There are many career paths that lead to jobs just about anywhere in the world. Educators, for example, may choose to teach abroad. The Abroad Guide lists other options, including cruise ship staff, tour guide, foreign diplomat, traveling nurse, Peace Corps volunteer and even roadie.
These jobs all provide opportunities to travel internationally -- whether to cruise ship destinations or villages in developing countries. And they all pay. But for careers that combine going global while earning some of the highest salaries, a Master of Business Administration (MBA) with a Concentration or Specialization in International Business may be the key.
There is more than one path to earning an MBA. Full-time, two-year programs and online formats are two options. Louisiana State University in Shreveport (LSUS) offers a top-ranked online MBA focused on international business that is accredited by the Association to Advance Collegiate Schools of Business (AACSB). Students can complete their coursework in just 10 months and graduate with the credentials they need for a career in the global market.
What Is the Employment Outlook for MBAs in International Business?
MBA graduates are in high demand. The Graduate Management Admission Council (GMAC) conducted a Corporate Recruiters Survey of 959 employers from 600+ companies in 51 countries. Survey results show positive trends:
- Nearly nine in 10 companies (86 percent) plan to hire MBA graduates. This represents an increase of 9 percent in one year.
- These companies expect to pay a median base salary of $110,000 to recent MBA graduates. Signing bonuses and other benefits may boost overall compensation.
- Employers are paying more for MBAs with specializations, such as international business.
- The starting salary for bachelor's degree holders is $60,000. This translates to an 83 percent increase for recent MBAs.
- A majority of employers in Europe, Asia-Pacific, Latin America and the United States intend to hire international candidates.
Poets & Quants backs up the data on generous salaries for MBAs. In particular, this leading business school resource reports that international business is among the highest-paying MBA specializations, with mid-career salaries averaging $121,000.
Data from the U.S. Bureau of Labor Statistics (BLS) supports the potential payoff of an MBA. According to the BLS, workers with a master's, such as an MBA, have some of the highest salaries in business occupations.
What Are Some Jobs Options for MBAs in International Business?
An MBA prepares graduates to become well-rounded, effective business leaders. An MBA with an international business focus helps students develop those leadership skills in the context of global environments. At LSUS, students in the MBA program with an International Business Concentration have the option to participate in a study abroad experience, gaining valuable experience in an international setting.
Wide-ranging career opportunities for international business MBA graduates can be found with multinational companies, small and medium-sized enterprises (SMEs), government and public institutions, the financial services industry and more.
Here is a look at just a few of the job options for those who hold an MBA focused on international business:
International Financial Manager: Financial managers monitor and protect the financial health of their organizations. In a global economy, the basic responsibilities of this job can become more complex. Tax laws, host country regulations, currency risk, and even political instability can all be complicating factors.
International Trade Compliance Manager: In short, a compliance manager keeps a company out of trouble. This requires the ability to enforce policies and laws while also promoting cooperation. A compliance manager, also called a compliance officer, deals with both ethical and practical considerations. Cultural sensitivity, as well as an understanding of local customs and laws, is important.
International Marketing Manager: Also known as global marketing managers, these business professionals typically work for large multinational corporations. What makes this job different from doing business at home? What works in one country may not work in another. International marketing managers must be sensitive to cultural differences and their global customers' needs. They also need to understand local laws and regulations.
Consultant: Variety makes consulting an appealing option for many business professionals. Management consultants work across all areas of business. And in the case of international business consultants, the opportunity to work for clients around the world may be a bonus. For example, a human resource management (HRM) consultant may work with a global client to meet employee needs in an international location, which would require them to be familiar with applicable employment laws.
High demand, generous salaries and career advancement are all convincing reasons to consider an MBA. But, as the old saying goes, "money cannot buy happiness." So, is there more to an MBA in international business than financial reward?
The answer is a definite "yes." In an increasingly global economy, an MBA focused on international business can provide rewarding opportunities to connect with people from different cultural backgrounds the world over.
Sources:Bureau of Labor Statistics: Should I Get a Master's Degree?
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