International business
As technology and emerging markets continue to shift the paradigm of international commerce, the need to balance sound business strategy with a global mindset is more critical than ever. Learn how today’s top professionals are poised to lead a new era of international business relations.
11%
job growth
for business management analysts*
$85,260
average salary
for business and financial occupations*
*U.S. Bureau of Labor Statistics
International business definition
International business focuses on any commercial activity or transaction between companies, organizations, individuals, or government entities that crosses borders into different countries and regions.
These global transactions are not limited to a specific currency, interest, or asset. International commerce comprises anything of value exchanged between the engaged parties, such as goods and services, technology, capital, employees, and intellectual property.
International business duties
Like domestic business, international business is a broad field that encompasses many different specializations. Your specific responsibilities will depend on your role and the type of industry you work in, but may include:
COMMUNICATION AND LANGUAGE
When you work with business professionals from around the world, you may communicate in person, by phone, or in writing. One of the most critical international business skills is the ability to convey your message clearly and professionally regardless of the medium. Foreign language skills — especially in Spanish, Mandarin Chinese, and Arabic — are extremely valuable in this field.
CULTURAL AWARENESS
Cross-cultural competence is essential if your goal is to pursue a career in international business. You must be able to approach your work with consideration for different perspectives and sensitivity to others’ diverse backgrounds.
LEADERSHIP
Developing your leadership skills will help you grow from within. When you take initiative on projects and speak up about your contributions, it demonstrates your investment in the organization as well as your capacity to lead others toward success.
TECHNOLOGY AND DATA ANALYSIS
The global economy is trending toward the use of bitcoin and other types of digital currency, in addition to traditional stocks, bonds, and securities. As technology becomes more intertwined with business transactions, a foundational understanding of marketing and data analytics can serve you well in helping to determine emerging markets and how best to serve their needs.
FINANCE AND BUDGETING
International business professionals must be able to work within the boundaries of their company’s finances, so possessing some knowledge of costs is important. If you’re looking to advance into a manager or director position, the ability to propose strategic solutions that fall within or under budget is especially desirable.
DECISION-MAKING
Working in international business, you'll be tasked with making important decisions every day. You may have to examine complex data in order to carefully determine the appropriate next steps. In other cases, you may be forced to act quickly with limited information. This is a particularly important skill for anyone who aspires to move into a managerial role.
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Sales
Sales is a critical area for any company that sells or promotes its products and services across borders or oceans. International businesses rely on their sales staff to cultivate relationships with potential customers and encourage them to make a purchase. Business professionals who specialize in sales may also be involved in marketing campaign development and contract management.
Finance and investments
Companies seek out finance and investment professionals to help them identify areas of opportunity in different countries and regions. They are also expected to evaluate economic risks, emerging financial markets, and trade policies. Those who specialize in finance can work for multinational corporations, financial institutions, or consulting firms.
Analytics
This specialization involves using methods such as data mining, analysis, and forecasting to give international businesses insight into short- and long-term market trends and sales performance. Analysts perform a critical function by isolating potential issues before they result in financial loss. By choosing to focus on analytics, you can help your organization uncover new business opportunities on a global scale.
Marketing
Marketers meet a crucial need in international business by helping companies promote their products and services in other countries. They must be able to tailor brand messaging to different cultures, behaviors, and demographics, all while being sensitive to the nuances of each market. Global marketers are continuously developing new strategies, researching competing products and services, and analyzing potential risks.
Interpreting and translation
If you are fluent in another language — a valuable skill in the business world — you can often find work as an international interpreter or translator. Those who specialize in this area help minimize language barriers, enabling their companies to perform business functions in other countries and regions. Having a trained interpreter on staff can make all the difference for a company trying to close a business deal or secure a signed contract.
International business — particularly e-commerce — is expanding rapidly every year, due in large part to urbanization, expanded use of the internet, and a high preference for online shopping among millennials. Research shows that the global e-commerce market is projected to grow 11.34% each year between 2020 and 2024, reaching an estimated value of $6.07 trillion.
Industry growth should only continue to accelerate as more technological advancements are made to help facilitate business transactions. While automation is already widely used across many fields, artificial intelligence and machine learning are also set to transform nearly every facet of business, including global commerce.
Because of this growth, the international business job outlook is generally healthy. By pursuing a path in international business, you can position yourself to take on greater responsibility in the following high-demand areas:
- Sales
- Emerging technologies
- Financial analysis
- Logistics
- Data analysis
- Talent management
Here’s a brief look at some of the trends that will shape the future of international business based on research conducted by Burning Glass Technologies:
Hybrid skills in high demand
Specialized international business professionals are in high demand and low supply. It’s often difficult for employers to fill these roles with the right candidates — those with specialized skills and advanced education. Data indicates that filling certain managerial and executive positions in international business can take several weeks or even months.
No matter what aspect of global commerce you may be interested in, new technology is being implemented by employers across industries and will continue to shape the future of the field. Those willing to adapt will not only stay relevant but will also enhance their marketability to potential employers.
Communication is key
Of all baseline skills, communication appears to be most important to today’s hiring managers. It was referenced in more than half of all job postings for graduates with an international business degree in 2019.
Increased importance of programming knowledge
International business primarily relies on the use of productivity software such as Microsoft Excel. However, tools and programming languages such as machine learning, structured query language (SQL), Python, and SAS are expected to become increasingly prevalent in global commerce.
Top 10 skills in international business
In international business, 80% of the fastest-growing skills relate to some aspect of management or leadership, while the remaining 20% require technological or analytical competence.
Here are the top 10 skills that will see the highest projected growth:
Skill |
Projected Posting Growth (2018-2023) |
|---|---|
| Employee training | 60% |
| Enterprise resource planning (ERP) | 41% |
| Customer relationship management (CRM) | 38% |
| Project management | 25% |
| Basic customer service | 24% |
| Leadership and management | 19% |
| Data analysis | 19% |
| General sales | 17% |
| Business process and analysis | 16% |
| Prospecting and qualification | 16% |
Source: Burning Glass Occupational Insights, 2019
Outlook for new graduates
If you enjoy learning about different cultures and thrive in fast-changing environments, a career path in international business might be an ideal fit. This field is experiencing continued growth that can help position you for upward mobility.
According to the U.S. Bureau of Labor Statistics:
- Employment of international interpreters and translators will increase 20% between 2019 and 2029
- Other business-related occupations will also see rapid job growth within the same time frame, including a 11% increase for global management analysts, followed by an increase of 8% for economists
- Globalization, the popularity of e-commerce, and increasingly complex tax and regulatory environments are all expected to drive demand for graduates with strong knowledge of international business practices
