Dr Helena Li 0:00 Hi everyone.
And thank you for joining us today at UTS Open Day 2021.
My name is Helena Li and I'm a lecturer here at UTS Business School.
I'm teaching international business for undergraduate.
Firstly, I would like to acknowledge the Gadigal people of the Eora Nation on whose ancestral
lands our city campus now stands.
I would also like to pay respect to the Elders both past and present, acknowledging them
as the traditional custodians of knowledge for this land.
Let's get started.
Why study international business?
Of course, there are certain capabilities we try to build in this major.
Before I reach into this point, let us look at some facts.
I hope these facts can give you some basic understanding why international business is
very important not just for individual, but also for the country.
As you may aware, international trade and investment is critical to Australian economy,
providing jobs and prosperity.
In 2020 trade as a whole is equivalent to 45% of Australia's GDP, and is directly responsible
for one in five Australian jobs.
Until 2020, the total stocks of foreign direct investment is $4 trillion.What does this means?
It means Australian company actually go abroad and invest lots of money in different foreign
countries.
At the same time, Australia continues to be a highly attractive destination for lots of
multinationals.
As you see in Australia, we have so many different multinational companies.
In terms of our population, Australia has over 200 nationalities 7.6 million born overseas.
What does this means?
It means you will definitely work in the future with people from different cultural backgrounds,
speaking different languages, you will deal issues, complex, and transnational.
So in this major, you will learn how to communicate, collaborate effectively with people from diversified
cultural backgrounds.
You don't necessarily need to speak another language, but you will learn how to communicate
with people effectively.
So another reason to study international business is by looking at the gaps and opportunities
in the Australian market.
One of the biggest challenges our Australian Business facing is we do not have a strong
track record of external collaboration.
For example, according to a recent survey conducted by OECD, they said there is only
7.7% of Australian Business working with international firms.
We are while they are doing innovating product products or process.
And when we look at another picture from global 500 firms, and this we only found out four
companies from Australia.
As a global economy, this is not enough for sure.
Australian business need more well educated talents with global mindsets and strong international
skills.
So to support our Australian business, to support um our economy, we need you to have
international skills.
So for this in this major, you will learn how to manage or work in an international
firm.
As you may know, managing or working in international firm is very different or far more complex
than managing domestic firms.
There are lots of challenges faced by our transnational managers such as culture shocks,
miscommunications, or misunderstandings, which will inhibit a firm's success regardless of
the size of the firm.
So in this major, we will teach you how to analyze and how to solve all these transnational
challenges.
We will also teach you how our international managers making daily decisions, you will
learn cases not from successful multinational firms, but also from unsuccessful ones.
And this will be very relevant when you will be a decision maker in the future for an international
firm.
In addition to that, in this major, you will also have to solve lots of issues, social
issues, confronted by our multinational firms.
We will teach you how to develop your skills in understanding and managing social issues
for international companies.
So, therefore, in this major, we develop a set of skills that can help you to be competitive
at global turnover, equip you with global mindset, and global outlook for your future
career.
So, you will learn some foundational knowledge, understanding differences across frameworks
to analyze our transnational management issues.
And you will also develop your interpersonal skills and open your eyes to look at the world
broadly and openly.
So, why study IB in UTS?
First of all, in UTS, you will have a practical experience through our industry oriented projects,
and guest lectures from different areas and in from multinational companies as well.
For example, we had one of our guest lectures from a global consultant company, Essential,
who is responsible for overseas mergers and acquisitions.
In his guest lecture, he shared with our students his experience, and challenges when he was
helping our Australian business to enter different overseas markets.
So when I talk with IB students about IB major, what they mostly appreciate in the major is
really this major happens to integrate what they have learned from other decent links
or subjects, because everything has something to do with the global context.
Furthermore, our cohort is by nature, very diverse, in terms of cultural background,
in samplings and experiences, which is a great place for you to experience differences, broaden
your eyes, and develop your communication skills.
So what we have in this major, you will have six core subjects, Introduction to International
Business, Introduction to Strategy, and then Transnational Management, and something to
do with supply chain management, and marketing.
After you study all these one, you will have a final subject which we'll call Capstone.
In this Capstone, you don't need to learn something new, but what you do is, you integrate
what you have learned from previous subject and put them into a very practice-oriented
project.
So in this Capstone subject, you will really experience what is needed from our reward.
And you can practice what you have learned from the previous subject, plus the two subjects
you can choose from.
So, where it can take you?
I will say you can, this major can make you ready to work in almost any industry.
You will, you can work in the private sector, or government sector as well.
And also if you want to work as a consultancy, this is always a good option that you because
you have diverse knowledge of business in different countries, you can work something
very related, for example, International Trade Administration, international marketing, or
import/export or international banking.
So, to wrap up, there are some key skills in this major, I think at the end of the major
you will have key skills.
For example, you are able to adapt yourself to different culture, you are more resilient
and ready to deal with lots of uncertainties.
And you are very open to diverse culture and respond and respect cultural differences.
And you're also ready to solve complexities in the business, especially for our multinational
firms.
So the for the top tip, in studying international business, I will say, if you like cultural
differences, or like traveling across different countries, or experiencing new things, you
are ready to take this major.
And you always be open to differences, respect culture, and be inclusive, always open to
accept new things, and be innovative.
Don't forget to download our Business undergraduate course guide you have more information.
Thank you so much for listening.
Now, I think it's about time for me to take some questions, feel free to ask any questions
related to the major?
Jess, you ask, can I do a Bachelor of International Business?
Or is International Business as a major?
We don't have a Bachelor of International Business, it's under Bachelor of Business
okay.
So, I would like you to do Bachelor of Business and you can select International Business
as a major.
Another one, how does this differ from a normal business course and will we be engaging with
several transnational companies with an internship?
I will say International Business will have a strong global, international focus.
So, you will be very well connected with what you see from the other subject, but we will
give you something beyond because we are not talking about doing business in one country.
We are talking about the culture and the country differences across all the different scenarios.
Okay, so yes, you will have opportunities and our UTS career hubs will help you to even
find internship in transnational companies, because Australia has lots of transnational
companies for us to look into.
Yes, you can do a combined degree um you can do a Bachelor of Business and under this degree,
you can select International Business as a major and you can do another degree based
on your interests.
Are the opportunities to travel abroad?
Yes, you can, you can have different opportunities for UTS.
You can apply for exchanges to another country.
You also can try internships because I have students they work abroad as an internship.
Okay.
What is the ATAR required for these?
It depends if you want to do a combined degree or you just want to do Bachelor of Business.
What are the exchanges?
It depends really, you can be every country because UTS has a very strong linkages with
other universities across different countries.
We have European countries, we have US, we have Asian countries.
So it really depends on where you want to go.
And what you want to do.
How much math is involved, there is no math required for these subjects.
So feel free to take it.
Are there any subjects that assume?
No, there is no no requirement for other knowledge.
I think when you are taking this major, you will have something basic from the first year
and this will give you enough time to develop some basic foundational knowledge and which
will take you to some core subjects in International Business major.
So don't worry about assumed knowledge.
Can I do International Business major through Bachelor of Economics?
Um, I think I'm not able to answer this question.
Do you have any idea Samantha?
Samantha - UTS Business School 14:49 I'm just checking up on that one now.
Yeah, so within within the Bachelor of Economics the majors that you can do, are International
Business Studies, International Management and International Studies.
Dr Helena Li 15:07 Yeah, the International Business major is
not under the Bachelor of Economics.
Samantha - UTS Business School 15:14 No, unfortunately not yet.
Dr Helena Li 15:16 So I would like to if you like this major,
please do go with Business / Bachelor of Business.
Samantha - UTS Business School 15:25 I will just note as well.
You can do the Bachelor of Business but then a major in International Business and a major
in Economics, if that's of interest to you.
So you can do the double major.
So there is still an opportunity there.
Dr Helena Li 15:39 What percentage of people that do this course
get a job with an international company in the first year?
What do you mean in the first year, you mean the first year of your degree?
Or the first year after you graduate?
After graduation?
Yeah, I do have when they reach to the capstone subject.
I have lots of students, they already work in the international companies such as IBM
and some consulting companies and even Commonwealth Bank.
So I think it's very highly on its a very good subject because he can take you to lots
of different positions and very good opportunity for you to to be in an industry you like as
long as they have something to do with the global context.
So I hope I answer your questions with my best knowledge.
So if there is no questions, I think if you need any extra information, please do attend
our other sessions.
And also even you can talk to our academics and staff there as through one by one chat,
and I hope you have a lovely afternoon.