MBA in International Business will boost global competitiveness
Publication: Education Times
Author: Prof. Vishnu Chandar Venkatesh
While companies expand their global footprints, senior managers are looking to hire MBA graduates who can understand the global markets and strategies to efficiently work in a cross-cultural environment.
The MBA in International Business prepares young executives to function in the global VUCA (Volatility, Uncertainty, Complexity and Ambiguity) world, comprehend global issues, adopt international practices, work in foreign markets, understand global economics, and manage cross-border relationships.
“After India opened gates for liberalisation, privatisation and globalisation, the number of global MNCs and Indian companies operating globally, has spiked. When a student is placed in an international company, he/she needs to have a good grasp of global issues, global practices, foreign markets, and global economics. Besides understanding the interaction practices, the candidate is also expected to have leadership and communication skills to work in a cross-cultural environment,” says Hemadivya K, deputy HoD, Department of MBA, KL Deemed to be University Business School, Hyderabad.
The executives, today, have to work in a market that transformed due to the pandemic. They need to under businesses fallouts due to political upheavals, Russia-Ukraine conflict and its implications on global commodities, rising fuel prices and the disruptions in supply chains. “Business students need to be aware of these dynamic changes and be prepared for decision-making in volatile conditions. Hence, the strong need for the MBA in International Business,” says Christopher Abraham, CEO and Head, Dubai Campus, professor, Leadership, Design Thinking and Organisational Behaviour, S P Jain School of Global Management.
Course curriculum
The course curriculum of MBA in International Business typically includes among other concepts, Geopolitics, Geoeconomics, tech trends and applications across disciplines, negotiation skills, intercultural and global intelligence, leading, working and collaborating across virtual environments and across geographies, Design Thinking, The Science of Mindsets and other relevant and contemporary areas. In the first year, students are exposed to the Fundamentals of Finance, Marketing, HR and Operations. In the second year, they are exposed to various electives with an international approach, such as those dealing with international financial management, international marketing, Global HR, export & imports and foreign trade. There is no age limit for application and any graduate can take this up.
Job opportunities
Companies in sectors such as healthcare, pharma, FMCG, finance and banking, logistics, shipping and supply chain, IT and technology, and consulting, prefer students who are well-versed in International Business. “ MBA (International Business) graduates are by companies associated with international finance, foreign exchange management, export and import management and also as consultants for international organizations,” says Hemadivya K.
Navigating choppy waters
Students who are not equipped to become global managers with the right technical, human and conceptual skills, will find it challenging to navigate the choppy waters of global commerce. “The candidate is expected to understand the structures of global companies, which differ in every country. Gaining a comprehensive understanding of the local laws and regulations is important. Students must learn about different tax systems, rates, and compliance requirements. Furthermore, formulating strategies for setting the price of products and services overseas is another challenge. Determining the acceptable payment methods for various countries with different currencies and ensuring secure processing is also a big challenge. Beyond the technicalities, communication difficulties and cultural differences, that students must navigate en route to becoming global managers,” says Hemadivya K.
With more firms operating in the global business environment, the quality of global business managers needs to be top class. “There is a high demand for international business skills. For companies that want to expand abroad or those already operating globally, the challenges to sustaining their competitive advantage are huge. Managers need to make decisions keeping in mind international trade and FDI regulations, national and institutional differences, political risks, governance, value chain considerations, inter-firm relationships, and internationalisation trajectories of emerging market multinationals. There is a growing demand for well-trained international business professionals in India and abroad,” says Vishnu Chandar Venkatesh, assistant professor, co-chair – MBA (International Business), T A Pai Management Institute (TAPMI), Manipal.