective in this field, the practioners must be sensitive to their environment and at the same time be innovative in order to localize overseas products to meet the local demands.
(The writer is director of a reputed Business School in India)