Multinational corporations
Multinational companies are a major global economic force, and collectively the top employer of the world’s three-billion-person workforce. As the global business landscape gets more competitive, multinational corporations are increasingly moving both their operations and sales into emerging marketing and developing countries. While the regulatory challenges this poses can lead to a career path in itself (for example, in a government relations team within a large company), the expansion of these major employers means there are more opportunities to work in business internationally than ever before.
Multinational companies offer a structured environment with rigorous training, tightly managed processes and timelines, and opportunities to work in diverse international teams. International business roles are often well compensated, and some companies encourage or support their staff moving between offices overseas. There are a lot of entry points into these companies, and they often have internships and rotational-program for students and recruit right off campus.
Entrepreneurship
Being an entrepreneur has never been as accessible as it is today, and you certainly don’t need a business degree to start your entrepreneurial journey! Access to information and global networks have made it easier than ever to get the data you need to validate your business idea, and to build a global team to make it a reality. E-commerce has also made it possible to sell products and services to people from Hong Kong to Stockholm to Nairobi, without ever setting foot in those countries. The field social entrepreneurship is growing, as the idea of business as a solution to poverty has gained traction and support from large donor organizations.
While there are opportunities in virtually any sector, some areas where there is a lot of activity include the tech sector, renewable energy, and financial services. While entrepreneurship takes a lot of ongoing personal work around attitude and mindset, there are a lot of resources including books, seminars, incubators and accelerators that can help you get your idea off the ground and see it grow.
International Development and Diplomacy
Governments and multilateral institutions are taking new approaches to development and diplomacy which involve working with private sector and actively facilitating business growth. Those working in business-related roles will find themselves as interlocutors bridging gaps between business, government and non-profit. Flexibility, problem-solving and exceptional analytical and communication skills are essential. Non-governmental organizations can vary greatly in size and work culture, but generally need to remain flexible as they often operate in areas that have gaps in infrastructure or data. In government and multilateral organizations, which generally take a higher-level perspective on international business through things like trade agreements, many of the roles have to do with economic analysis, advocacy and reporting. Internships are common entry-points within international development especially, and those that are paid are highly competitive. In the case of international organizations such as the United Nations, a graduate degree is required to apply to internships.
Business Services
Global companies need a range of specialists and consultants to support them in navigating unfamiliar markets and coordinating a global supply chain. Companies operating in this space include consultancies, financial services, and global logistics firms. Some of the best-known international business services companies include global management consulting firms such as McKinsey, the Boston Consulting Group and Bain and Company. These firms are in the business of ‘renting brains’ to the largest companies in the world, and as such are always looking to recruit the best and brightest. While there are many business graduates that make it into the pool, global consulting firms actively seek those with a STEM background due to their strong quantitative and analytical skills and ability to understand the product and operations of a range of businesses. Business services companies operate on a project basis and as such, the work flow may very. Employees in these firms may have to work long hours approaching a deadline for a client, but may have a very light workload between projects. Working in business services often cultivates a rigorous analytical skill set, specialized knowledge and client relationships that can be used to open doors with other employers as you move forward in your international career.
Specializations
The global business landscape has various specialized roles which include the core business functions (operations, sales and marketing, finance and human resources) as well as policy analysis, global logistics management, consulting and entrepreneurship, to name a few. These areas and others will be discussed further in the sub-sectors and profiles.
The benefit of understanding the types of specializations that can exist within international business is so that you know what to look for when you are searching for a job. Keep in mind that the language of job descriptions may vary depending on sub-sectors, even though the roles could be fairly similar. For example, a sales and marketing coordinator and a multinational corporation could require a very similar skill set to that of a market development officer the not-for-profit world.
This element of transferability of skills from one sub-sector to another is another reason why pursuing and career in international business can be highly dynamic and exciting. While it is more common to see someone move from a company to government or not-for profit than the other way around, companies are increasingly seeing the value of those with experience working closely communities, whether in an NGO or start-up to serve the unmet needs at the ‘bottom of the pyramid.’
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