What Is a Master's in International Business Degree?
The Master of International Business degree is designed to develop the skills and resources of managers within the global economy. It is an ideal degree for students seeking to accelerate or even establish a career in international business. The program emphasizes the practical application of specialized knowledge within a professional setting and is tailored towards international business. With this degree, the student learns to plan strategically for international operations. It also teaches the organizational skills required for different types of international operations, such as finance and human resource management, international marketing, intercultural communications, import and export. The degree is also useful for those hoping to launch their own businesses and learn more on strategies for international operations.
The Best Masters Degree Programs in International Business
| School | Tuition* | Acceptance Rate | Graduation Rate | Financial Aid % | Placement Services | Career Services | Accepts | |
|---|---|---|---|---|---|---|---|---|
| 1 | Georgetown University | $51790 | 14% | 95% | 55% | Yes | Yes | AP / NCCRS Credits |
| 2 | Duke University | $56888 | 8% | 95% | 63% | Yes | Yes | AP Credits |
| 3 | University of Virginia-Main Campus | $19528 | 24% | 95% | 57% | Yes | Yes | AP Credits |
| 4 | CUNY Bernard M Baruch College | $11450 | 43% | 70% | 77% | Yes | Yes | AP Credits |
| 5 | University of South Carolina-Columbia | $14137 | 69% | 77% | 95% | Yes | Yes | AP Credits |
| 6 | Pepperdine University | $35020 | 32% | 86% | 92% | Yes | Yes | AP / NCCRS Credits |
| 7 | University of Southern California | $9992 | 60% | 82% | 65% | Yes | Yes | AP Credits |
| 8 | University of Delaware | $34956 | 71% | 81% | 88% | Yes | Yes | AP Credits |
| 9 | University of Colorado Denver/Anschutz Medical Campus | $8069 | 67% | 52% | 82% | Yes | Yes | AP Credits |
| 10 | Florida International University | $11106 | 58% | 63% | 90% | Yes | Yes | AP Credits |
| 11 | The University of Texas at Dallas | $13874 | 79% | 70% | 78% | Yes | Yes | AP Credits |
| 12 | Tufts University | $53658 | 15% | 94% | 45% | Yes | Yes | AP Credits |
| 13 | Boston University | $55502 | 19% | 88% | 55% | Yes | Yes | AP Credits |
| 14 | University at Buffalo | $14130 | 61% | 75% | 84% | Yes | Yes | AP Credits |
| 15 | Georgia State University | $9292 | 76% | 55% | 93% | Yes | Yes | AP Credits |
| 16 | Saint Louis University | $21534 | 58% | 79% | 97% | Yes | Yes | AP / ACE Credits |
| 17 | University of Toledo | $15809 | 96% | 50% | 95% | Yes | Yes | AP / ACE Credits |
| 18 | University of Miami | $38908 | 27% | 83% | 74% | Yes | Yes | AP Credits |
| 19 | Valparaiso University | $12220 | 86% | 71% | 99% | Yes | Yes | AP Credits |
| 20 | Brandeis University | $52060 | 30% | 87% | 69% | Yes | Yes | AP Credits |
| 21 | Northeastern University | $25085 | 18% | 89% | 78% | Yes | Yes | AP / ACE / NCCRS Credits |
| 22 | St. Thomas University | $10626 | 55% | 43% | 97% | Yes | Yes | AP Credits |
| 23 | Touro College | $12760 | 69% | 61% | 88% | Yes | Yes | AP Credits |
To get a more in-depth look at our school ranking methodology, please visit our ranking methodology page.
*Tuition information is based on published tuition and required fees, per data by the National Center for Education Statistics (NCES).
Common Undergraduate Degrees for International Business
While many applicants for a master's in international business choose to get a bachelor's in international business, most programs do not have specific undergraduate requirements for admission. However, an undergraduate degree that deals with some aspect of business can be useful while studying for this degree. An undergraduate degree in business administration, finance, marketing, accounting, or commerce are all great options for a master's in international business. Many students also study international business with a background in computer science, engineering or economics.
Admissions Requirements for International Business Master's Programs
Admission requirements vary depending on individual programs. However, most master's programs in international business require an undergraduate degree in any subject, preferably with a business focus, from an accredited university with an average of B+ or approximately 75%. Usually, programs also require two years of full-time work with an international or a business focus. Lastly, a strong statement of purpose outlining one's interest in the degree, letters of recommendations and resume are required. Some programs may also require GMAT or GRE scores. Some programs may also exempt the GMAT or GRE score for a strong application with exceptional grades and a good resume.
Why Should I Get an International Business Master's Degree?
As businesses around the world becoming increasingly connected and reliant on each other for their mutual functioning, an understanding of international business operations is very important for graduates who wish to make a career in this sector. International business programs provide students with an understanding of the different business practices that are found all over the world. This program will prepare graduates to work abroad or in organizations that are engaged in business globally. This can be the ideal option for ambitious students who wish to work across international boundaries and cultures.
How to Choose a Master's in International Business Program
A master's in international business can be an expensive option, and so it is essential to choose the best program for one's career. There are many things to consider while looking at programs, including the program's global reach, employment and professionalization opportunities, cost of attending school, cost of living and quality of life at a particular place. As a student of international business, one will benefit from a program that has strong multinational recruitment alliances, a global reputation and internship opportunities in countries where one wishes to work.
International Business Master's Degree Courses
A master's in international business will prepare students for leadership positions in a variety of roles and industries, including private, public and non-profit organizations. Graduates with this degree become business analysts, operations managers, marketing specialists and human resources administrators and courses in this degree are geared towards these careers. Hence, the courses offered in an international business program cover principles and practices of management, such as organizational leadership, strategic planning, people management, business-oriented computer applications and international trade policies and practices.
International Business Foundational Courses
While there will be many opportunities to select courses that are relevant to individual interest, most programs will have foundational courses that focus on the basics of international business. Some common foundational courses in master's programs include:
- International trade policies and practices: This course examines various international policies, trade theories, practices and controversies.
- International marketing: This course focuses on marketing concepts and certain global issues that challenge marketers. It also gives knowledge of cultural influences on strategies of marketing and management.
- International banking and finance: This course looks at the financial functions that governments, multinational corporations and other agencies use in their funding as well as investment activities.
International Business Specialist & Elective Courses
Most programs will also offer courses that students can opt for depending on their specific areas of interest. While these electives may depend on what the programs area of specialization is, some common examples of elective courses include:
- Emerging markets: This course focuses on emerging markets internationally and discusses strategies for handling the challenges and opportunities faced by such markets.
- International trade and business law: This course provides the foundations of legal issues affecting investment and business ventures. It is ideal for those interested in the legal side of management and finance.
Licensure & Certification in International Business
While there are no specific licenses or certifications that are compulsory for practicing in this field, there are a few options for those looking to build their resumes. Some of these include:
- Certified International Purchasing Consultant: This credential displays skill in consulting on areas related to international purchasing. It is offered by the International Purchasing and Supply Chain Management Institute.
- Certification of Capability in Business Analysis: This certification is offered by the Institute of Business Analysis. It demonstrates expertise in business analysis.
- Chartered Financial Analyst: This is a very prestigious credential for investment management professionals worldwide. It is a highly competitive charter, and candidacy requires compliance with standards of ethics and conduct, four years of investment decision-making and related work and a passing score in examinations.
Post-Graduate Options After Master's in International Business
After graduating with a master's in international business, students interested in higher education and research can get a doctorate in business administration or international business. The doctorate prepares graduates to consult, lead and teach within corporate and academic arenas. The degree also builds on skills acquired from a master's and equips graduates with the skills to research in the field. Hence, classes often involve research and analytical methods, strategic planning and the student's choice of specialization.
What Can I Do with a International Business Master's Degree?
Most students get a master's in international business degree because of the versatile range of skills that this degree provides, thereby preparing one to work in many different fields. Developing an advanced knowledge of how international markets operate provides skills that are transferrable to a variety of different careers. Many students choose to work in management, marketing finance or banking. Graduates often advance into higher level management position and top executive roles within multinational companies with this degree and sufficient work experience. Successful graduates also develop flexible cross-cultural business communication and skills, choosing to consult freelance or work on their own independent
Job Outlook for a Master's in International Business
An international business degree provides knowledge on world cultures and societies. This is combined with key management, leadership and marketing skills preparing students for a wide variety of jobs and opportunities around the world. There are many different professions and careers one may opt for with an international business degree, and the job outlook will vary depending on the individual position. Some common jobs with an international business degree include management analyst or consultant, sales manager, international trader, financial controller, business development manager, mediator, supply chain manager, marketing executive, compliance officer and external auditor. There are many different positions in business that this degree prepares a student to fill, and hence, there will not be a lack of growth in the foreseeable future.
How to Become an International Trader
In order to be an international trader, one needs a bachelor's degree in a related field, such as business administration or international business. A master's degree is also a good addition to the resume and skillset. Often, work experience in other fields such as customer service, office administration or an internship can be useful in this position. International traders are responsible for handling foreign investments for multinational companies as well as individuals. According to the Bureau of Labor Statistics, financial services agents (which could include an international trader) earned a median salary of $64,770 per year in 2020. The projected growth rate for jobs in this field within 2019-2029 is 4%, which is similar to the growth of average job sectors in the United States. The BLS predicts that the demand for investment banking as well as retirement services will likely create new jobs in this field in the near future.
How to Become a Supply Chain Manager
Supply chain managers are responsible for co-ordinating all aspects of a supply chain, including planning, sourcing, manufacturing, delivery and finally, disposal. Supply chain managers work in almost all industries. Sometimes this can be a stressful job because of its fast-paced nature and demanding schedule. Supply chain managers usually require a bachelor's degree in a related field, such as business administration or international business. Some positions may also accept an associate's degree in a related field of study. A master's degree in the discipline will also be useful, although not compulsory. Sufficient work experience working in the field is required. Some positions may require further certification. According to the BLS, the median salary for supply chain managers was $76,270 per year in 2020 in the United States. The projected growth rate for opportunities in this field is 4% between 2019-2029, which is the average in the United States.
How to Become a International Trade Specialist
International trade specialists work in a variety of industries such as financial organizations, manufacturing companies or government. Specialists analyze foreign trade information, evaluate market and economic trends that affect trade and participate in developmental programs. To become an international trade specialist, one needs a bachelor's degree and a master's degree in a related subject such as international business, economics or marketing. Moreover, three to five years of experience trading internationally is also required. Very strong problem solving skills, excellent written and verbal communication skills, the ability to multitask and prioritize between tasks, organizational skills, close attention to detail, good customer service skills and familiarity with foreign trade programs, regulations, market research and laws are necessary to succeed. Some voluntary certification can also be obtained in this field which can increase ones job opportunities. The Certified International Trade Professional (CITP) credential measures knowledge of international marketing and finance and can be useful for getting a job in this field.
International Business Professional Organizations
Professional organizations for international business exist to promote educate and facilitate business transactions around the world. Professionals in this field can gain much leverage in their career from being members of such organizations as it provides opportunities to professionalize and build a community. Some common organizations include:
The World Technology Network brings together individuals from science and technology to share ideas and create momentum within emerging technological realms. The community also includes other professions including writers, marketers, entrepreneurs, policy analysts and government officials. The main aim is to create dynamic systems to enhance productivity and efficiencies in the world.
World Trade Organization: It is the premiere world-wide group focused on the politics of international trade. Government officials meet at this organization to negotiate agreements and the politics of international business. The organization is student friendly and contributes internships, essay awards and an ambassador program for young economists.
International Chamber of Commerce: This organization promotes world-wide business by sponsoring forums, leadership development and advocacy for nations that hope their citizens enjoy a global standard of living while promoting peace. The organization also conducts year-round training events, financial summits, arbitration conferences and other programs aimed at their agenda of building peace and prosperity around the globe.
Master's in International Business Program Financial Aid & Scholarship Resources
A master's in international business can be expensive as this degree prepares a student for a variety of different opportunities. The cost of education varies depending on the individual program. Accredited programs usually have merit and need based scholarships to offset the cost of attending school. Students are also encouraged to file a Free Application for Federal Student Aid (FAFSA) with the specific program in question. The amount of FAFSA grants depends on the particular need of the student, the cost of attending the program and the duration of the program. There is also a number of private scholarships that a student can apply for. The Celia M. Howard Fellowship grants $10,000 annually to an Illinois woman pursuing studies in the field of law, international business, diplomacy and administration. The Don Riebhoff Memorial Scholarship also grants $1000 annually to students pursuing a bachelor's or a master's degree in international business. There are a few such private funding opportunities that one may apply to annually to subsidize the cost of education.
