Gauri Chhabra
On Friday at the Global Business Summit, PrimeMinister Narendra Modi said that the country was making the transition from a “winter of subdued achievement” to a “new spring”. He had also asked why India could not dream of making the transition from a $2 trillion economy to a $20 trillion one.
The prime minister’s ambition sounds a clarion call for an economy which is primed for growth and all round development where kaizen(continuous improvement) and quality are the mantras of all businesses. This also opens a series of career opportunities in international trade and business.
International Business – the paradigm shift:
International Business went through a paradigm shift with the emergence of WTO (World Trade Organization) in 1999 when the international trade practices were standardized and member countries agreed to come under a broader network with some common rule and trade codes of conduct. Since various trading countries are involved in the complex trade activities, a lot of complexities arise during the whole process. This calls for an expertise in export-import policies, legislations, custom agreements, documentation requirements, quality control concerns, standardization and other International business operations like production, invoicing, packing, insurance, transportation and shipping, logistics, quality control, inspectionand the like.
This necessitates a career in International Business.
CourseCursor:
Bachelors in International Business/Foreign Trade
B.Com in Foreign Trade
B.Com in International Business
BBA in International Business
* Masters in International Business/Foreign Trade
M.Com in International Business
MBA in International Business
* Diploma Programs in International Business/Foreign Trade
Post Graduate Diploma in Foreign Trade
Post Graduate Diploma in International Business
Post Graduate Diploma in International Business and Finance
Institute Scape:
* Indian Institute of Foreign Trade (IIFT), New Delhi- MBA International Business,Certificate Programme in Export Management,
* Indira Gandhi National Open University(IGNOU)-Post Graduate Diploma in International Business Operation(PGDIBO)
* Institute of Management and Technology (IMT)
* Management Development Institute (MDI, Gurgaon
* Symbiosis Institute of Foreign Trade (SIFT), Pune;
* Indian Institute of Export Management, Bangalore- MPIB/MIM/DEIM/Certificate Courses in export and importand Diploma in Export Management (through Distance Education)
* Central Institute of Management and Technology (CIMT), Lucknow,(Department of Distance and Open Learning) -P. G. Diploma in Export Marketing Management
* University of Petroleum & Energy Studies (UPES), Dehradun
* Punjab College of Technical Education (PCTE), Ludhiana
* University Business School, Chandigarh, MBA(IB)
Career Cursor:
The Prime Minister’s $20 trillion vision strikes a positive note- an overhaul of all the major sectors of the economy- Railways and Information technology. This would in turn set in motion the virtuous cycle of investment, employment generation, growth and investment. In case you are looking for a career in International Business, the time is opportune. Many multinational and foreign companies would be setting up their business in India on a large scale. Moreover, the increasing share of the Indian market in the world economy and increase in exports of goods from each and every corner of the world would need a large number of qualified professionals in this field.
Here are few fields you can explore:
Insurance companies:
After completing masters’ degree in international business, you can be absorbed in export houses or with merchandisers for documentation related to export and import. You may be responsible for liaising between exporters and port authority. Your knowledge of latest standards and legislations in international business would hold you in good stead while working for insurance companies particularly marine insurance corporations where you would be required to assess the loss or physical damage to the goods shipped in a country..
Marketing:
In case you are a management graduate with specialization in International Business, there is a lot of scope for you in marketing departments for boosting overseas sales, searching new business hubs and potential markets abroad, marketing professionals are desired by the export houses. Besides, you would suggest strategies based on marketing research and predict demand and potential buyers abroad. You would be engaged in Customer Relationship Management (CRM). You would be working export companies and multinational manufacturers such as automobile companies, electronic and computer companies and consumer durables manufacturers. They can work in airlines as well as cargo and global shipping companies.
There is huge scope for them in banks, investment companies, financial institutions, securities firms, etc. Besides, 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.
Consultancy:
As an international business consultant, you would be responsible for providing relevant and up-to-date information about various aspects of business development and market information for international companies. You would also convey information about foreign business investments, opportunities and carve perceptual maps about competitors. You would be identifying potential risks and planning international expansions or investments. Risk analysis and business analysis based on research is also a part of responsibility to international business consultant.
Law and trade agreements:
A degree in international business with law qualificationcan help you get into WTO, UNCTAD, IMF, World Bank, Regional Trade Blocks and trade associations. You would be solving international trade disputes ranging from patents, specific product and service categories related to geographical locations, multilateral and bilateral trade agreements, customs, tariffs and non- tariff issues among countries.
Accounting and Finance:
As the world shrinks into a ‘flat ball’ accounting professionals are required for compliance of international accounting norms and standards. In case you have analytical skills, you would get placed in separate wings of foreign exchange transactions, export finance, risk management and consultancy in international financial management where every task related to foreign exchange dealings and export import finance is performed. EXIM bank, ,public & private and foreign banks also appoint specialized people in international finance, foreign exchange, risk management and currency derivatives.
Teaching and Research:
This is a sector that is recession proof and where there would always be a dearth of jobs. If you have a taste of updating, analyzing, accelerating, disseminating your knowledge in international business, there lie a plethora of opportunities in teaching and research.If you beef it up with good communication and reporting skills, you can also dovetail your skills into media and journalism where you would be reporting about that latest trends in International business.
Entrepreneurship:
For those of you who believe in ‘Make in India’you can set up your own manufacturing units and then start export units. You can also work for export houses and take care of export-import documentation and provide services to the clients.
Thus, follow the wave and pave your way to a power packed career that transits, to quote Modi, to a new spring…
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