Career Definition for a Foreign Business Consultant
Foreign business consultants, also referred to as foreign commerce consultants, help businesses exchange goods and services with organizations located in other countries. Some foreign business consultants also work for the government, maneuvering through the many rules which dictate the terms of international trade. Firms that hire foreign business consultants usually require a few years of workplace experience; in order to get a foot in the door, companies require at least a bachelor's degree while many prefer a master's degree.
|Education||Bachelor's or master's degree|
|Job Skills||Knowledge of economics and finance, fluency in foreign language, good public speaking skills|
|Median Salary (2018)*||$83,610 (for management analysts)|
|Job Growth (2016-2026)*||14% (for management analysts)|
Source: *U.S. Bureau of Labor Statistics
In order to become a foreign business consultant, one must have an extensive education; degrees of interest include a Bachelor of Business Administration, a Bachelor of Science in Finance, a Bachelor of Science in Economics, a Bachelor of Science in International Business, a Master's of Science in Economics and a Master's of Business Administration with a focus in international business. Students interested in a career as a foreign business consultant can expect to have classes in math, computer science, economics, public speaking, writing, foreign language and the basics of business. Many companies that hire foreign business consultants also require job candidates to take a variety of professional development courses.
Foreign business consultants must have skills in math and experience in economics and finance; international trade can be complicated by language barriers, exchange rates, tariffs and changing laws. Fluency in a foreign language is another key skill; many foreign business consultants work with one particular country or region and the ability to communicate in the native tongue is an advantage. Firms that hire foreign business consultants also look for experience in writing, public speaking and various computer programs.
Economic and Career Outlook
The U.S. Bureau of Labor Statistics (BLS) reports that 684,470 jobs existed for management analysts in 2018. The BLS estimates that from 2016 to 2026, job growth in this field overall will reach 14%. As of May 2018, the annual median salary for management analysts was $83,610.
Alternate Career Options
Similar careers to a foreign business consultant include:
Market Research Analyst
Increased demand for these analysts points toward much faster than average employment growth of 23% during the 2016-2026 decade, according to the BLS. Normally having at least a bachelor's degree in an area such as market research, analysts study market conditions to predict possible sales of services and products. As of May 2018, they earned an annual median salary of $63,120, with those working in publishing earning the top wages, the BLS revealed.
These professionals, who usually hold a master's degree in economics, collect and analyze information pertaining to the distribution and production of goods and services. Their annual median earnings in 2018 were $104,340, according to the BLS, with those employed in the finance and insurance industries taking home the highest salaries. Per that same source, economists could anticipate average job growth of 6% from 2016-2026.