Trading on opportunities

Gauri Chhabra

Last week at the Global Business Summit, Prime Minister Narendra Modi said  the country was making the transition from a “winter of subdued achievement” to a “new spring”. He had also asked why India could not dream of making the transition from a $2 trillion economy to a $20 trillion one.

The Prime Minister’s ambition sounds a clarion call for an economy which is primed for growth and all-round development where kaizen (continuous improvement) and quality are the mantras of all businesses. This also opens a series of career opportunities in international trade and business.

The paradigm shift

International business went through a paradigm shift with the emergence of WTO (World Trade Organisation) in 1999 when the international trade practices were standardised and member countries agreed to come under a broader network with some common rule and trade codes of conduct. Since various trading countries are involved in the complex trade activities, a lot of complexities arise during the whole process. This calls for an expertise in export-import policies, legislations, custom agreements, documentation requirements, quality control concerns, standardisation and other international business operations like production, invoicing, packing, insurance, transportation and shipping, logistics, quality control, inspection and the like. This has increased the demand for professionals equipped to handle the complexities of international business.

Scope

In case you are looking for a career in this field, the time is opportune. Many multinational and foreign companies would be setting up their business in India on a large scale. Moreover, the increasing share of the Indian market in the world economy and increase in exports of goods from each and every corner of the world would need a large number of qualified professionals in this field.

Here are a few areas that students can explore for jobs after getting a degree in this field:

Insurance companies:  After completing master’s degree in international business, students can be absorbed in export houses or with merchandisers for documentation related to export and import. These professionals will be responsible for liaising between exporters and port authority. Their knowledge of the latest standards and legislations in international business would hold them in good stead while working for insurance companies, particularly marine insurance corporations where  they would be required to assess the loss or physical damage to the goods shipped in a country.

Marketing: Management graduates with specialisation in International Business have plenty of scope  in marketing departments for boosting overseas sales, searching new business hubs and potential markets abroad. Marketing professionals are desired by the export houses. Their work profile may include suggesting strategies based on marketing research and predicting demand and potential buyers abroad. They would be engaged in Customer Relationship Management (CRM) and can work in export companies and multinational manufacturers such as automobile companies, electronic and computer companies and consumer durables manufacturers. Qualified professionals can work in airlines as well as cargo and global shipping companies.There is huge scope for them in banks, investment companies, financial institutions, securities firms, etc. Besides, there is direct role of professionals in managing human resource at multinational companies involved in international trade and business. These include — cross cultural research methodology and cross cultural negotiation and communication, foreign exchange markets and their operations, institutions for finance and infrastructure, including export promotion councils and commodity boards, state trading corporations, export processing zones, regional trade blocks, multilateral and bilateral trade agreements and e-commerce. They enhance the scope of international business.

Consultancy: As an international business consultant, you would be responsible for providing relevant and up-to-date information about various aspects of business development and market information for international companies. You would also convey information about foreign business investments, opportunities and carve perceptual maps about competitors. You would be identifying potential risks and planning international expansions or investments. Risk analysis and business analysis based on research is also a part of responsibilities of an international business consultant.

Law and trade agreements: A degree in international business with law qualificationcan help you get into WTO, UNCTAD, IMF, World Bank, Regional Trade Blocks and trade associations.  You would be solving international trade disputes ranging from patents, specific product and service categories related to geographical locations, multilateral and bilateral trade agreements, customs, tariffs and non-tariff issues among countries. 

Accounting and finance: As the world shrinks into a ‘flat ball’ accounting professionals are required for compliance of international accounting norms and standards. In case you have analytical skills, you would get placed in separate wings of foreign exchange transactions, export finance, risk management and consultancy in international financial management where every task related to foreign exchange dealings and export import finance is performed. EXIM bank, , public & private and foreign banks also appoint specialised people in international finance, foreign exchange, risk management and currency derivatives.

Teaching and research: This is a sector that is recession proof and where there would always be no dearth of jobs. If you have a taste of updating, analysing, accelerating, disseminating your knowledge in international business, there lie a plethora of opportunities in teaching and research.If you beef it up with good communication and reporting skills, you can also dovetail your skills into media and journalism where you would be reporting about that latest trends in international business.

Entrepreneurship: For those of you who believe in ‘Make in India’ can set up  own manufacturing units and start exporting. You can also work for export houses and take care of export-import documentation and provide services to the clients.

Thus, follow the wave and pave your way to a power- packed career that transits, “to a new spring…”

— The writer is a Punjab-based career consultant