But how do you confirm that it is right for you? Here are some of the points that you can consider. This blog covers the scope of MBA, top colleges, and companies offering high-paying jobs. We will also discuss its opportunities internationally.
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What is an MBA in International Business?
MBA in International Business, also known as MIB, is a popular two-year postgraduate program within management education. It covers topics like global policies, trade, foreign investments, export handling, and managing risks related to foreign exchange. This specialization teaches students how to create and expand businesses across different countries, dealing with challenges that affect global markets.
An MIB program typically covers the following subjects:
- International trade
- Foreign investment
- Cross-cultural management
- Global Marketing
- International Finance
- International law
- Global strategy
An MIB degree can be a valuable asset for anyone who wants to work in international business. It can also help you advance your career in a multinational company or start your own business.
People who complete an MBA in International Business have many job options. They can become international marketing managers, global supply chain managers, international trade specialists, business development managers, and more. This degree helps them learn how to handle challenges in global trade, world markets, and business interactions between different cultures.
Why Choose an MBA in International Business?
The scope of MBA is worldwide, and here are the reasons why you should go for an MBA degree in International Business in 2023:
- Globalization is on the rise, leading to increased global interconnectedness and cross-border business operations.
- The value of global trade has surged by over 500% since 1990, according to the World Bank, and this trend is expected to continue.
- This growing globalization trend creates a rising demand for professionals skilled in international business management.
- An MBA in International Business provides a competitive edge by imparting essential knowledge and skills sought after by employers in the global economy.
- A survey by the Graduate Management Admission Council (GMAC) found that 92% of employers are more likely to hire graduates with an MBA in International Business.
- This program offers a broader global perspective by exposing students to diverse cultures, business practices, and legal systems.
- According to a study by the Association of International Business Schools (AIB), 90% of MBA in International Business graduates reported developing a global perspective through their program.
- It facilitates the expansion of a professional network by connecting students with peers and professionals from around the world.
- The Financial Times reported that 85% of MBA in International Business graduates believed their program had helped them build a robust network.
- Pursuing this degree can be an enjoyable and enriching experience, offering opportunities to explore different cultures, travel to new places, and meet interesting people.
- An AACSB survey revealed that 80% of MBA in International Business graduates found their program to be enjoyable.
Top Colleges Offering MBA in IB with Placement in India in 2023
Here are the top B-schools in International Business colleges in India:
Indian Institute of Foreign Trade (IIFT) Delhi/Kolkata: Deemed to be University
| Course Fees | Rs.21,77,314/- in Delhi & Rs.20,97,314/- in Kolkata |
| Course Name | MBA in International Business |
| Time | On campus, a 2 years full-time program |
| Placement | 100% |
| Average Placement Package | INR 29.10 LPA |
| Highest Placement Package | INR 85.40 LPA |
Management Development Institute, Gurgaon: Home to leading management programs
| Course Fees | Rs 28,16,200 |
| Course Name | PGP International Management |
| Time | On campus, a 2 years full time program |
| Placement | 100% |
| Average Placement Package | INR 26.13 LPA |
| Highest Placement Package | INR 60 LPA |
Master School of Management – [MSM]: Management Mastery
| Course Fees | 5.04 Lakhs |
| Course Name | PGDM IB |
| Time | 2 year full time program |
| Placement | 100% |
| Average Placement Package | ₹ 6.2 Lakhs |
| Highest Placement Package | ₹ 12.0 Lakhs |
| Course Fees | INR 16.98 Lakh |
| Course Name | PGDM – International Business |
| Time | 2 Year Full Time Post Graduate Diploma |
| Placement | 100% |
| Average Placement Package | INR 7 LPA |
| Highest Placement Package | INR 20 LPA |
Symbiosis Institute of International Business (SIIB) Pune: International focus and high standards in education
| Course Fees | ₹21.73 Lakh |
| Course Name | MBA- International Business |
| Time | 2 years (Full Time) |
| Placement | 100% |
| Average Placement Package | INR 14.30 LPA |
| Highest Placement Package | INR 39 LPA |
Best Colleges Offering MBA in IB with Placement Abroad
Here are the top MBA in International Business colleges outside India:
INSEAD, Singapore: Global student body
| Course Fees | ₹56.7 lakhs for first year |
| Course Name | Master in Business Administration |
| Time | 10 months |
| Placement | 92% |
| Average Placement Package | $113,900- INR 94,59,064 |
| Highest Placement Package | $119,000- INR 98,83,687 |
Harvard Business School, USA: One of the most prestigious universities in the world
| Course Fees | ₹61.1 L/Yr |
| Course Name | Master of Business Administration |
| Time | 2 Years |
| Placement | 95% |
| Average Placement Package | $150,000- INR 1,24,57,065 |
| Highest Placement Package | $500,000- INR 4,15,28,100 |
The Wharton School, USA: World’s oldest collegiate business school
| Course Fees | INR 70,57,273 |
| Course Name | Master of Business Administration |
| Time | 20 Months |
| Placement | 97% |
| Average Placement Package | $130,000- INR 1,07,96,123 |
| Highest Placement Package | $250,000 – INR 2,07,62,425 |
London Business School, UK: MBA for International Business in the UK
| Course Fees | INR 89,82,600 |
| Course Name | Full-time MBA |
| Time | 1 Year |
| Placement | 98% of students placed within 3 months of graduation |
| Average Placement Package | £100,000 – ₹89.6 lakhs |
| Highest Placement Package | £250,000 – ₹224 lakhs |
IE Business School, USA: Internationally-Recognized
| Course Fees | INR 51,42,000 |
| Course Name | MBA |
| Time | 16 months (full-time) |
| Placement | 97% |
| Average Placement Package | USD 120,000 – INR 93,72,000 |
| Highest Placement Package | USD 180,000 – INR 1,39,68,000 |
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A Collective List of Companies Hiring MBA in IB Specialists
Here is a brief explanation of the top companies hiring MBA in IB specialists, along with their average salary packages for MBA graduates:
- Bank of America is a global investment bank and financial services company. It offers a variety of financial products and services to individuals, businesses, and governments. The average salary package for MBA graduates at Bank of America is around INR 30 lakh per year.
- Goldman Sachs is known for its investment banking, securities underwriting, and asset management businesses. The average salary package for MBA graduates at Goldman Sachs is around INR 35 lakh per year.
- Morgan Stanley offers a variety of financial products and services to individuals, businesses, and governments. The average salary package for MBA graduates at Morgan Stanley is around INR 32 lakh per year.
- JPMorgan Chase is the largest bank in the United States. The average salary package for MBA graduates at JPMorgan Chase is around INR 33 lakh per year.
- Citigroup is the third-largest bank in the United States. The average salary package for MBA graduates at Citigroup is around INR 31 lakh per year.
- Deloitte offers a variety of services, including auditing, consulting, tax, and advisory services. The average salary package for MBA graduates at Deloitte is around INR 28 lakh per year.
- Accenture offers a variety of services, including consulting, technology, and outsourcing services. The average salary package for MBA graduates at Accenture is around INR 27 lakh per year.
International Scope of MBA in International Business
An MBA in International Business opens up a world of opportunities. People who complete this program can find jobs in many different industries and roles, both in India and other countries. Some common job titles for these graduates include:
- International Business Consultant: They offer advice to companies on global business strategies.
- Export Manager: They handle the sale of products to other countries.
- International Marketing Manager: They oversee the promotion of products worldwide.
- Global Business Manager: They manage operations on a global scale.
- Project Manager: They lead international projects for companies.
- International Finance Manager: They handle financial matters for global operations.
- Investment Banker: They assist in financial activities like investments on an international level.
- Brand Manager: They manage the reputation of a company’s brand worldwide.
- Logistics Manager: They handle the movement of goods globally.
- Travel and Tourism Manager: They manage travel-related businesses on an international level.
- Hospitality Manager: They oversee international hospitality and lodging ventures.
- Retail Manager: They manage retail operations across different countries.
A study by the Graduate Management Admission Council (GMAC) found that 27% of MBA graduates in India work in other countries. The favorite destinations for these graduates are the United States, the United Kingdom, and the Middle East.
MBA graduates specializing in International Business usually begin their careers with an average salary of $100,000. As they gain experience over five years, their average salary tends to increase to $150,000. The main employers for these graduates are big companies that operate in multiple countries, firms that provide expert advice to businesses, and banks and similar organizations that deal with money matters.
Here’s why an MBA in International Business can set you up for success on the global stage:
- Understanding the World: The program helps you grasp the global business scene, including the different cultures, rules, and economies that businesses encounter.
- Global Strategies: You’ll learn how to create plans that work across cultures, manage international teams, and make deals globally.
- Networking: You’ll connect with other international business pros and get exposure to global companies.
Conclusion
An MBA in International Business teaches you all about global trade and how to succeed in the worldwide market. You learn essential skills and make connections with people from different cultures. After graduation, you can work in many roles, like managing projects around the world, creating global marketing plans, or handling supply chains for big companies. It’s a great way to do well in the ever-changing international business landscape.