What Is International Business? Everything You Need To Know (2024)

The shift toward a more integrated and global economy has expanded opportunities across for professionals in international business. International business professionals may work in accounting, economics, marketing, law, healthcare or information technology.

If you’re considering a career in international business, it’s important to understand what the field entails to ensure it aligns with your professional goals. Our article covers everything you need to know before enrolling in an international business degree program, including admission requirements, degree options, specializations and potential careers.

What Is International Business?

International business refers to the trade of goods and services, capital, knowledge and technology across borders on a global scale. International business transactions include contractual agreements that permit foreign firms to utilize services, products and processes from different countries. Transactions also allow for the development and operation of manufacturing, sales, distribution facilities and research and development in foreign markets.

In later sections, we explore what it takes to earn international business degrees at the undergraduate and graduate levels, including where these degrees can lead you.

Specializations in International Business

Many international business degree programs offer specializations or concentrations, allowing students to tailor their coursework to suit their professional goals. Each program offers unique specialization and concentration options; therefore, not every specialization listed below is available at every school.

Ensure you research your prospective degree program to understand its specialization offerings.

International Finance

An international finance specialization includes coursework on different types of accounting systems, global stock markets, foreign economies, corporate finance, business ethics and capital markets.

Entrepreneurship

A specialization in entrepreneurship provides students with the necessary skills to establish and operate a business in a global market, develop a global business strategy, and understand how law systems and political and cultural contexts affect corporate strategies. Coursework typically includes principles of entrepreneurship, micro- and macroeconomics and global corporate strategy.

International Trade

A specialization in international trade typically includes courses related to global business development, international transactions, strategic management, logistics and economic development. Students gain insight into import and export systems, international trade law, current international trade issues, economic globalization and research methodology.

International Business Degrees

At every level, international business degrees provide students with foundational knowledge of the principles, practices and processes involved in international business. Many international business degree programs include a foreign-language component.

Remember to research the admission requirements, course and specialization offerings, and curriculum for the specific schools and programs you’re interested in, as these factors can vary considerably. Below is an overview of what students can anticipate for various levels of international business degrees.

Associate in International Business

Associate degree programs in international business provide students with foundational subject knowledge, including core concepts and principles and interpersonal and intercultural skills. Associate degrees can prepare students for direct entry into the job market or transfer to a four-year college or university. Associate degrees in business comprise 60 credits and generally take two years to complete.

The curriculum for an associate in international business consists of general education and major-specific coursework. Below is a sample of courses typically offered in international business degree programs. Specific course titles and offerings vary by school and program.

• Financial accounting
• Information computer systems
• Communications
• Managerial accounting
• Principles of marketing
• Principles of management
• Micro and macroeconomics
• Business law

Associate in International Business Admission Requirements

Admission requirements for an associate degree in international business vary by program.

Standard admission requirements often include submitting an application and paying an application fee. Applicants are usually required to hold a high school diploma or the equivalent, and some must meet a specified minimum GPA requirement.

Careers with an Associate in International Business

Graduates with an associate in international business can qualify for various entry-level business positions, such as:

• Advertising account executive
• International sales representative
• International management consultant
• Import/export agent

Bachelor’s in International Business

A bachelor’s in international business usually comprises 120 credits and typically takes four years of full-time study to complete. International business programs include general education, electives and major-specific coursework to equip students with the core competencies and skills needed for a career in international business.

Specific course titles and offerings can vary significantly among courses, but common courses for this degree include:

• Financial accounting
• Business law
• International legal environment of business
• Business ethics
• Business statistics
• Principles of marketing
• Micro- and macroeconomics
• Organizational behavior
• Strategic management

Bachelor’s in International Business Admission Requirements

Admission requirements for bachelor’s degree programs in international business vary depending on the school. In general, applicants must submit an application, pay an application fee, hold a high school diploma or equivalent, submit transcripts from any previously attended colleges or universities, and meet a minimum GPA requirement. Additional admission requirements may include the following:

• ACT or SAT scores
• Admissions interview
• Personal statement
• Proficiency in English (TOEFL, IELTS, etc.) for non-native English speakers

Careers with a Bachelor’s in International Business

Earning a bachelor’s in international business can prepare graduates for numerous career pathways across industries. Below are a few job titles and roles you can qualify for with this degree.

• Investment banker
• International banker
• Public relations specialist
• Financial analyst
• Policy analyst
• Stockbroker
• Financial trader
• Economist
• Human resources manager

Specific job requirements, roles and responsibilities can vary considerably depending on the company or organization. Make sure to research the job requirements of your desired position or company.

Master’s in International Business

A master’s in international business (MIB) typically takes one year and comprises 30 to 36 credits. Earning a MIB allows students to build on the foundation they developed during their undergraduate studies and gain specialized knowledge. Candidates can anticipate a multidisciplinary curriculum that offers a well-rounded understanding of how language, culture and political systems impact business operations.

• Applied research methods
• Global marketing concepts and strategies
• Managerial accounting
• Entrepreneurship
• International business law

Admissions Requirements for a Master’s in International Business

Admissions requirements for MIB programs vary by school. Generally, prospective students must submit an application, pay a non-refundable application fee, submit all official post-secondary transcripts and meet a minimum GPA requirement. Additional standard admission requirements for MIB programs include the following:

• GRE or GMAT scores
• Professional résumé
• Two to three letters of recommendation
• Statement of purpose or letter of intent

Some programs require applicants to have work experience in the field, whereas others require no professional experience. It’s essential to research the requirements of the specific schools or programs you’re interested in, as admission requirements vary.

Careers with a Master’s in International Business

Below are some careers graduates with a MIB can pursue. Specific job qualifications and requirements can vary considerably depending on the employer.

• Business development director
• Global product manager
• International marketing manager
• Compliance officer
• Supply chain manager

MBA in International Business

A master of business administration in international business is an advanced degree for students with at least two to five years of professional working experience. An MBA in international business generally takes 1.5 to two years to complete and typically comprises 36 to 60 credits.

The curriculum covers business administration fundamentals, including accounting, finance, marketing and leadership. Students gain in-depth knowledge of foreign markets, global economics, challenges facing companies worldwide and the intricacies involved in cross-cultural business relationships. Coursework covers topics related to the following:

• International finance
• Emerging financial markets
• International trade law and management
• Global economics
• Foreign policy

Admission Requirements for an MBA in International Business

Admission requirements for MBA degree programs in international business can vary widely depending on the school. Generally, applicants must hold a bachelor’s degree or equivalent from an accredited four-year university and meet a minimum GPA requirement. While some programs require students to have a degree in a business-related discipline, others do not.

Additionally, MBA candidates must meet a minimum professional work experience requirement, which often ranges between two to three years, and provide a résumé detailing their work experience in their application. Standard admission requirements include:

• Admissions essay, personal statement or letter of intent
• GRE or GMAT scores meeting a minimum requirement
• Letters of recommendation
• Proficiency in English (TOEFL, IELTS, etc.)

Top Skills in International Business

Networking

Building a solid network is essential to thriving in an international business context. Finding and maintaining professional connections can facilitate collaborative opportunities with professionals and companies. Professional connections may offer complementary services to help you achieve your business goals, increase profits, enhance overall business operations and expand overseas career opportunities.

Collaboration

Collaboration can be a powerful tool for companies and organizations. Collaborating with others can broaden your perspective, expand your capacity to adopt new approaches to addressing and solving problems and improve your decision-making skills.

Adaptive Thinking

Adaptive thinking is vital for the ever-changing nature of global business. Adaptive thinking requires agile and decisive yet thoughtful action to navigate complex challenges in a fast-paced environment. You must recognize unforeseen problems, determine possible solutions and decide on the appropriate action.

Interpersonal Skills

Strong interpersonal skills encompass how you interact with others, your attitude, active listening and overall verbal and nonverbal communication skills. Interpersonal skills allow you to communicate effectively, tackle conflicts and address the needs of others accordingly.

Good interpersonal skills are vital for various aspects of business, including managing and maintaining internal and external business relationships, securing investments and sustaining a satisfied customer base.

Frequently Asked Questions (FAQs) About International Business