“To be successful, you have to have your heart in your business, and your business in your heart.”
Thomas Watson, Sr., former CEO, IBM
Studying international business will allow you to see how globalization has impacted economies around the world. It is obvious that it has forced the need to educate specialists who are well-placed in an international environment and at the same time prepared to hold responsible managerial positions in large companies.
International business deals with cross-border transactions undertaken by companies operating on global markets. For these transactions to occur, international operational structures different from those used in domestic market operations are created. It refers to the trade of goods, services, technology, capital, and knowledge. It needs qualified staff to manage a business on a global scale. For example, big corporations like Samsung, BP, Coca-Cola operate independently in each country, and each country has its own set of offices and qualified employees.
Running an international business requires not only knowledge of international laws, norms, and strategies, which you will become familiar with during your studies, it also requires soft skills, such as teamwork, cooperation, and intercultural communication. By combining all these subjects, you get the chance to become a real international businessman.
What do you need to study international business?
- The basic knowledge of principles of the world’s largest companies.
- Knowledge of 5 forms of International Business:
Importing & exporting
Franchising which is closely related to licensing.
Strategic partnerships & Joint venture.
Foreign direct investment (FDI)
- Interest in world affairs.
- Interest in global commerce: importing, exporting goods, and services.
- Basic comprehension of international trade policies, practices, and global supply chain management and logistics.
- Solid foundation in marketing, management, accounting, and financial accounting.
- An acquaintance of business law and principles of management.
- Basic understanding of information systems for management.
- Principles of management and marketing
- Understanding of organizational behaviour.
Skills Needed for Success in International Business
- Intercultural Communication Skills – Interacting with people from a different culture than your own. Learning about different cultures and developing awareness of your own cultural biases.
- Cooperation abilities – Doing projects which expose you to different cultures so you can really learn how to work with people of diverse backgrounds.
- Teamwork – Understanding others, regardless of nationality, race, ethnicity, gender, religion, sexual orientation, etc., to find the best outcome for the project. The smart division of responsibilities between individual persons can shorten the project implementation time extremely easily and effectively. Understanding different abilities, talents, and skills of your co-workers.
- Interpersonal Relations – The ability to listen carefully, speak, negotiate, resolve conflict, behave assertively, delegate powers, and social adaptation.
- Adaptive Thinking – Finding solutions in cross-cultural settings.
- Emotional intelligence – The ability to recognize one’s own and others’ emotional states, as well as the ability to use one’s own emotions and deal with the emotional states of others sometimes in an incredibly stressful environment and managing non-verbal and verbal communication.
- Problem – solving – The capacity to recover quickly from difficulties. To be successful, it is necessary to solve problems on an ongoing basis, to deal with things, and to face the new, bigger ones.
- Networking – Skillful building of relations with clients, co-workers, and contractors.
- Self – education – Demanding more from yourself than others do. Verifying your skills, keeping a log of self-improvement.
- Knowledge of International management and leadership.
Where can you find employment as a graduate in International Business?
Obtaining a Graduation in International Business will prepare you to run your own business or work in international institutions. You will also be able to work in commerce or business and national or international administration. If you have an analytical mind, a head full of ideas, and would like to try your hand at business in the future, perhaps this is the direction for you!
Companies and institutions where you can work after graduation:
- International corporations,
- Transnational corporations,
- Companies operating on international markets,
- Governmental and non-governmental organizations,
- Advertising and PR agencies,
- International research centers
- Companies undertaking export expansion,
- Strategic consulting companies,
- Economic organizations,
- International investment funds
What is the difference between business and international business courses?
A business degree prepares students to interact with the domestic market while International Business degree holders are equipped to deal with international businesses and cross-border ventures.
What is studying International Business like?
Education aims to acquire knowledge and skills to perceive the economic, political, and cultural conditions of global business. Students learn how to apply economic and tax law, how to recognize and measure economic operations in the accounting and tax books, how to prepare and evaluate financial statements, or how to use quantitative methods and analytical techniques. They gain an in-depth understanding of the global marketplace.
Is it a good idea to study International Business in Australia?
Australia has eight of the top 200 Global Universities; many globally recognized universities with extremely high educational levels offer courses from introductory level to postgraduate programs and graduate in Business. It is a perfect place to study international business and develop your skills; apart from great weather, beautiful beaches, vibrant city life, and unique, friendly people, the economy in Australia is exploding. Its strategic geographical location, wealth, and rich natural resources make Australia an attractive destination for investment. The government welcomes foreign organizations and corporations to establish their infrastructure to increase competition. Many international organizations enter joint or standalone ventures offering employment opportunities.
Many Australian Universities have AACSB Accreditation, which is the benchmark of quality for business education worldwide.
The following Australian business schools are accredited by AACSB:
- Macquarie Graduate School of Management (New South Wales)
- The University of Sydney – The University of Sydney Business School
- University of Technology, Sydney (New South Wales) – UTS Business School
- Griffith University (Queensland)
- Queensland University of Technology (Queensland)
- The University of Queensland (Queensland) – UQ Business School
- The University of Adelaide (South Australia)
- Melbourne Business School (Victoria) – The University of Melbourne
- University of Melbourne (Victoria) – Faculty of Business and Economics
- University of Western Australia (Western Australia) – UWA Business School
What degree is the best to work in international business?
You can earn a bachelor’s degree in international business, but most upper-level international management positions require an MBA, International MBA, MBA IB, or master’s degree in Business Administration.
The Best Master’s Degrees of International Business in Australia
- Master of International Business, La Trobe University, Melbourne
- Master of Business (International Business), Flinders University
- Master of International Business, University of Adelaide
- Master of Business, Queensland University of Technology, Brisbane
- Master of International Business, Curtin University, Perth
- Master of International Business, University of Wollongong Faculty of Business, North Wollongong
- Master of International Business and Entrepreneurship, Curtin University, Perth
- Master of International Business, The University of Melbourne
- Master of Business Administration, The University of Melbourne
- Master of International Relations, The University of Melbourne
- Master of International Business, RMIT
- International Master of Business Administrations, UNISA
- Master of Business (Management), RMIT
- Executive Master of Business Administration, The University of Melbourne
- Online Master of Business Administration MBA (Global), James Cook University
Best MBA Schools of International Business in Australia:
- Sydney Business School – University of Wollongong, New South Wales
- Griffith University – Griffith Business School, Queensland
- Federation University Australia – Federation Business School, Victoria
- Deakin University – Deakin Business School, Victoria
The Best Diplomas of Business Degrees Courses in Australia
- BSB50815 Diploma of International Business
- Professional Certificate in Applied Analytics, RMIT
- Advanced Diploma of International Business, RMIT
- Diploma of International Business, RMIT
- Graduate Certificate in International Business, RMIT
- ACCIT Diploma of International Business, Sydney
- MNGT6582 International Business, Sydney
The Best Bachelor of Business Degrees Courses in Australia
- Bachelor of Actuarial Studies, UNSW Business School
- Bachelor of Commerce (BCom), UNSW Business School
- Bachelor of Commerce (International), UNSW Business School
- Bachelor of Economics (BEc), UNSW Business School
- Bachelor of Business (International Business), University of South Australia
- Bachelor of International Business, University of Adelaide
What kind of jobs can you get with an International Business degree?
As a graduate of International Business Studies, you will be a sought-after specialist on the market. You will be equipped with the ability to perceive the economic, political, and cultural conditions of global business. Workwise you can manage a small and medium-sized company engaged in international exchange or operating within international networks. You might be working with diagnosing and implementing strategic aspects of the functioning of multinational corporations and capital groups or with broadening their intercultural management skills. You can also conduct research in international markets and interpret their results or work in public administration institutions related to global economic cooperation, and more.
Average Salaries (per year) for International Business Professionals in Australia
- Trade Marketing Representative A$65,834
- regional operations’ manager A$83,332
- international purchasing agent A$48,853
- Diplomat A$106,477
- Foreign trade specialist A$86,624
- Managing Director (CEO) A$220,000
- Manager responsible for corporate finance (CFO) A$119,598
- Manager responsible for marketing (CMO) A$65,834
- Business Development Manager A$79.000
- Account Manager A$56.000
- Inventory Analyst A$78.000