What does a Master of International Business program entail?
A Master of International Business is a postgraduate degree that prepares a person for a business career in the global marketplace. Students can expect classes on a diverse range of topics including management, economics, finance, law, and business strategies, all with an international focus. Certain programs may offer the opportunity for students to specialize in a niche of international business and gain practical experience in that area. Group projects and a dissertation are also common features in these programs. The Master of International Business degree is typically considered a Master of Business Administration (MBA) with an emphasis in international business.
What are the requirements for admission to a Master of International Business program?
As with the majority of postgraduate programs, anyone looking to apply for a Master of International Business program needs a bachelor’s degree or equivalent. Students will have a better chance of being admitted to programs if this degree is in a related area such as business administration, marketing, economics, or finance. Generally, results from one or more standardized tests such as the Graduate Management Admission Test (GMAT) or the Graduate Record Examination (GRE) are required. In addition, graduate applications usually ask for one or more letters of recommendation, a resume, college transcripts, and a statement of purpose, along with the application form and fee.
Most Master of International Business programs take two academic years to complete for a full-time student. They are usually based on the MBA program, which contains 16 to 18 subjects. However, some schools may offer additional options for accelerated or part-time programs for students who want to complete their degree in less or more time. Programs may also take longer to complete depending on the requirements for real-world experience and a dissertation, which might be completed after coursework is finished.
What kind of scholarships and financial aid are available?
Most colleges and universities have a wide range of financial aid options for students. Depending on the school, a number of scholarships and grants based on needs or merit are available for all postgraduate students or for those specifically in an International Business program who meet aid requirements. There may also be fellowships available for students interested in pursuing an academic career through research or teaching undergraduate classes. In addition, several federal and private loans exist for students who need help funding their education, but these must be paid back after the degree has been earned. Some colleges and universities also offer work-study programs, which provide students with part-time employment to help pay for their education.
The best place to start looking for financial aid is on the financial aid pages of the colleges and universities you apply for, as they might have institution-specific forms of aid. In addition, here are some other resources where you can look for financial aid:
- Free Application for Federal Student Aid (FAFSA) – Many institutions require their students to fill out this form, which determines a student’s need for federal aid such as grants and scholarships.
- FinAid! – This website allows you to search for all type of financial aid for free and includes helpful information about loans, savings, and applying for financial aid.
- FastWeb – This is another free scholarship search site that also features sweepstakes and promotions to get money for college.
What are some popular career options for someone with a Master of International Business?
Students pursuing a graduate degree such as a Master of International Business should generally have a career goal in mind. Here are some possible career choices in international business:
- Administrators are in charge of managing day-to-day business operations. They make important decisions for their branch of a corporation, coordinate and direct employees with different responsibilities, and are in charge of short-range and long-range planning. They report to a corporate board of directors.
- Management Consultants work with corporations to improve the way they manage their employees. They may be employed internally or provide temporary consulting through an external agency.
- Strategy Consultants work with a corporation’s senior management teams in order to develop and improve their organizational strategies.
- Financial Advisors provide financial advice to corporations. They help them make decisions about investments and financial transactions such as mergers and sourcing.
- Foreign Market Analysts evaluate new markets on the international level in order to find possible targets for a corporation’s business.
The Advantages of Getting a Master of International Business Degree Online
Students who attended a brick-and-mortar institution for their undergraduate degree may be skeptical about earning a master’s degree online. However, earning a degree like a Master of International Business online can be a great alternative for many.
- Flexible Schedule – One of the benefits of earning a Master of International Business degree online is the flexibility you have to continue your current lifestyle. If you have a full-time job, you can take online classes in the evenings or on the weekends so that they don’t conflict with your schedule. If you have young children, you can stay at home with them and take your classes at the same time. Many online colleges offer part-time or accelerated program options to fit how you would like to earn your degree. You also won’t waste time commuting to and from classes. Best of all, many online courses give you the flexibility of choosing when to take your tests, in case you have a conflict or need a little more time to study.
- Financial Savings – Earning your Master of International Business degree online will also save you a considerable amount of money. In general, online programs are less expensive than traditional programs at colleges and universities. With an online program, you won’t have to pay to live in campus housing or use campus facilities. Some online programs also use digital textbooks and course materials, which will save you more money. Most importantly, online degree programs offer many of the same financial aid options such as scholarships, grants, and loans that would be available to on-campus students.
- Quality Education – One of the commonly held myths about online degree programs is that they are not as good as traditional, campus based colleges. This is not the case. When you earn your Master of International Business degree online, you will have access to some of the best international business professors from across the country. As long as the online college you choose is accredited, you can be certain of earning a quality degree. For a degree such as a Master of International Business with a practicum requirement, students can often find placements approved by the online institution in their local area.
- Interaction – Another common myth about online degree programs is that students don’t get to have much interaction with other students or professors. However, thanks to advances in technology, students can interact through emails, and discussion forums to enhance their learning experience. Professors facilitate these discussions, and are usually available through email or phone as well. Some online programs also pair students with a personal advisor who can answer their questions and guide them through their online college experience.
- Career Advancement – One of the best advantages of earning a Master of International Business degree online is the opportunity it creates for career advancement. As the world of business and finance continues to act on a more global level, those with advanced degrees in international business will be more sought after. And while many people have to take time off from work in order to complete an advanced degree, earning a degree online allows you to keep your job and take classes on your own schedule.
Top 10 International Business Blogs
Business Without Borders – This blog is written by an international law group and focuses on law in the international business world.
Cindy King – This blog offers cultural communication tips from an international business expert, Cindy King. Cindy offers advice on topics such as social media, networking, sales, and marketing with an international focus.
Deadly Sins of International Business– This blog covers mistakes and failures in international markets so that others in the industry might learn from them.
globalEDGE – This blog from Michigan State University offers the latest business news and analysis from all over the world.
Global Reach – This is the official blog of the U.S. Census Bureau and provides a variety of data on foreign trade.
The Global Small Business Blog – This blog focuses on the needs of small businesses that are looking to go global. It was founded an international entrepreneur who teaches MBA courses in International Marketing and has written a number of books and articles on the topic.
Organizations and Markets – This blog is written by a group of business and economics professors from the U.S. and Norway.
Rita McGrath for the Harvard Business Review – This blog is written by Rita McGrath, a professor at the Columbia Business School who writes about innovation and global entrepreneurship.
Sourcing Guy – This blog is written by the CEO of a consulting firm that specializes in small sourcing. It offers advice and perspectives on the practicalities of international business.
Tradeology– This is the official blog of the International Trade Administration (ITA), which works to improve the international business environment for U.S. organizations.