Increasing relevance of an MBA in International Business

An MBA helps to develop the business acumen of students. Studying international business provides students with a broader perspective on different cultures, economies, and business practices. This exposure helps in developing a global mindset and international business opens gates to a plethora of opportunities at the global level. It is relevant for every domain, be it marketing, finance, people management, Information technology, international business or new emerging fields such as business analytics, and retail management. A management student who wishes to explore overseas opportunities gains an edge by choosing international business as a specialization in MBA. At the same time, multinational companies are increasingly expanding their operations across borders and India is placed well to attract these companies.

India is the world's sixth-largest economy in terms of nominal GDP and the third-largest in terms of purchasing power parity. It has a young and rapidly growing population with a median age of just 28.4 years which makes it attractive for companies looking to tap into a large and growing consumer base. More than ever, in the current scenario, the prospect of global giants investing in India is far better. New India is also a perfect example in the current era of an integrated nation that is focusing on healthy relations with most parts of the world. Consequently, countries are showing interest to invest in major sectors that could infuse growth in the national GDP - be it retail industry, fast food industry, fashion industry, ecommerce, AI and AR, or any other.

In the past before India started its liberalization and globalization process, such subjects had limited scope. The times are changing now. India’s demographic profile is increasingly tilting towards young Indians who have high purchasing power parity. In order to meet the demand of skilled manpower , Companies are looking for MBA graduates who have the skills and knowledge to compete effectively in the global market and who are adept at managing both operations and people. People in foreign lands need to integrate culturally with India but it is not easy for them to do this without the help of local and educated managers. Students who have a strong understanding of international business are better equipped to succeed in such a globalized environment.

There are multiple avenues to earn beyond the national borders as well. If an Indian company plans to go international, this would require international business professionals to take the business beyond borders as their understanding of the cross-border policies and procedures would be better than any other professional in this field. Pursuing international business can, therefore, provide wide prospects of career growth for MBA students.

Apart from the job opportunities, an MBA in International Business offers entrepreneurial exposure to students. Many students who are interested in starting their own businesses have found that the course provides great insights and the much-needed skills and knowledge to successfully launch and grow a business on a global scale. The specialization is a transformative experience and learning for those who wish to explore overseas opportunities. Students get a chance to learn about different cultures, languages, and customs, which can help them become more open-minded and adaptable. It improves their knowledge and thought process, broadens their understanding of the world and expands their horizons.

What is more,  there is a growing number of entrepreneurs and investors who want to capitalize on the country's large and growing consumer base and  India is pushing to become a hub for tech startups. International business aspirants have a much better chance to succeed in a globalized world. No wonder, the GMAC data (Graduate Management Admission Council) in 2021 indicates that  23% of Indian GMAT test takers intended to pursue an MBA in international business. This was already the second most popular specialization after general management.

Note: The views expressed in this article are solely the author’s own and do not reflect/represent those of Shiksha