MBA in International Business: Everything You Need to Know Before Making a Decision



In today’s world, with the kind of options available, it is not quite enough to say “I want to pursue an MBA”. Within the ambit of this postgraduate degree called Master of Business Administration, a multitude of options exist. Based on your interests and your career goals, you get to choose among an MBA in Finance, Marketing, Accounting, Healthcare Management, Human Resource Management, Data Analysis, Supply Chain, International Business, and so on. The specializations keep adapting to the changing demands of the industry.

Looking at the kind of options available, the extent of information out there is immense. So, we at TC Global bring you the latest data about each of these specializations – all in one place to make your life easier. We just published in-depth articles on MBA in Finance and MBA in HR, if you want to check those out.

If you are working towards developing your career in the field of international business, then this one on MBA in International Business is for you.
In this article, we will be looking at

  • What is an MBA in International Business?
  • Why Study MBA in International Business?
  • What are the benefits of studying this course?
  • What is the average salary after studying MBA in IB?
  • How much does it cost?
  • Eligibility Criteria
  • What is the scope of an MBA in IB?
  • What are the top colleges?
    • Wharton School of Business
    • HEC, Paris
    • IE Business School
    • Haas, UC Berkeley
    • Booth School of Business
    • Kellogg School of Business
    • Yale School of Business

What is an MBA in International Business?


MBA stands for Master of Business Administration, we know that. When specializing in International Business, you gear yourself up to handle business models and organizational structures on a global scale. It is a higher education course designed to give you in-depth knowledge of international trade, global supply chains, and the skills to thrive in a multinational setup.

In most universities, it is a two-year program that delves into detail on global challenges facing companies, international markets, global economics, international relationships, and trade deals, as well as the leadership and communication skills necessary to thrive in the global business environment.

The course exists in two forms: either a specialized degree where you get an MBA in International Business or it can be an elective you choose in a more traditional MBA program.


Why Study MBA in International Business?


Typically, MBA programs are designed for working professionals with around 2 – 5 years of work experience. You are already on a career track but an MBA in International Business will certainly help you accelerate. With this business degree, it is easier to transition from being an employee to that management.

The primary goal of this degree is to develop skills that you will need as a manager in a global economy.


What are the benefits of studying International Business?


  • We live in a global world: With more and more organizations making a global impact and expanding on an international scale, business management cannot be limited to the purview of one society. By studying international business management, you are prepared to jump over the barriers of geography and build your organization on a global level.
  • Career Acceleration: Compared to other degrees, a candidate with an International Business specialization is more sought after, since he/ she brings a global perspective to the company. It places you first in line in consideration for global transfers or even heading an international department or branch.
  • Skill Development: The skills you learn in this program revolve around critical and strategic thinking and problem-solving. These are highly transferable skills that can be scaled and applied in any situation and career of your choosing.
  • More scope and opportunities: With this degree, the scope of career options expands exponentially. Be it more responsibilities within the existing organization or better-paying opportunities outside, an international business consultant or a global business manager is recruited quickly and given challenging roles to consider. It also does not hurt that the salary package keeps increasing when you are consulting at a global level.
  • Broader Worldview: As this course prepares you for the global market, your worldview expands. You familiarize yourself with the work culture of different places and the social norms that dictate a business hierarchy. In addition, you also develop a keener sense of cultural awareness and sensitivity, making you a true global citizen.
  • Networking and Flexibility: While we looked at all the benefits one might gain on completion of the course, the process in itself is highly advantageous. Most executive MBA programs deal with professionals and hence are flexible in nature. You can choose between a full-time or a part-time MBA based on your professional commitments. Moreover, your class will be filled with other professionals with similar career goals across industries. It provides a brilliant opportunity for you to start building your business networks during the course of your study.

What is the average salary after studying MBA in International Business?


There are a number of job titles that you will be eligible for, after having finished an MBA in International Business. While there are numerous factors that determine your salary package, take a look at the average salary after finishing MBA in International Business

India – ~15 – 18 lakhs INR
Asia – ~24 lakhs INR
US – $100,000 – 120,000
UK – ~50,000 – 80,000 GBP
Canada – ~70,000 – 100,000 CAD
Australia – ~60,000 – 95,000 AUD
Europe – ~105000 Euros

Disclaimer: These figures are an average based on 2022 statistics. It takes into account a minimum of 5 years of work experience and graduation from the top tier universities.


MBA in International Business vs MBA in Finance: Which one is better?


There is no categorical way of claiming one specialization as superior to the other. Both of them have been designed for two very specific purposes. So, in this section, we will analyze the two comparatively and you can choose what is best suited for you.

MBA in International Business: As the name suggests, the foundation of this course is business theories and practices on a global scale. You will study the core business courses including, but not limited to, accounting, marketing, analytics, and international marketing along with the basics of finance in a global setup. The usual employment opportunities that international business graduates get into are international marketing manager, international sales or trade manager, import or export manager, or global business analyst.

MBA in Finance: If your interest is leaning toward financial dealings, investments, or banking in general, then this might be the course for you. While you will be touching upon the basics of management principles in the first semester, the course is built entirely around the complex machinations of wealth, economy, and investments. An investment banker, a chief financial officer, or a financial analyst are some of the most common portfolios of someone with an MBA Finance degree.

MBA in International Business MBA in Finance
Primary Emphasis Business theories and management on a global scale Financial theories, banking, and investment
Duration 1 – 2 years 1 – 2 years
Scope Broader, allows you to explore any aspect of global trade, including finance More niche, delving deeper into financial institutions and systems
Credits required 35 – 49 30 – 49
Average Tuition Fee Around $60,000 (in the U.S. It is a median figure, displaying an average of top-tier and mid-level universities. It is significantly higher to get the degree from the top tier internationally recognized universities.) $65,000 (in the U.S. It is a median figure, displaying an average of top-tier and mid-level universities. It is significantly higher to get the degree from the top tier internationally recognized universities.)
Average Salary $100,000 (in the U.S.) $90,000

How much does it cost to study MBA in International Business?


An MBA degree, in general, comes with a high investment and a high reward. Since it is a professional course, designed for people with at least a few years of work experience, the fees are higher compared to any other master’s degree. What appears as a large fee becomes worth it when you look at the packages with which top-tier companies hire MBA IB graduates. That said, let us take a look at how much it costs to earn this degree.

Region Tuition Cost of Living
USA Ranges from INR 40 lakhs to 90 lakhs INR 8 – 10 lakhs
UK Ranges from INR 30 lakhs to 85 lakhs INR 12 – 15 lakhs
Canada Ranges from INR 50 lakhs to 75 lakhs INR 9 – 10 lakhs
Australia Ranges from INR 35 lakhs to 55 lakhs INR 9 – 11 lakhs
Europe Ranges from INR 20 lakhs to 80 lakhs INR 8 – 10 lakhs

Disclaimer: These are ballpark figures to aid you with financial planning. They are indicative and not exact in nature. It does not take into account travel, visa costs, or any financial aid. All figures are in INR. All figures indicate per annum costs.


Eligibility for MBA in International Business


Before we get into the eligibility criteria, take a look at the different formats in which the course is offered. You have the

  • Full-Time MBA in IB (2 years)
  • Part-Time or Executive MBA
  • Advanced one-year MBA
  • Online MBA/ distance learning

The eligibility criteria for them more or less remain the same across continents, a part-time or one-year MBA requires the applicant to have had more work experience than when applying for the full-time course. Here are some of the common eligibility criteria:

  • A completed undergraduate degree (3/ 4 years) from a recognised university
  • A minimum score of 50% or higher
  • A good score in the MBA entrance tests such as CAT/ MAT/ XAT/ CMAT for B-schools in India, and GMAT/ GRE when applying abroad.
  • Proof of English Language Proficiency: IELTS/ TOEFL. A minimum score of 6 in IELTS or 100 in TOEFL iBT is essential. Some top B-schools expect even higher marks.
  • A minimum of two years of full-time work experience, after having completed the bachelor’s degree. As mentioned earlier, sometimes, this requirement might be more, depending on the nature of the program and the country.

What is the scope of an MBA in International Business?


The structure of an MBA course is fairly standard. The syllabus in the first semester (or even the first year), covers the basic core subjects of management. It includes strategy, marketing, and even parts of finance, along with more specific courses focussing on international business principles.

The modules might include:

  • Import and export management
  • International marketing
  • Foreign exchange management
  • Foreign market entry and growth
  • International finance
  • International logistics

Ultimately, the goal is to learn about the rules and structures that govern international exchange, including trade negotiations, tariffs, customs, and shipping regulations.

There is also a mandatory summer internship between the first and the second year in this international business program.

What are the top colleges for an MBA in International Business?


Now that we have looked into the specifics of the course, let us now get into the colleges. First is a list of the top colleges in India that offer an MBA degree in International Business. Then we shall delve into the ocean that is international universities.

Top Colleges in India to pursue an MBA in International Business

S.No Name Location Fees
1 Indian Institute of Foreign Trade (IIFT) Delhi, Kolkata, Kakinada 17 lakhs INR
2 Delhi School of Business Delhi 10 lakhs INR
3 Christ University Bangalore 8 lakhs INR
4 Symbiosis Institute of International Business Pune 12 lakhs INR
5 Jamia Millia Islamia Delhi 1.5 lakhs INR
6 Indian Institute of Management Kolkata, Lucknow 20 lakhs INR
7 International Institute of Business Studies Kolkata 7.5 lakhs INR
8 DY Patil School of Management Mumbai 4.5 lakhs INR
9 Flame University Pune 6.6 lakhs INR
10 IPE Hyderabad 4.5 lakhs INR

Getting back to the international universities, let us take a look at some of the top colleges from where you can graduate with an MBA in IB.

S.No Name Location World Ranking Duration Fees
1 The Wharton School U.S.A 3 2 years $85,000
2 HEC Paris France 4 2 years 85,000 Euros
3 IE Business School Spain 6 1 – 2 years 78,000 – 82,000 Euros
4 HAAS UC Berkeley U.S.A 11 2 years $108,000
5 Booth School of Business U.S.A 13 2 years ~ $78,000
6 Kellogg School of Business U.S.A 14 2 years $76,368
7 Yale School of Management U.S.A 18 2 years $80,000

1. Wharton School of Business


Affiliated to the University of Pennsylvania, the Wharton School of Business is one of the Ivy Leagues when it comes to business education. Established in 1881, it is one of the oldest collegiate business schools in the US.

Source: Penntoday

Wharton has 21 different MBA concentrations that you can choose from. It gives niche specializations for you to choose from. The school also has a reputation of being “the finance school”, globally. The school is also known for its rigorous and pioneering data analysis modules. Because of its global reputation, the kind of professionals who seek Wharton is also in the top tier.

What are the career prospects after graduation?

Last year, about 94% of its MBA graduates seeking full-time employment received job offers ranging from $130,000 to $160,000. Over 800 different employers throng Wharton graduates in order to recruit them for their companies. With the level of reputation the school holds, doors simply open for a Wharton graduate. It is easier to call it the Oxford of business schools

Eligibility

  • Completion of an undergraduate program in an accredited U.S. college or its equivalent in another country.
  • Results of the Graduate Management Admissions Test (GMAT) or the Graduate Record Examination (GRE).
  • Results of an English Language Test (TOEFL or PTE). To waive an English language test, you must include a letter requesting the waiver in your application AND documentation that your education was in English.
  • Work experience is not mandatory but the admissions committee does look for diverse experiences and professional maturity

Admission Process and Fees

The completed application form is submitted via the Wharton Admissions Portal. Applications are considered in three rounds. The first round is in September, the second in January, and the third in March. If shortlisted, you will go through an interview before being selected.

The tuition and fees cost about $85,000.

Scholarship Options

But, the school does have numerous scholarship options in the form of fellowships. They are two-year awards, split over four semesters. Criteria for fellowship selection include unique personal qualities and background, academic achievement, exceptional professional development, and community involvement. Read more about it, here..


2. HEC Paris


Founded in 1881, this B-school has triple-crown accreditation from AACSB, AMBA, and EQUIS. Having established itself as one of the pioneers in the teaching of entrepreneurship and international business, the school has further grown to also establish campuses in Canada and Switzerland.

Source: hec.edu

Why Study at this school?

HEC Paris has had a long history of being the alma mater of world leaders and business giants. The school is committed to the cause of innovation and leadership, providing a transformative experience for its students who are already professionals in their own regard. The duration of the course is also filled with multiple opportunities for hands-on learning.

What are the career prospects?

The entire class of 2021, made of over 90 nationalities, accepted lucrative job offers within 3 months of graduation. 69% of the graduates secured positions outside their home countries, 79% switched sectors and 62% changed location. With its worldwide reputation, there is no dearth of recruiters who leave their doors open for HEC graduates.

Eligibility

  • You must have completed an undergraduate degree from an accredited university.
  • A minimum of two years of work experience is encouraged.
  • A GMAT/ GRE score that is less than 5 years old with balanced scores above 60% for the quantitative and verbal sections should also be submitted.
  • You must have also scored a minimum of 100 in TOEFL (internet-based test) or 7 in IELTS.

Admission Process and Fees

The MBA journey at HEC begins either in January or September. You can apply throughout the year. Once you submit the completed application along with the transcripts and all the required documents, if selected, you will be called for two separate interviews.

The regular MBA fee is about 85,000 Euros. The part-time MBA fee is about 95,000 Euros.

Scholarship Options

Any candidate applying to HEC, if selected, is automatically considered for the Excellence and Diversity scholarships by the HEC Paris MBA Scholarship Committee. For the Forte and L’Oreal scholarships, you must submit your essay at the same time as your application to the MBA program. The amount distributed as scholarships is not fixed. It is determined by a scholarship committee for each candidate.


3. IE Business School


Founded under the name Instituto de Empresa, this school, located in Madrid, Spain stands third in the global list of B-schools. The school runs numerous undergraduate, graduate, doctoral and executive programs in business administration.

Why Study at this School?

Designed for professionals, the MBA programs at IE are ranked 6th across the globe. The international business course is curated based on industry requirements and the school remains at the cutting edge when it comes to creating an international business consultant. Moreover, its location in the heart of the European Union also means that your opportunities are diverse and filled with adventure as you can display and develop your skills across the EU.

What are the career prospects?

With over 1,800 recruiting partners and 6,600 job opportunities every year, it is safe to say that your career path is on a fast track when you graduate from IE. Every year, graduates are recruited into many industries, ranging from technology to FMCG and services. Amazon, Google, Porsche, Samsung, EY, you name it, the big names of various industries keep recruiting from IE.

Eligibility

  • A minimum of 3 years of an undergraduate degree from a recognised university
  • GMAT, GRE or IGEAT score
  • English language proficiency score
  • Clear the personal interview

Admission Process and Fees

IE has a rolling admissions process, which means there is no deadline. You will have to apply at the earliest. There is an online assessment where you will answer three questions live, two in video format and one written. If shortlisted, then there is a personal interview.

January 2023 intake is €78,300 and the September 2023 intake is €82,300.

Scholarship Options

The IE Foundation has a scholarship budget of €6 million. The scholarships are open to all, based on merit and the program. All scholarships in this school are need-based. Read more, here.


4. Haas, UC Berkeley


The Walter A Haas School of Business, also known as Berkeley Haas is the B-school of the University of California Berkeley. One of the best B-Schools in the U.S. and the world, their MBA in IB is a great place to build international professional networks and learn from accomplished businesspeople and scholars.

Source: haas.berkeley.edu

Why Study at this School?

The school has a distinctive culture that brings together learning and industry experience. Less than 300 students get enrolled in each entering MBA class, which means you get personalized attention. It also helps you form a close-knit community that can continue into your career as well.

What are the Career Prospects?

A majority of HAAS graduates go into technology or consulting-related services. Over 93% of graduates have received job offers within 3 months of graduation and 73.9% have also received a sign-on bonus. The top employers include Adobe, Boston Consulting Group, Cisco, Deloitte, Nike, Meta, E&Y, and others.

Eligibility

  • A four-year bachelor’s degree
  • A minimum score of 90 on the TOEFL iBT or a 7 in IELTS.
  • GRE/ GMAT scores is required for the executive MBA programs

Admission Process and Fees

In addition to the eligibility requirements, you must write two essays and attach two letters of recommendation with your application, along with the required transcripts. If shortlisted, you will be called for an interview and/ or a group discussion.

The fee is about $108,000 p.a. inclusive of housing, food, insurance, books, and transport.

Scholarship Options

Berkeley Haas has scholarships wherein all prospective students will be evaluated on need-based and merit-based criteria. Here are some of the fellowships offered.

  • Jimenez Family Fellowship
  • Ma McFarland Fellowship
  • Center for Equity, Gender, & Leadership Fellowship
  • Allan Holt Fellowship
  • Berkeley Haas Scholarships
  • Brian Maxwell Fellowship
  • Dr. Tahir Fellowship
  • Galloway MBA Fellowship
  • Henrique Ceribelli MBA Fellowship
  • Mike and Carol Meyer Fellowship
  • Song Feiqing Fellowship
  • Tirado Fellowship
  • Torres Family Fellowship

5. Booth School of Business


Affiliated with the University of Chicago, the Booth School of Business was founded in 1898. The school is associated with ten Nobel laureates in the Economic Sciences. Sathya Nadella, the current CEO of Microsoft is a Booth School alumnus.

Source: chicagobooth.edu

Why Study at this school?

A guaranteed profitable return on our investment, the Booth school offers one of the most flexible full-time MBA programs. It is known for “The Chicago Approach”, a multidisciplinary framework that will allow you to get a bird’s eye view of the entire problem and turn them into opportunities. It builds your strategic thinking and problem-solving skills that are transferable and be used at any juncture of your career.

What are the career prospects?

97.7% of Booth graduates receive full-time job offers within 3 months of graduation.
McKinsey & Company, Inc., The Boston Consulting Group, Amazon.com,
Bain & Company, Inc. Credit Suisse, Bank of America Corporation, Goldman Sachs Group Inc, Google, and JPMorgan Chase & Co. are just some of the top-tier companies that hired more than four graduates from Booth.

Eligibility

  • A bachelor’s degree from a recognised university
  • GRE/ GMAT score
  • IELTS/ TOEFL/ PTE
  • Work experience

Admission Process and Fees

After submitting the completed application along with the necessary documents and transcripts, the university will call for an online interview if shortlisted. The deadline for the second round of applications is January 5th while the third is April 11.

The tuition fee per annum is $77,841.

Scholarship Options

There are numerous scholarships and fellowships for the students pursuing their MBA at Chicago Booth. You have merit-based scholarships, Global Innovator Awards, leadership Awards, the Yellow Ribbon program, and so on. Click here to explore the entire list.


6. Kellogg School of Business


Ranked number 14 in the world by QS Rankings, the Kellogg School of Business is affiliated to Northwestern University. Its faculty, alumni, and students have made significant contributions to business-related fields such as marketing, management sciences, and decision sciences. The school has a multitude of options within the ambit of an MBA, giving you the flexibility to choose a course that complements your career.

Source: kellogg.northwestern.edu

Why Study at this School?

The coursework is built on teamwork, giving you a glimpse of life in the industry where teams are allocated for every task. The school also has a Global Hub that brings together faculty and students outside of the classroom to network, shares ideas, and brings out a spirit of innovation.

What are the Career prospects?

Numerous startups to Fortune 500 companies regularly recruit from Kellogg. Nearly 34% of its graduates go into consulting and supply chain management while almost 10% go into the consumer packaged goods industry. The median salary is at around $120,000 p.a.

Eligibility

The acceptance rate is about 20%.

  • A three/to four-year bachelor’s degree
  • IELTS or TOEFL score
  • GRE/ GMAT is not compulsory

Admission Process and Fees

The university looks for candidates who have a balanced mix of hard and soft skills. While work experience is not compulsory, a well-rounded CV will boost your application. Once the completed application along with the required transcripts, essays, and letters of recommendation is submitted, and the application fee of $250 is paid, you will be called for a virtual interview if shortlisted.

The fee is $76,368 p.a.

Scholarship Options

The school offers both merit and need-based scholarships in the process of building international business consultants and managers. You have the Austin scholars and over 25 different endowments that offer scholarships based on merit. Access the full list, here.


7. Yale School of Business


Yale University needs no introduction. One of the founding universities of the US, part of the Ivy League, it comes as no surprise that the Yale School of Business is part of the list.

Source: som.yale.edu/news

Why Study at this School?

The MBA curriculum is rigorous and designed for students with substantial work experience. The school works towards building global leaders who can take over the mantle of international businesses. The school follows an integrated, interdisciplinary syllabus featuring the raw case approach. This gives students a real taste of real-world problem-solving situations. Besides, the Yale name is recognized and revered globally.

What are the Career prospects?

It is almost a given that international business graduates from the Yale School of Business go on to succeed in top positions in various industries. The Consulting Club, Finance Club, and other professional clubs help prepare you for interviews through boot camps, practice interviews, and more. The summer internship is also a great way to build networks for future career prospects.

Eligibility

  • Minimum of a bachelor’s degree from a recognized university
  • GRE/ GMAT score (while there is no minimum, the median GMAT score is about 725)
  • IELTS/ TOEFL
  • Work experience is recommended and encouraged but not compulsory

Admission Process and Fees

The application deadlines are as follows:

Round 1 – September 13
Round 2 – January 5
Round 3 – April 11

The standard application fee is $250. The fee is around $80,000.

Scholarship Options

The school has four different types of aid for its students – 1. Merit-based scholarships, 2. External funding resources, 3. Career Support and 4. Student loans. You can get a detailed picture of them here.


How to Apply to Maximize Your Chances?


Now that you know the extent of research you need to do, you know that it is easier to sign up with a global education consultant like TC Global. Here’s how you can maximize your chances of getting into the top universities, through TCG.

Step 1: Sign Up with TC Global

It is free, it is easy. Just log into www.tcglobal.com .

Step 2: Complete your Profile

Ensure you fill-up the details, especially the parts involving your educational background, professional aspirations, and what you are aiming to do. It will help us recommend the right courses and universities for you.

Step 3: Choose the right course

Choose the right course and shortlist. In this case, it will be MBA in International Business. Your shortlisted courses can be accessed through the student portal.

Step 4: Attend Our Global Education Summit

Attend our Global Education Summit to meet representatives from your dream universities. Get a feel of the university and get your doubts clarified. Here’s the link to the portal, so you can keep yourself updated with the dates of the GEI events.

Step 5: Read more on Insights

Check out our Insights to get the latest on top universities, courses, and other details.

Step 6: Request a Relationship Member

Before you start filling out your application, request an RM who will be with you every step of the way. From there on, it is not AI but a real experienced professional who will guide, counsel, and support you through the application process.

Get on board with TC Global and make your global ed dreams come true.

Also Read: MBA in Hospital Management: In-Depth Guide for 2022


Date added
21.11.2022

Filed under:

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