Career in International Business

Liberalization has opened new horizons of international trade for its huge potential market and has also opened vistas of foreign markets for its diversified product line. In 1991 when the new economic policy was introduced, India’s export was merely $ 18 billion which surged to about $ 200 billion. It contributed to the creation of nearly14 million jobs directly or indirectly. Government has strengthened the foreign trade policy and set up Export Processing Zones (EPZ), Special Economic Zones (SEZ), dry ports for facilitating export and imports, exemptions of duty and other measures. Thus, international trade and business have tremendous scope in terms of employment and entrepreneurial opportunities in India.

Dimensions of International Business

With the emergence of WTO (World Trade Organization) in 1999 the international trade practices have gone standardized and member countries have agreed to come under a broader network with some common rule and trade codes of conduct. Since various trading partners/countries are involved in the complex trade activities, a lot of complexities arise during the whole process. These may be due to differing export-import policies, legislations, custom agreements, documentation requirements, quality control concerns, standardization and other micro/ macroeconomic consideration. International business operations account for production, invoicing, packing, insurance, transportation and shipping, logistics, quality control, inspection, finance, documentation, marketing, import, export, custom clearance, legislation, risk assessment, surveying, service, liasoning, foreign exchange management, merchandizing, taxation, research and development etc. Aside from it, there is direct role of professionals in managing human resource at multinational companies involved in international trade and business. These include; cross cultural research methodology and cross cultural negotiation and communication, foreign exchange markets and their operations, institutions for finance and infrastructure including export promotion councils and commodity boards, state trading corporations, export processing zones, regional trade blocks, multilateral and bilateral trade agreements and e-commerce. They enhance the scope of international business.

Scope and Nature of Career in International Business

The professionals in international business are required by organizations involved in export import specially export houses, merchandisers, custom clearing houses, special economic zones, dry ports, ports, logistic companies, transportation corporations , state trading corporations, marine insurance companies, shipping companies/corporations, directorate general of foreign trade, banks and financial institutions providing export-import finance & foreign exchange services, pre-shipment and post-shipment quality control labs, export marketing firms, BPO involved in export import business, customer relationship management, International finance, international accounting and international financial management.

Consultancy is one of the most sought after and remunerative career for international business professionals. An international business consultant is responsible for providing relevant and up-to-date information about various aspects of business development and market information for international companies. The international business consultant conveys information about foreign business investments, opportunities, competitive companies and even information about business practices and legal implications of owning a business in another country..

International finance has also emerged as a major sector attracting experts in managing the fiancé related affairs of multinational corporations and Despite the increasing demand of experts in international business management, there is a dearth of faculty in international business in management institutions offering and planning to offer these courses.

Media reporting and journalism related to import export and commodity specific reporting can also be a good opportunity to the young people having a flare for international business news in print and electronic media.

Entrepreneurship is also one of the lucrative career options for the persons who desire to have their own export house for facilitating international trade practices. The professional having some experience in export-import documentation can establish their offices in dry ports, SEZ and export processing zones (EPZs) and provide services to the clients(in this case exporters and importers) related to every aspect of procedural requirement of export and import.

International accounting is also an area where the experts in accounting operations may be posted in multinational corporations and firms engaged in international business operations. The accounting professionals are required for compliance of international accounting norms and standards.

Institutues

• University Business School, Punjab University, Chandigarh, MBA(IB)
• Indian Institute of Foreign Trade, New Delhi, Part Time / Regular MBA (IB)
• Delhi School of Economics, University of Delhi, New Delhi, MIB (Masters in International Business)
• Haryana School of Business, Guru Jambeshwar University, Hissar, Distance Education / Regular MBA (IB)
• School of Management Studies, IGNOU, New Delhi, PGDIBO

There are many certificate and diploma courses also provided by various institutes and recognized by different State Technical Education Boards. The eligibility criteria in most above courses is Graduate with CAT score. The details on how to apply and process of selection may be obtained from the websites of the respective universities and institutes.