Career In International Business Trade
The change in the economic scenario in our country has rendered foreign trade as a lucrative profession. India has developed an extensive export promotion system and several promotion bodies and export related services have been set up. The Government has set up a number of systems and incentives to promote foreign trade in India e.g. tax incentives, foreign exchange rules etc.The country’s exports have been rising substantially during the last few years. This has been the thrust of our economic policies. With scene pointing towards improvement and development every day, foreign trade as a recognized profession has come of age. International Business on the other hand is being a part of an International organization or MNC (Multi National Company) i.e. a company having offices in more than one country. You could be a part of any function in the same – Finance, Marketing, Human Resources, Operations or trade. This can be pursued after a BBA / MBA degree. (A) The Prospects With the tremendous expansion in trade, job opportunities in this area are plenty. Professionals are employed in buying houses; export units and the international departments of multinational companies. There is a great demand for Indian professionals. There is good scope for those who desire to launch out their own export units, but they are advised to gain enough experience before such a venture. For those desirous of secure government jobs, there are job opportunities in regulatory bodies like the STC and the MMTC. (B) The Job 1.) Open new markets for trade – identify, understand demographics of market, liaison and create new international markets for products. Identify export / import counterparts, negotiate trade agreements and contracts 2.) Be completely aware and up to speed with all country’s trade regulations i.e. imports / exports, foreign currency, transport etc. 3.) Ensure quality maintenance and adherence to trade contract details 4.) Complete all regulatory documentation and submission of the same to banks, authorities etc. 5.) Ensure timely payment of import / export dues 6.) Working knowledge of foreign currency market to cover all imports and exports. 7.) Awareness of Banking regulations for trade and loans / capital available to Export companies 8.) Working in banks in trade departments to check documentation and lending against the same. (C) Personality traits 9.) Good inter-personal relationships 10.) Enjoy interacting with other cultures / people etc. 11.) Knowledge of some foreign language 12.) Good International knowledge 13.) Hard-working 14.) Enjoy traveling 15.) Eye for detail 16.) Deadline oriented 17.) Mathematical mind (D) Salaries 1.) The starting salaries range between Rs 4-5 lakh per annum. 2.) Peak salaries would match those in any other area of management and are approximately Rs. 1- 1.5 Crore per annum. (E) Study Routes You could do an MBA course in any area and then join a multi-national company or else you can do a specialized degree in foreign trade. One needs to be a graduate to apply. Leading foreign trade institutes include: Places to Study: 1.) Gujarat University, Ahmedabad 2.) Indian Institute of Foreign Trade, New Delhi 3.) Indian Institute of Management, Lucknow, Calcutta, Ahmedabad, Bangalore, Kozhikode 4.) Indian Institute of Packaging, Mumbai 5.) Punjab University, Chandigarh 6.) S. P. Jain Institute of Management and Research, Mumbai 7.) Symbiosis Institute of Foreign Trade, Pune 8.) The Delhi School of Economics, Delhi University 9.) University of Madras, Chennai Other MBA Institutes are – Sample PG Degrees / Diplomas in Business Administration – 1.) FMS, New Delhi 2.) XLRI, Jamshedpur 3.) Jamnalal Bajaj (JBIMS), Mumbai 4.) SP Jain, Mumbai 5.) Narsee Monjee Institute of Management Studies, Mumbai 6.) Symbiosis, Pune 7.) XIM, Bhubhaneshwar 8.) MDI, Gurgaon 9.) IMT, Ghaziabad 10.) IMI, New Delhi 12.) Sydenham College, Mumbai After Graduation – A degree in subjects such as a BBA, economics, or commerce will also give you an entry in the sector. However growth prospects are limited and a PG degree is necessary for timely promotions. Sample BBA Degree Colleges – 1.) IIPM – present in New Delhi, Chennai, Mumbai, Hyderabad, Calcutta, Bangalore 2.) Infinity, New Delhi 3.) Sukhdev College 4.) Wigan & Leigh – present in New Delhi, Mumbai 5.) IILM – New Delhi, Gurgaon 6.) Rai University 7.) AmityInternational Colleges: USA: Monterey Institute of International Studies The College of St. Catherine Western Washington University Bethel college University of North Carolina Marywood University Clarion University of Pennyslavania City college of San FranciscoUK: Aston Business School Regants Business School Grafton College of Management Aberdeen Business School University of Worcester King’s College London Hamilton CollegeAustralia: Murdoch University Macleay College University of Wollongong.
Tags: Business, Career, International, Trade