The Need For Educational Improvements In Businesses Commerce Essay

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Education provides an individual with knowledge that is acquired by learning and following instructions. Every career has certain educational requirements that are needed to be completed in order to be positioned. There are different levels of education required for specific areas of concentrations. Some careers only need minimum level of education whereas some need maximum level of education. Thus, the type of career acquaints how much education is required in order to position in that specific field. Some types of careers are interrelated whereas some are unrelated and independent. For instance, arts can be interrelated with business but not with medicine. It's an advantage going into something that is interrelated because the opportunities are varied and wide. Each type of career has different concentrations and subjects. For example, business is a parent of marketing field but has its own educational requirements after completing mandatory business courses. One of the main prestigious and well-known concentrations in business arena is International Business.

International Business is defined as "all commercial transactions that take place between two or more nations." [1] It refers to all those business activities that involves cross border transactions of goods, services, resources between two or more nations. No country can live in isolation and depend on their resources. They have to form relations with other counties and exchange resources by means of importing and exporting. A business that is oriented domestically cannot spread their essence and make high profits. In order to be recognized all around the world, they need to expand their business internationally and achieve a global presence. Therefore, employees in international business field take over the responsibility to enhance business opportunities through company acquisitions, merging and etc. They ensure that the cross border transactions are made accordingly and correctly. Just like any other major, International Business has certain academic requirements and essential skills that are needed to achieve good employment opportunities and a beneficial pay scale. Employment opportunities in international business are increasing day by day which helps an individual to work in a society that is diversified and not despaired. International Business employees often work in areas such as logistics, investments and transportation.

ACEDEMIC REQUIREMENTS

International Business positions are divided into financial, commercial and industrial sectors. Furthermore, each of these sectors needs additional academic requirements. For instance, an individual planning to position in financial sector might take courses in finance and accounting fields. If that individual is planning to position in the commercial sector, he/she might take courses in the marketing field. If that individual is planning to position in the industrial sector, he/she might take courses in the management field. Before entering into these particular fields, there are different academic levels to pass through.

HIGH SCHOOL

Having a strong background about International Business in high school is an asset. Prerequisites for International Business depend on which university or college an individual is planning to attend. However, courses such as English, advanced functions, additional language course, calculus or data management are mandatory requirements in order to be considered for an admission. [2] To be successful in post secondary education, courses such as accounting, international business, marketing, anthropology, geography, history, politics, psychology and sociology will be helpful. [3] 

UNDERGRADUATE/ MASERS/ DIPLOMA/ CERTIFICATE

Logo of Schulich Business School Many universities and colleges across Canada offer International Business programs and confer different credentials after graduation. If an individual wants to pursue further education by doing Masters, having an International Business undergraduate degree is not a necessary requirement. Nevertheless, taking business courses as electives during undergraduate years might be helpful in post graduate studies. Obtaining a distinguished International Business undergraduate degree creates more opportunities and clears all the barriers for post graduate studies. A lot of corporations tend to recruit new graduates from universities and colleges. List of companies hiring these graduates can be found in (Appendix A).

UNIVERSITIES/ COLLEGES OFFERING INTERNATIONAL BUSINESS PROGRAMS

Logo of Carleton University As mentioned before, lot of universities and colleges across Canada offer International Business programs. Some of universities and colleges that offer International Business programs are York, Brock, Carleton and Humber. [4] Only York and Carleton offer exclusive International Business credentials. Brock and Humber offer regular business credentials where first two years will be the study of functional areas business, along with the Canadian and global business environment. In the final two years of the program, co-op work terms or full time study terms regarding the particular major will be placed. In order to receive a placement in co-op, a minimum of 70% average has to be maintained during the first two years. A sample course structure for International Business program can be found in (Appendix B).

FACTORS AND ESSENTIAL SKILLS AND

To qualify for most good positions, more is required than just a degree. There are a variety of skills and abilities that don't come with a degree. But there are some skills that some employers say are essential for those working in an international environment. Employees in International Business arena must also consider some factors before going into this field.

Logo of Humber Business School

KNOWLEDGE AND SKILLS

Employees entering into this field must have good problem solving and critical thinking skills and be able to use those skills in circumstances that might be totally new. [5] Having good leadership skills, and be able to resolve conflicts and negotiate agreements in sometimes challenging circumstances. Clear communication and written skills will be especially important in these circumstances because employees may be dealing with translations or with people for whom English is not a first language.

INTERNATIONAL SKILLS INVENTORY

Logo of CACEE According to the Canadian Association of Career Education and Employers (CACEE), workers who are going into International Business field must have general traits, adaptation and coping skills, intercultural communications skills and traits and overseas work effectiveness skills. [6] 

General traits means to be able to enjoy a change, have a sense of adventure, desire to seek out challenges, be open minded, patient and curious. 6

Adaptation and coping skills signifies to be emotionally stable and have the ability to deal with stress, know what culture shock is, be flexible and have a sense of humour. 6

Intercultural communications skills and traits means to be tolerant of and sensitive to others, have good listening and observation skills, understand and be able to use non-verbal communication skills, know a second language. 6

Overseas work effectiveness means to be resourceful, persistence, very organizational, leadership, energy, project planning skills, writing, verbal and communication skills. 6

FACTORS CONSIDERED

Culture and business: Employees must be able to handle huge diversification and cultural differences because they will work with people around the world. Some restrictions on international trade may include religious beliefs about certain products or advertisement attitudes. [7] 

International Laws: Employees must be aware of international laws because laws in some countries are not democratic. Some countries are run by a theo-cracy, in which the legal system is ruled by religion.

Relocation: Most international companies provide some relocation assistance. Most contracts last between a year and 18 months Contracts are usually extended, which helps to avoid costly relocation fees. [8] 

Language distribution by percentageLanguage: Knowing the language of the country an individual is doing business with will allow them to travel more easily. Doing business with countries around the world will require the international business person to be understanding of business negotiations with non-English speakers. In Japan, for example, business men are indirect. The Japanese consider it rude to be too direct whereas western side of the world's viewpoint is opposite.

Working hours: Usually long hours are required for international businesses because Companies will want to get the most productivity they can for an assignment. Some companies may require employees to work overtime or in the evenings, and on the weekends.

Risks: Some countries have very bad attitudes towards western side of the world. However, working abroad often leads to strong friendships with people from other cultures. By taking these risks, international business brings the world together in prosperity. 8

Career types: There are many career paths for the international business person. Most commonly associated with international business careers is international trade. English is the standard language for international business. Some international business professionals specialize in political science, and are highly valued team members in international companies. Importing and exporting are among the top international business careers. The number of careers in international business is as diverse as the people around the globe.

JOBS EXPECTED

Logo of KN Logistics (well known logistics company) International Business graduates may typically work for large international organizations and may specialize in a specific industry, such as healthcare or telecommunications, while others may specialize by type of business function, such as human resources, marketing, logistics, or information systems. In government, these candidates may tend to specialize according to the type of agency. The work generally varies with each client or employer as well as from project to project. [9] 

IMPORTER/EXPORTER

Import and export workers handle business transactions that take place between companies in foreign nations. Import workers deal with transactions that involve brining raw materials or finished products. Export workers are involved in sending goods or raw materials to foreign marks. Some workers handle both import and export agreements. Educational requirements for this position vary depending on the employer. Individual working with a large retailer will be expected to have a diploma or degree in a subject such as commerce or international business. International business and trade programs include courses in entrepreneurship, business management, international law and finance, and business planning. Commerce programs include courses in math, accounting, finance, economics, law, and business.  [10] 

INVESTMENT BANKER

Investment Bankers at work Investment bankers arrange and negotiate large financial transactions. They are employed by investment banking firms to act as advisers to client companies. Investment bankers are also employed by large commercial banks. If a company plans to merge with or acquire another company, an investment banker usually negotiates the agreement. When a corporation is facing financial problems, such as a large budget deficit or failing operations, an investment banker is called in to the study the situation and find a solution to solve the problem. High school students interested in this career should take courses in math, science, English, and business. For an entry-level position as an analyst, a bachelor's degree is the minimum requirement. Analysts most often have a degree in business, finance, accounting, or economics. Bachelor's degrees usually take 4 years to complete. To reach a higher level of responsibility as an investment banker, most companies require applicants to have a Master of Business Administration (MBA) degree. [11] 

LOGISTICS SPECIALISTS

Logistics specialists are also known as logistics analysts. They are responsible study business functions such as manufacturing, storage, transportation, and distribution. They plan the most cost-effective ways of using people, raw materials, energy, money, and information to get things done on time. There are no firm entry requirements, but a diploma or bachelor's degree in business, logistics, supply chain management, or a related field is highly recommended. Many colleges offer diploma or certificate programs in logistics, and bachelor's degree programs are available at universities across Canada. These programs often include courses in logistics analysis, modeling, and planning. Coursework in statistics, finance, computer science, or economics is also a good idea. Many programs allow students to get on-the-job work experience through co-ops or internships.  [12] 

SALARIES AND OPPORTUNITIES

The job outlook for International Business varies by specialty area, employment in financial advising [13] , management analysis [14] , market/survey research [15] Â and cost estimation [16] Â are projected to grow faster than average with 2006 through 2016 growth rates from 19% up to 41%. Earnings will vary widely, depending on subject matter, skill, experience, education, and type of employer.

Salary ranges for International Business employees are varied upon the type of position, experience and education. Salary graphs are most likely to be biased since they are obtained from surveys. Therefore, the average salary can be lower or higher than the illustrated graph. For example, (Appendix C) shows the salary graph of an importer/exporter in Canada by years of experience. (Appendix D) shows the salary graph of an Investment Banker in Canada by years of experience.

 CONCLUSION

In conclusion, International careers are carefully planned and built up over a period of time. It is good to have experience before working abroad. The key to gaining international experience is to jump and participate in extracurricular activities regarding International Business or join clubs or associations (Appendix E). It is an asset to have a strong background from high school to be successful in International Business. Post secondary courses such as anthropology, English, foreign languages, geography, history, math, politics, psychology and sociology will be helpful. There are wide ranges of business branches such as accounting, finance, marketing, human recourses, information systems. Employees will be expected to work in areas such as logistics, investments, transportation, international relations. Before going into International Business, a variety of skills and traits must be considered such as general traits, adaptation and coping skills, intercultural communications skills and traits and overseas work effectiveness. Employees also need to consider factors such as culture and business, international law, relocation, language, working hours, risks and career types. The job outlook for international business always remains positive as long as counties do not spoil their relations with their affiliated countries.

Appendix A. - List of companies hiring International Business employees

This table shows a list of companies that recruit employees from International Business field. For instance, Investors Group might hire Investment Bankers and Capital One might hire E-Business consultants. People recruited in financial sector earn the highest amount of pay scale.

Source: 2007 iBBA Salary Surveys. (n.d.). Schulich School of Business, Toronto, Canada. Retrieved April 8, 2010, from http://www.schulich.yorku.ca

Appendix B. - Sample course structure of International Business program ( Schulich School of Business iBBA)

This chart shows the course structure of the iBBA program at York University. First two years, students will be studying functional areas of business such as accounting, economics and marketing. The final two years will be concentrated on International Business field. Schulich School of Business is one of prestigious business schools in Canada ranking in the top 5 universities.

Source: Course Information > Undergraduate. (n.d.). Schulich School of Business, Toronto, Canada. Retrieved April 8, 2010, from http://www.schulich.yorku.ca/ssb-extra/intranet.nsf/3e72a377a5c7a6d585256aaa006a154d/75518d71ddc5d74485256b32000f5453!OpenDocument

Appendix C. - Import/Export Analyst Salary Graph

This graph displays the median salary range by years of experience for an Import/Export Analyst. These salaries are not accurate and as they contain bias. The more experience a person has, the more beneficial it is to get a job and a good pay scale.

Source: Experience, Y. (n.d.). PayScale - Import/Export Analyst Salary, Average Salaries .PayScale - Salary Comparison, Salary Survey, Wages. Retrieved April 8, 2010, from http://www.payscale.com/research/CA/Job=Import/Export_Analyst/Salary

Appendix D. - Investment Banker Salary Graph

This graph displays the average salary range by years of experience for an Investment Banker. These salaries are not accurate and as they contain bias. The more experience a person has, the more beneficial it is to get a job and a good pay scale.

Source: PayScale Canada - Investment Banking / Brokerage Industry Salary, Average Salaries by Years Experience . PayScale - Salary Comparison, Salary Survey, Wages. Retrieved April 8, 2010, from http://www.payscale.com/research/CA/Industry=Investment_Banking_/_Brokerage/Salary/by_Years_Experience

Appendix E. - International Business Association and Clubs

SFU International Business Association (IBA) [17] 

SFU AIESEC [18] 

Canadian Association of Importers and Exporters [19] 

Forum for International Trade Training (FITT) [20] 

Foreign Affairs and International Trade Canada [21] 

World Trade Centers Association [22] 

The purpose of these associations is to equip individuals and businesses with the practical skills they need to succeed in today's competitive global marketplace. Non -profit organizations established by industry and government that develops international business programs and sets competency standards.

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