Albert Einstein was bang on target when he said,“Our separation from each other is a cosmic illusion of consciousness”.Such is the level of integration in the current global economy that today globalization and internationalization are almost as real as the laws of nature. As free movement of capital, goods, and people picked up, countries began positioning themselves based on their strengths and needs. Akio Morita, who made Sony an international giant, said decades back,“Think Globally, Act Locally”.
The 21stcentury has cemented internationalizationlargely, thanks to the proliferation of new technologies. Instantaneous sharing of information, technological innovation, and improvements in transportation modes have facilitated business functions like sales and marketing, manufacturing, and supply chain. Moreover, financial innovation and more derivative products have allowed for the hurdle of currency risk to be managed effectively.
This trend has made new demands on management professionals keen to grow their careers. International experience is considered a prerequisite for leadership positions but some basic capabilities constitute a precondition for even having access to international opportunities.
Considering this opportunity and market need, the academia has responded with specialized International Business (IB) programs. International Business graduates of these programs are hired by MNCs;businesses involved in foreign trade; government agencies and public institutions; international relief organizations; diplomatic missions; trade blocks;international organizations like the IMF, World Bank, and WTO;and organized environmental protection groups. The complex business dynamics that these types of organizations are faced with require their managers to possess specific skill sets that the programs help to develop. The additional and specific training has helped graduates find career opportunities across the spectrum in Finance and Accounting, Marketing, Transportation and Logistics, and Management Information Systems.
So what are these required skills that specialized programs help imbibe? According to Dr. Faisal Ahmed, Chairman of the International Business Area at FORE School of Management, New Delhi, they include, but are not limited to, the following: