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Postgraduate (MSc, MA, MBA and PhD) Programs in International Business
Find postgraduate programs in INTERNATIONAL BUSINESS
Virtually all businesses are global or becoming so, with very few protected from international competition or lack a desire to compete abroad. At the very least, firms of any size are likely to procure products, components, materials or supplies abroad. So, their procurement is subject to exchange rate fluctuations, trade embargoes, and so on. And, of course, it’s not just competitors, suppliers and customers that are more global. The trend toward increased globalisation is to be found in capital markets, technology, national trade policies, etc.
Business strategy is shaped in part by environmental forces: technology, markets, competition, government regulations, demographics, and so on. These are much more complicated when a firm operates internationally, given that they generally differ by country or region. Many businesses, trying to extend their domestic human resource, control, marketing, finance, manufacturing, and distribution strategies and practices to the international dimension, find that the complexity and the differences of the international dimension require substantial changes. The rewards of operating internationally are potentially large, but so are the required adjustments.
Read our student case study from Guglielmo Briscese, who studied an MSc in International Development at Adam Smith Business School, University of Glasgow.
Trends in international business
Numerous substantial trends continue to drive this field, including:
- Global competition is affecting more and more businesses
- Formation and development of new regional economic blocks, such as ASEAN and MERCOSUR
- New bilateral trade deals
- Competition for natural resources
- Growth in outsourcing
- Development of global supply chains
- The shift away from the US dollar in international trade
- New marketing communication channels
- Changes in government regulation of, and involvement in, business
- Increasing internationalisation resulting from the borderless nature of the internet
Choosing an international business masters program
Most international business masters programs are one year long. The similarities, however, tend to end there. Many programs are generalist in nature, giving a smattering of training in a host of fields, whilst others are designed for specialist students.
Many international business masters programs are resolutely business-focused, focusing solely on developing business skills such as marketing, finance or strategy. Others emphasise the complex external environment in which firms operate – including social, legal, political and other factors. They look to help students understand how companies (and perhaps other organisations) operate – and the complex environment in which they operate.
Queen Mary University of London’s MSc in International Business and Politics requires multiple politically-led modules to be taken, including:
- Approaches to Political Economy
- Globalisation and the International Political Economy of Development
Many programs recognise the value of internationalists being allowed to deal with those from other cultures, preferably in other languages. The opportunity to work in collaboration with students of other nationalities is therefore highlighted by various programs, such as the QMUL course, which states that its last module subjects included projects relating to South Korea, Taiwan, and Sulawesi Barat, Indonesia. After all, what better way is there to develop both international management skills and cross-cultural (and foreign language) competencies than to attempt them during the program? That said, not all programs attract an international student body. Some, but not all, make up for this by having foreign exchange programs. Similarly, some but not all programs offer (and give credit for) language study. Some go further by teaching courses in multiple languages. At various Spanish schools – such as ESADE, for instance – some electives/specialised courses are taught in English, some in Spanish. Meanwhil, the Audencia Business School, is located in France, but teaches its business course in English.
Some masters degree programs, notably in Continental Europe, offer campuses in multiple countries. Students can complete their degrees by studying at one or more of them in succession. ESCP Europe, for instance, has campuses in Paris, Berlin, London, Madrid, Turin and Warsaw.
Business programs range widely in their focus and thus in their prerequisites. Courses that are meant for generalists often require little specific coursework – perhaps in statistics, accounting or economics, whilst those who expect students to specialise generally expect them to have a background suitable for their chosen field. Therefore, those who will concentrate in finance may be required to have done an undergraduate degree with an economics, accounting, or finance component.
Many programs also look for:
• Second (or third) languages
• Time spent abroad
• Demonstrated and articulated interest in working internationally.
MBA in International Business
An MBA in International Business is designed to give students a full grounding in business from an international perspective, with a particular focus on the restrictions and issues that arise from managing business globally.
Students will develop organisational and managerial skills to help them achieve success in the global sphere of business, learning about international organisations, international management, finance, marketing and entrepreneurship. They will explore how all these factors are affected according to their cultural environment.
MBAs in International Business will usually comprise a selection of compulsory modules, plus some optional ones. Compulsory modules will usually include: International Business; Global Business/Culture; Marketing Strategy; International Strategic Management; and Financial Management.
Bangor Business School at Bangor University has an MBA in International Business that offers two annual intakes – in January and September. This course is divided into two semesters, with a dissertation being undertaken between June and September, whichever intake the student is in. The MBA also has a focus on Marketing and Finance, with its core modules comprising:
- Marketing Strategy
- International Strategic Management
- Management Research
- Organisations and People
- Finance for Managers.
PhD in International Business
A PhD in International Business will enable the student to take the study of this subject even further and undertake research in a more in-depth and specialised manner.
The University of Birmingham has a PhD in Strategy and International Business that equips students to analyse and address strategy and international business challenges using advanced research tools, as well as engage in discussions on responsible business and the Sustainable Development Goals.
On this doctorate, the research in strategy and international business around four key areas:
- Organisations and Sustainable Development in the World Economy
- Innovation and Collaboration in Global Value Chains and Multinational Strategies
- SMEs and International Entrepreneurship
- Living in a World of Global Organisations
Career opportunities in international business
The growing internationalisation of business means that those with substantial experience abroad, or focused on the international dimensions of business (such as export sales), are well placed to prosper. Those with knowledge of multiple environments and the ability to handle different cultures and languages are generally in short supply in any organisation, but they are increasingly necessary for firms to prosper.
And it is not just marketing, sales or human resource professionals who are greatly affected by internationalisation. For instance, a financial manager well trained in domestic finance matters will need to learn a host of additional subjects when making the transition to an international post. He or she will need to master:
• Different financial accounting systems and reporting requirements
• The foreign exchange market
• How to measure and manage foreign exchange exposure
• Political risk management
• Import and export financing
• Foreign and international tax planning
• The complexities of international performance evaluation
• Transfer pricing rules
The additional challenges are potentially significant, as this example shows. That said, the demand for those able to tackle them continues to grow.
Typical job titles include:
- Export manager
- International sales manager
- International marketing officer
- International product manager
- International human resource manager
- International treasury officer
- Foreign trade professional
Professional associations
The most useful associations for those interested in international business are not ‘international associations’ as such, instead, those pursuing internationally focused careers are advised to focus on associations geared to their functional or sector interests. Therefore, someone pursuing marketing should look at the international section and activities of the national marketing association (in the UK, the Chartered Institute of Marketing).
Another good option is to focus on the relevant sector, for example someone pursuing a career in the paper industry should look at the international section and activities of the National Paper Association.
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