Sub-sector: Business Services

The range of services they seek varies widely: executing culturally-relevant marketing and advertising campaigns; managing international logistics and shipping; advising on potential investments; management consulting; staffing and recruiting qualified candidates; and many others.

This sector has expanded rapidly, and continues to grow. According to the World Trade Organization, the value of merchandise trade and trade in commercial services in 2015 was nearly double what it was in 2005. It is a sector that is incredibly diverse, offering growing numbers of opportunities for people from different backgrounds, skill sets and areas of specialization.

Types of companies

An increasingly global business landscape is supported by a rich infrastructure of companies that facilitate the flow of trade and investment across borders. Companies operating in this space include consultancies, financial services, and import/export logistics firms.

Consulting

Business consulting firms can range from single-person operations to large firms with thousands of employees globally, such as the top-tier management consulting firms (e.g. McKinsey, Bain & Company, The Boston Consulting Group, Deloitte).

Smaller consultancies tend to specialize, and may focus on specific geographic regions, industries, or specific business functions such as strategy, marketing and operations.

In addition, it is common for consulting firms to contract-in expertise when bidding on specific jobs. As such, the consulting sector presents opportunities for those with specialized skill sets to work on a project-by-project basis, as opposed to full-time employment.

Financial Services

The area of financial services has been extremely dynamic in recent years, with the large banks being given a run for their money due to the rise of "FinTech"—Financial Technology. These firms offer a wide range of tailored financial services, including money transfers, credit ratings, and fraud monitoring. According to PwC, the investor enthusiasm for FinTech parallels its exciting growth: startups in the first three quarters of 2015 reached US$11.2 billion, and funding to the sector doubled in a single year. The growth of FinTech all around the world brings with it a range of opportunities for those interested in developing and scaling financial services that cater to local needs in various areas around the world.

Global Logistics

With the rise of e-commerce, driven by large companies such as Amazon as well as emerging players, businesses are increasingly able to reach consumers in the farthest-flung corners of the world—and the global logistics industry is stretching and evolving to meet this demand. This industry includes airlines, freight forwarding, postal/CEP (courier, express, and parcel), rail, shipping, trucking, and contract logistics. This sector's requirements span a diverse range of skill sets, as transportation and logistics operations must monitor and adapt to changes in regulation and geopolitical trends.

Global logistics is an area said to be generally overlooked by new graduates. There is significant demand in this sub-sector for all education levels, and there are plenty of opportunities to advance your career as you build experience. This is a sector where demand for top talent has seen salaries rise significantly, from an average of $53,000 in 2002, to $74,000 in 2012.

Types of Work Available

As the needs of businesses are highly varied, there are a lot of different jobs in the business services sector. Below are a few examples of the types of roles you may find:

• Business analysts
• Financial analysts
• Project coordination/management
• Human resource professionals
• Sales and marketing
• Operations and logistics
• Supply chain management
• Sourcing and procurement
• Quality control and assurance
• Compliance management
• Public-private partnerships

In strategic services, such as investment advisory and management consulting, analyst roles are the most common at the entry level. These positions usually entail supporting a project team by conducting desk research and working with large data sets to support business recommendations made to clients.

In more operational areas, such as logistics management, junior roles often entail hands-on work, including coordinating shipments, tracking inventory and liaising with other companies along the global logistics chain to manage the flow of goods.

In the realm of marketing and advertising, a junior coordinator would be responsible for tasks such as collecting market research, analysing and interpreting results through data analysis, as well as more creative aspects such as designing communication materials and ad copy.

With a few years of experience in any of these sub-sectors, it is common to progress into managerial roles, with less focus on data analysis and research. Since business services generally operate on a project-by-project basis, managers working in business services are responsible for their timely and accurate implementation, and also provide strategic guidance to teams within the company. More senior managers may have opportunities for client-facing roles, and may find themselves pitching the company's services to potential clients, negotiating contracts, meeting with clients to assess their needs and conducting field visits to monitor project progress.

Those who decide they do not wish to remain in this industry after a few years often find that their specialized expertise is in high demand elsewhere. In fact, it is not uncommon for people to deliberately start their careers in business services at a management consulting firm or advertising agency, with the explicit aim of building strong analytical skills. These are highly portable, and can be applied to other sectors as diverse as tech, international development and entrepreneurship.

Skills Required to Succeed

Business services generally fill a specific niche, since companies choose to outsource these capabilities to specialists as opposed to keeping them in-house. As a result, specialized degrees are more commonly in demand by employers in this sub-sector. The people that "make things move" come from a range of backgrounds, from specializations in supply chain or logistics management, to engineering, economics, business, and computing, and others.

Across the board, the ability to work with numbers and analyze large amounts of data is regarded as an important skill, in addition to the ability to work with a range of clients and make calculated assumptions in ambiguous situations and new cultural and regulatory contexts.

In the consulting industry, which is in the business of "renting brains," formal credentials hold significant weight.

"We generally hire those with a masters degrees - transport economists, engineers, MBAs, energy and power experts. In the consulting world, the degree does matter, as you are bidding on work and your CV is rated on your professional experience and training." Derrick Lichti, VP with a global infrastructure consulting firm

Alpha Marwa, a managing partner at an international investment advisory firm, emphasized the need for a mix of local expertise with international experience, as it shapes the ability to problem solve in a global economy.

"We would look to hire locals who have had experience living, studying or working in other countries, allowing them to be more well-rounded. What we have seen is that individuals who are born and bred where they work find it harder to think outside the box, as they are used to a way of life and way of thinking."

It is widely agreed that degrees can help you get your foot in the door; however, there is no substitute for on-the-ground experience. Building up a portfolio of work, as well as time working in different countries is extremely valuable for advancing your career. Co-op placements and courses with a practical component can help students build experience and a professional network, and ease their transition into the workforce.

When working in a consultative or advisory role, it is critical to develop your knowledge of country information and industry trends. Keep following issues and make yourself the expert on a region or industry.

"The best advice I can give is to keep reading. This is something I have learned from my business partner, who is always reading articles, books and other materials about the field that we are in. It has become second nature to him to work this current research into conversations with clients, into pitches and presentations, which has proven to be very effective for our business." Alpha Marwa, Managing Partner/Investment Advisor, Vervet Global

Breaking into the field

There are a number of ways to land your first job in international business services, whether you choose to start at home or go directly overseas. For university or college students, co-op programs can be a great way to get your foot in the door and develop experience. These placements offer students a chance to work short-term with a company for course credit, while demonstrating their skills to potential employers, building a network and developing practical industry knowledge.

On-campus recruiting sessions and job fairs offer opportunities to speak with representatives from companies you may consider working at. This can be a valuable way to learn about their work and international transfer opportunities; it is also an opportunity to provide a short elevator pitch about yourself, and seek out links to offices in countries which may interest you. While many students are more inclined to attend recruiting events as graduation approaches, starting early is a great way to build a network and better understand what coursework will help you get to your desired destination.

Global strategy consulting firms, such as McKinsey, the Boston Consulting Group and Bain and Company, are considered to be home to some of the world's brightest business minds, and are listed among the world's top employers for work perks, including international travel. As such, landing an internship or entry-level position can be highly competitive: it is not uncommon for interested candidates to dedicate a few months towards preparing for the interview. The application process can be extremely rigorous—sometimes containing a written business problem and data to be analyzed and solved in front of the interviewer, to demonstrate that you can think like a consultant and perform under pressure.

Seeking a first job at a smaller firm can also be a great way to start your career. Small- to medium-sized enterprises or start-ups can give you exposure to a wide range of business functions, and the opportunity to take on more responsibility sooner. Junior employees are often pulled into different teams or roles, as needed. Smaller companies can also offer a window to more localized needs in a given geography, which can help you build specific expertise in your career. Smaller firms may not always post jobs on major jobs boards due to the expense of reviewing all the candidates, and so seeking informational interviews and cold-calling can be a great way to pitch your skills and get your foot in the door.

Whether you decide a small or big company is right for you, it is important to keep up-to-date on research, technology and current events related to your field. Cultivating an active interest in your sector, region or particular area of interest/expertise, and a capacity for self-directed learning, will help you develop a well-rounded, nuanced perspective and help you to frame your skills in a relevant way to potential employers.

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