A Master of Business Administration (MBA) degree provides students with thorough knowledge of all elements of business. The perks of the degree include increased job prospects, increased earning potential, improved skills, improved job security, expanded global perspective, expanded professional network, and more.
The online MBA in International Business program from Barry University prepares graduates for the real-life circumstances of roles in business. In addition to the benefits above, an online MBA offers flexibility and a breadth of knowledge, making it suitable for many students regardless of what kind of business they plan to work in.
What Can You Do With an MBA in International Business?
An MBA with a specialized focus in international business provides insights into global business dynamics and trade, or “the purchase and sale of goods and services by companies in different countries,” including “consumer goods, raw materials, food, and machinery,” as explained by Investopedia. Life in the modern world is more and more globalized. This, of course, has had a massive effect on trade and business, as companies can offer their products in other markets, making those markets more competitive. Conducting business on the international level offers great potential rewards. However, international business also comes with its own risks.
There are potential barriers to international trade, for example. Investopedia cites “subsidies, tariffs, quotas, import and export licenses, and standardization” as aspects of this type of work that professionals must consider. To navigate international trade efficiently, businesses must employ workers with knowledge and business acumen. While some expertise is gained on the job, an MBA degree prepares employees by creating a valuable foundation for work in the international trade sector.
MBA in International Business Salary
The rewards of working in international business are expansive. An MBA in international business prepares people for many business roles. For example, MBA program graduates often become entrepreneurs running their own businesses, HR directors, marketing directors, global brand managers, and trade consultants.
MBAs also open doors to high-paying roles within different sectors such as nonprofit organizations, government, consumer goods, technology, and healthcare. As Trevon Bennett explains in an article from Indeed, “MBA graduates can enjoy higher salaries and may even earn signing bonuses… If you earn your degree while working in a position, you might earn a raise after completing your program.”
According to another article from Indeed, an MBA in International Business equips candidates with the right background and knowledge for work in exciting areas like international trade, emerging economies, global finance, international corporate ethics, global markets, and international business culture. These jobs carry with them high salary prospects. Indeed’s ranking of top positions for online MBA in International Business graduates includes roles like business development managers and chief marketing officers. Their salaries range from about $75,000 to $140,000.
In addition, Indeed cites job growth statistics from the U.S. Bureau of Labor Statistics (BLS). Some of these positions are projected to grow in demand significantly in the next few years. For example, demand for senior information security analysts is projected to grow by 33% by 2033. Opportunities for finance managers are expected to grow by 17%.
An Online MBA in International Business: Advantages and Impacts
Studying international business through an MBA program offers many professional benefits. In addition to lucrative salaries and high projected growth, a career in international business has other perks, according to Harvard Business School (HBS). HBS points out that even if a company works only domestically, it should consider international competitors. International companies may undercut prices with cheaper labor, materials, or lower taxes — meaning that a customer may find an equivalent product from abroad for less.
Foreign companies might choose to trade internationally, offering their products and becoming competition for local brands. When starting a new business, professionals should consider competition locally and globally. According to HBS, laws and policies made abroad or domestically in connection to global trade can also have ripple effects on local industries.
Barry University’s online MBA in International Business program is ideal for professionals wanting to further their careers. This education prepares workers for starting their businesses and makes them more appealing job candidates as newcomers to existing companies.
Learn more about Barry University’s online MBA in International Business program.