There is increasing connectivity and interdependence among the world markets and businesses since the world economics is now characterized by globalization. Multinational corporations and foreign competitions have come to stay in every economy. Domestic companies and agents of production have to be more and more efficient so that they may not be wiped off completely due to this changing scenario. India too is not untouched by this. Our extensive export promotion strategies and policies and various incentives to promote foreign trade show our steps towards globalizing the Indian economy.

Almost every industry needs people with a thorough and in-depth knowledge of the principles of international business. So managers too need to be well trained in the area of international business concepts.

While working as an international business manager, one would need to perform the following activities:

1. To recognize and understand consumer markets in order to find the potential business prospects globally.
2. To identify the new directions of export / import and help in negotiating trade agreements and contracts
3. To have understanding of country's trade regulations i.e. imports / exports, foreign currency, transport etc.
4. To ensure maintenance of quality of the products and trade contracts
5. Completion of all regulatory documentation and their submission to banks, authorities etc.
6. Ensure timely payment of import / export dues
7. Learning and understanding about banking regulations for trade and loans / capital available to the exporting companies
8. Working in trade departments of banks for checking documentation

While pursuing a career in International Business one could be a part of any function like- Finance, Marketing, Human Resources, and Operations or trade, in a domestic company or in an MNC. This can be done after pursuing a degree in International Business Management.

The knowledge of general management of all areas of international business is imparted in the first year of MBA in International Business. Subject of specialization is chosen in the second year of the course. The subjects can be finance, HR, marketing or supply chain management etc. Special stress is laid on international marketing, foreign trade and its fundamental theories, while teaching any one of these subjects.

The content of the course includes subjects like import/export management, international trade and logistics, international marketing, foreign exchange management, international finance etc.

MBA in International Business is a two years' course. Admission is on the basis of entrance exams like CAT, MAT and XAT etc. Executive MBA (IB) is also offered by various institutes. Many universities also offer Masters Degree in International Business (MIB).

An undergraduate degree in economics, commerce or BBA can easily help you enter in this field.

One should have the following attributes:

1. Interpersonal skills
2. Good command over some foreign language
3. Ability to work hard
4. Observation and an eye for detail
5. Ability to work under pressure and should be able to meet deadlines
6. Interest in travelling
7. Interest in interacting people of other cultures
8. Intelligent and mathematical minded

MNCs and foreign companies are setting up their business in India on a large scale. Their style of working is according to global standards. Moreover India's increasing share in the world economy and rising exports require a large number of qualified professionals in this field. Skilled personnel can get employed in buying houses, international departments of MNCs and FMCG companies. They can get jobs in travel houses and logistics companies and consultancies. MBA (International Business) postgraduates can work in international marketing departments of export companies and multinational manufacturers such as automobile companies, electronics and computer companies and consumer durables manufacturers. They can work in airlines, cargo and global shipping companies. Tremendous scope for them exists in banks, financial institutions, securities firms, investment companies

In the public sector they have prospects in regulatory bodies like MMTC, STC etc.

Thus International Business professionals have excellent prospects whether in domestic or international job markets.

Self employment can also be one of the options. The qualified persons can very easily open up their own exports units after gaining some experience of working in the industry.

Post-Graduate Diploma in International Business Management is offered by:

1. Indian Institute of Foreign Trade (IIFT), New Delhi;
2. Symbiosis Institute Of Foreign trade (SIFT), Pune;
3. ASM's Institute of International Business And Research, Pune;
4. Gitam Institute of International Business.

Other leading foreign trade institutes in India, offering MBA include:

1. Gujarat University, Ahmedabad
2. Indian Institute of Foreign Trade, New Delhi
3. Indian Institute of Management, Lucknow, Calcutta, Ahmedabad, Bangalore, Kozhikode
4. Indian Institute of Packaging, Mumbai
5. Punjab University, Chandigarh
6. S. P. Jain Institute of Management and Research, Mumbai
7. Symbiosis Institute of Foreign Trade, Pune
8. The Delhi School of Economics, Delhi University
9. University of Madras, Chennai

International Colleges:

USA:

Monterey Institute of International Studies The College of St. Catherine Western Washington University Bethel college University of North Carolina Marywood University Clarion University of Pennyslavania City college of San Francisco

UK:

1. Aston Business School
2. Regants Business School
3. Grafton College of Management
4. Aberdeen Business School
5. University of Worcester
6. King's College London
7. Hamilton College

Australia:

1. Murdoch University
2. Macleay College
3. University of Wollongong.

Entry into the industry can be made as a management trainee. The salary of a Post graduate degree holder can be between Rs 5.lakh to Rs 12 Lakh per annum. International placements can bring better pay packages. B class B-School pass out may earn somewhat lesser amount as compared to A class B-Schools.

The article has been contributed by Ms. Abha Kheterpal. She has been an educationist for past 15 year. She has three masters degrees with her: M.A. in English, M.A Economics and M.Sc Psychotherapy & Counseling and being diverse in her interests, she also holds a Diploma in Computer and Software Applications. She is also a freelance writer with Jagaran Publications. She regularly contributes Career Related articles on CareerAge.com and does Career Counseling.