International Business Gain A Worldwide View

Increasingly, there are more business courses offering a specific international flavour, both in UK institutions and overseas. Indeed, universities previously offering only traditional subjects are showing great interest in this expanding and exciting field of study, with some institutions enrolling as many as 50% of business students in new international business programmes.

Collaborations are taking place across universities around the globe as business schools are responding to calls from employers for the promotion of a world view of business, providing the necessary skills for the growing number of global managers now required in industry. Large organisations recruit from Europe, the US and Asia, and many US companies are specifically looking towards European business schools to fill their recruitment quotas.

Why Study International Business?

Of current importance is the development of the multinational enterprise and the impact of foreign direct investment as a vehicle for the expanding globalisation of business activity. Foreign direct investment is the fastest increasing productive unit in the UK Economy, with recent investors including Toyota, Samsung and Nissan. None of these multinationals are confined to solely Japanese manufacturing companies, as the impact of new global technology and information systems leads to a wider range of opportunities.  Indeed, Numera Securities in the finance sector, as well as the French car company Peugeot, provide examples of the diverse range of multinational business activities in the UK alone. Further liberalisation of trade takes place through GATT and European union, with these trading blocks committed to full removal of tariff and non-tariff barriers, allowing the free movement of labour and capital in the creation of a single market. Similar agreements are in process in the US, Canada and Mexico, as well as Japan and the association of South East Asian Nations. All these developments highlight the importance of understanding international business in the 21st Century.

Additional Opportunities

In addition to increased job prospects, students gain other benefits from studying international business. Some of these stem from the opportunity to work on projects in cross cultural groups, learning new techniques across a wider range of business cultures. In terms of curriculum units, the international business degree offers the opportunity to gain fluency in another language such as Japanese, French, German, Spanish or Italian. Particular emphasis is placed on the acquisition of another language in the business context, and some institutions offer the opportunity to study two languages.

There is, however, much more to an international business degree than foreign languages. For example, students learn to think in the business context of another trading nation. There is much to be learned about the ways business is carried out across a range of newly emerging markets, as well as gaining an understanding of various business practices in the more affluent nations, including European countries, Japan and the US. A variety of international options are available for study, including Global Environmental Management, International Marketing and Global information Technology.

The study of international business also offers the possibility of studying and completing a work placement in another country. European funding is available to support these programmes; indeed, more than 60% of UK students studying business between 1991 and 1996 indicated the period of study abroad to be the most valuable experience of their whole degree, being both character building and rewarding. Comparable academic units are chosen at a partner institution, and credits can be transferred using the European Credit Transfer System (ECTS) for those studying across Europe, with other forms of credit transfer also being developed. After completion, students can achieve a diploma or dual certificate from the partner institution.

International Business In The UK

The study of international business is more popular than ever before in the UK, particularly in the light of recent changes, not least the introduction of modularisation. This has led to a wide range of options becoming available, and there is now much room for flexibility. For example, international business can now be combined with other subjects such as English language, law and IT, as well as the more traditional approach of combining with foreign languages. Furthermore, international business can be taken with or without foreign languages, and students may choose whether they wish to take up a study period or work placement abroad.
 
Some universities are pioneering the development of study periods abroad taught in English, as well as providing opportunities to study in a foreign language. This is an extremely useful development for those who wish to achieve an understanding of how business is carried out in other countries, but have a limited knowledge of languages. These can also be taken up at various stages of the degree programme, providing continuous access to the development of linguistic skills. The international business degree course can be completed in either three or four years, depending on whether students decide to take up the industrial placement year.

Author: David Floyd, Course Director, BA International Business, East London Business School, University of East London

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