International business is the trading of goods, services, and investment across borders. With historic trade barriers between countries falling in recent decades, globalization has created enormous business opportunities by expanding access to new markets as well as new lower-cost overseas supply chains and production facilities. An understanding of international business is important for taking advantage of these emerging opportunities and leading successful companies in the 21st century.

However, the crossing of borders introduces new and often complex factors to running an international business. Business plans must consider sources of international finance as well as domestic banks, while also comparing different border tax and tariff regimes. Management must understand and weigh political and economic risks in overseas markets before committing to investments in a foreign countries. And global marketing and communications plans must be carefully attuned to cultural differences in the business world in order to avoid alienating potential suppliers and customers.

Despite the additional complexity from these and a myriad of other factors, for a growing number of companies the potential advantages of becoming an international business far outweigh the costs. In fact, for many retail and manufacturing companies that depend heavily on delivering products at the lowest cost possible, working across borders may be essential to remaining competitive.

If you want to work in management at the world’s largest companies, a background in international business is likely to be essential to your success. Major businesses today simply can’t afford to ignore opportunities to tap into vast new overseas markets and low-cost supply chains to increase their competitiveness and fuel their growth. A keen understanding of how to navigate the various economic, logistic, and cultural issues involved with working across borders can thus greatly expand your own career opportunities.

According to the Bureau of Labor Statistics, management occupations earned a median annual salary of $105,660 in 2019, and chief executives took home $184,460 per year. Beyond these excellent salaries, top executives also typically receive stock options, performance bonuses, and other benefits, an indication of how highly management skills and especially international business expertise are valued.

Yes! Coursera lets you learn remotely about business topics, including international business topics, from top-ranked universities from all over the world. You can take individual courses and Specializations spanning multiple courses from schools like the University of Pennsylvania, the University of London, and the University of New Mexico. You can even earn credits and credentials that you can put towards a masters in business administration (MBA) degree, making learning on Coursera a great way to start your international business education or take it to the next level.