Last Updated on December 14, 2022
What information are you unaware of regarding masters in international business vs mba? Looking at many information types about saint leo undergraduate programs, but don’t know which to choose. This article will provide insight and details articles on masters in international business vs mba.
A master’s in international business prepares students to think about operations, marketing, finance and other core functions on a global scale, but this is also one of the key objectives behind an MBA with a specialization in international business. The right option for you will depend significantly on how much flexibility you want to have in your career— for example, an MBA program will include foundational courses that allow you to develop expertise in all types of business, while a master’s in international business is more focused on global environments, trade and investment.
In deciding which degree is right for you, a good starting point beings with considering the salary potential available to professionals who pursue an MBA or a Master’s in International Business. According to compensation platform PayScale, the average salary for MBA graduates is higher. MBA graduates make an average of $86,000 per year while graduates of a Master’s in International Business program make an average of $81,000 per year.
Earning an MBA with a specialization in international business prepares students to be global leaders with a thorough understanding of cutting-edge trends in trade and investments as well as a strong foundation of business skills. When combined with coursework that explores global challenges, the international business MBA curriculum empowers graduates with deep business expertise that can be scaled to global operations.
An international business MBA offers coursework in international marketing, global management, comparative economy systems, international law and compliance and ethics in addition to core business classes related to financial, operations and marketing management.
This degree sets graduates up for success in both international and domestic leadership positions and it is this distinction that allows a more dynamic career and a wider range of professional growth options.
One of the key differentiators of an MBA with a specialization in international business is the focus on building communication and interpersonal skills. Softer skills like persuasion and collaboration are among LinkedIn’s most in-demand job skills in 2019. International business MBA programs help to build these skills through coursework that examines culture and business practices in different regions.
Besides the fact that an international business MBA offers expertise in domestic and international leadership, the other major difference between an international business MBA and a master’s in international business is that the latter often has a stronger focus on cultural differences in the industry while the former covers the way business is handled in specific regions in addition to financial and marketing management.
Because these differences are often the focal point of the master’s in international business, not all of these programs cover business functions like accounting and finance to the same depth that an MBA in accounting or MBA in finance program does. However, graduates will gain exposure to management styles and culture differences between different regions of the world, which can be assets in careers that involve international negotiation and trade.
Also Read: Masters In International Business Vs Mba, mib vs mba salary, is a masters in international business worth it, masters in international business salary.
Masters In International Business Vs Mba
Both programs prepare graduates for senior level positions at multinational and international organizations, but roles that require more functional business knowledge (e.g., Chief Financial Officer) or in certain industries like banking would be better suited for an international business MBA program.
While the curricula for these programs can be similar, there are slightly different career outcomes between the two. As mentioned above, PayScale shows that the average salary for MBA graduates is over 6 percent higher than those with an international business degree. For example, both degree holders can fill the position of a senior analyst, but those with an MBA earn nearly 7 percent more per year than those with an international business degree.
Because the international business MBA has such a strong focus on managerial skills, these graduates often fill roles such as chief financial officers, project managers or human resource managers. However, because those with a master’s in international business focus so strongly on multicultural business skills, they’re excellent coordinators who fill roles such as implementation managers, technical advisors and sales directors.
With both degrees, it’s important to maintain a strong sense of multicultural business practices to remain cordial and respectful. In China, for example, it is not out of the ordinary to ask what Americans would perceive to be personal and unprofessional questions when making a business deal. On the contrary, German business professionals are likely to steer in the complete opposite direction, avoiding any personal life inquires to the point that might seem cold or standoffish to Americans.
Also Read: mba in international business, difference between business administration and international business, mba vs msc salary uk, mib requirements.
mib vs mba salary
To an untrained eye, both the Master in Business Administration (MBA) and the Master in International Business (MIB) are management programs with similar outcome. After all, what is International Business but business as usual in a foreign dialect.
The trained eye, however, has learnt to distinguish the two with a gap wide enough to fit a room. While it is true that there are many common flavours that they share between them, there are a healthy number of differences as well.
These differences are inherent to their nature and needs to be understood before one decides one over the other. Let us explore them.
MBA needs no introduction. In India, you find lakhs of young graduates, especially the engineering kind, with a terminally overwhelmed look of having spent nights cramming for the CAT exam for MBA admissions.
The more globally ambitious kind, however, can choose to either opt for a work experience or look into graduate school options with a business specialization.
MIB is one such option (Specialized Masters Programs). So, what do students learn in MIB?
It helps to prepare its students to conduct business in a global context.
– What are the expectations of foreign markets and how do they behave?
– What happens to business interests faced with international politics and economy?
– What do companies have to do to conduct business in a foreign soil?
– How do changing foreign economies affect businesses and its international strategies?
If you are in the position of deciding between sticking around to get into the MBA program or charging ahead with an MIB, now, this article may help you reach a decision. We have gathered information regarding the basic differences between the two degrees so you can decide which one fits your bill the most.
MIB or MBA: Which is better for you?
Much like in the MBA, applicants can have any educational background. The minimum requirement is an undergraduate degree, with a decent GPA. Additionally, most international MBA programs expect at least four to five years of work experience. What does this mean?
The MIB degree is more academic in nature than the professional MBA degree.
Though, a lot of business schools have designed a curriculum that incorporates practical training as a part of the MIB training, it is not as integral as in MBA.
Owing to all the variety of real world work experience MBA students bring to the classroom, the peer experience becomes an added and necessary enrichment.
It also means that MIB class profiles comprise younger students compared to MBA classes where students are typically inching closer to 30 or above.
Younger class profiles mean less worldly experience, fresh out of school, less connected, yet vibrant young students.
In MBA, you get students from various backgrounds, with their own branches of professional networks, and years spent tasting the world outside the academic environment.
Courses and Curriculum
Usually faculty members in the business schools share the courses between the two degrees. Although, professors with more industry experience focus on MBA courses.
There is an overlap of courses, with MIB’s courses aligned along the global business content. The actual difference usually becomes apparent in the way the subjects are instructed.
In MBA, the job experience brings about a peer engagement which is not as crucial in MIB.
Also, the level of understanding among MBA students is expected to be of a higher level as compared to MIB. Hence, MBA courses, on the same (similar) subject matter tends to be more advanced.
Quantitative training is also usually a core part of MIB training, given its affinity to academic research.
In MBA, quantitative training is usually determined by the choice of the specialization. For instance, Finance MBA grads are more adept at quantitative methods as compared to say Human Resource majors.
Typical courses in MIB are (from Leeds Business School MIB Program):
|Globalization and Innovation||International Strategic Management||Controversies in International Business||Cross Cultural Management|
|International Business Theory||Quantitative Methods for International Business||Professional Skills for International Business||International Trade Environment|
|Foreign Market Entry Strategy||Managing Global Logistics and Supply Chains||Global Economic Coordination and Governance||International Business Finance|
…and similar courses with a taste of business in the global environment.
Typical MBA courses are related to MBA specialisations in Marketing, Human Resources, Finance, Information Systems, Consulting, Entrepreneurship, Operations Management, etc.
Tuition fees and other ancillary costs of getting an MIB and MBA are comparable. Although, it really depends on where you seek to attend the programs.
Duration of studies are also similar with most programs ranging between 12 months, or more, in MIB. European MBAs generally tend to stretch over a similar timeline.
Career Prospects and Salaries
MIB prepares its students to enter the work market through its training in sustaining businesses in foreign markets through research and strategic management. According to a report published by Burning Glass Labor Insight, nearly 60% of employers prefer advanced graduate degree in international relations roles.
Multinational organizations, with overseas offices, have a preference for individuals who have the necessary education to work across borders in a range of markets. They serve in roles such as business analysts, country managers, product managers, trading specialists, buyers, economists, and policy analysts, among others.
Some of these roles, after MIB, are also very lucrative, with salaries ranging from the healthy side of $80,000 to some even over $120,000, with a lot of promise of growth within the organizations. Overall job growth in these sectors are estimated in the neighbourhood of 10% in the next decade.
In addition to a promising career, MIB also offers its graduates the opportunity to explore advanced research into international business. The academic nature of the degree brings about the possibility of further higher education. Thus, a PhD degree is a natural progression of many MIB grads.
MBA programs usually only focus their energy in gearing up future managers who actively handle business decisions in organizations.
In fact, MBA serves up graduates who are not only qualified to handle management jobs, but can also star in job positions like Accounting, Finance, Consulting, Business Operations, Healthcare, Marketing, Information Technology, Business Analytics, Non-Profit sector, and more.
Average MBA starting salaries depend a lot on geography and the degree-granting university. Brand names like Wharton, HBS, etc. can yield salaries upwards of $120,000 in North America.
Whereas, some of the least salaries, after graduating from reputed MBA programs, can be in the order of $70,000. Some of the highest paying majors are Business Strategy, Consulting, Marketing, and Finance.
What are the top universities for MIB?
Most top MIB programs are offered at European B-Schools, since Master’s in Management and its specialisations are essentially a European phenomenon. We have listed some of the top universities, in the table below, with reputed MIB (and its other nomenclatures) according to the Financial Times Rankings from 2018.
|Business School||Program Name|
|University of St. Gallen (Switzerland)||MA in Strategy and International Management|
|University of Bocconi, SDA Bocconi (Italy)||MSc in International Management|
|University College Dublin, Smurfit (Ireland)||MSc in International Management|
|Rotterdam School of Management, Erasmus University (Netherlands)||MSc in International Management|
|Esade (Spain)||MSc in International Management|
|Stockholm School of Economics (Sweden)||MSc in International Business|
|Vienna University (Austria)||Master in International Management|
|University of Economics, Prague (Czech Republic)||International Masters in Management|
|Nova School of Business and Economics (Portugal)||International Masters in Management|
|Catolica Lisbon School of Business and Economics (Portugal)||International MSc in Management|
|Eada Business School (Spain)||Master in International Management|
|Maastricht University (Netherlands)||MSc in International Business|
|Grenoble Ecole de Management (France)||Master in International Business|
|Antwerp Management School (Belgium)||Master of Global Management|
|Tias Business School, Tilburg University (Netherlands)||International MSc in Business Administration|
|Queen’s University, Smith (Canada)||Master of International Business|
That essentially covers the basic comparison between the two management graduate degrees. For more questions and queries, feel free to drop us a line at info[at]mbacrystalball[dot]com
is a masters in international business worth it
An International Business degree is ideal for students who want to develop a global mindset and understand different business management practices.
If your goal is to improve the performance of businesses competing in a rapidly changing global marketplace, a Master’s in International Business will expose you to ideas that will help you face international challenges successfully.
With the massive growth of international business, there is a huge demand for individuals with in-depth knowledge and understanding of global markets. Let’s look at some of the best International Business jobs and the average annual salaries in the US.
1. Management Analyst/Consultant – 65,900 USD/year
You will help organisations solve any type of issue and provide advice on growing revenues and improving business performance. The essential tasks of a management analyst or consultant are:
- Identifying issues and analysing possible solutions for them
- Presenting findings and recommendations to clients
- Assisting clients with implementing the suggested solutions
2. Sales Manager – 68,900 USD/year
You’ll be responsible for coordinating sales teams, for making sure the company reaches the sales target and for promoting the products or services provided by the company. Your duties will include:
- Setting a clear sales quota and developing training programs for the sales team
- Monitoring and analysing the sales figures and performance
- Finding potential customers and looking for new business opportunities
3. International Trader – 78,900 USD/year
International traders are also known as commodities and securities traders deal with advising corporate clients on various matters related to international trade and investment opportunities. Your main activities will include:
- Assessing clients’ financial abilities and suggesting investments
- Offering consultancy in terms of securing capital, real estate and international business strategies
4. Financial Controller – 82,200 USD/year
You’ll manage everything that concerns the financial reporting of a company: accounts, transactions, payroll, preparation of taxes. Financial controllers collaborate and communicate with all the departments of a company and need to have a holistic understanding of the entire business. Main duties include:
- Creating and maintaining the company’s accounting system
- Finding methods to improve financial reporting
- Processing and recording transactions
- Collecting debts
5. Business Development Manager – 71,900 USD/year
You’ll combine strategic analysis with marketing and sales techniques to help a company grow and increase its revenues. Business development managers usually focus on establishing new partnerships and increasing sales from existing accounts. Expect the following activities:
- Defining organisational strategic goals
- Negotiating and closing business deals
- Retaining existing accounts by presenting new solutions and services to clients