The continued globalization of the world economy is presenting companies with new markets to infiltrate everyday. From Southeast Asia to South America, countries are joining the fray and connecting their economies with the global economy.
Businesses increasingly need young talent with international experience who have shown an ability to adapt to different cultures and successfully do business with people from around the globe.
When it comes to international experience there is no substitute for the real thing: full immersion in a foreign country and culture, forced to work with local people, navigate local customs, and even learn the local language. For those looking to capture that international advantage, below are a few of the hottest places to study abroad as a business major, as well as the best study abroad programs for business majors to match.
But, actually, in today’s global market it’s unlikely that you won’t be working with partners and customers worldwide. So, the ability to work and communicate cross-culturally is of paramount importance. Plus, studying abroad is a great way to keep developing those “soft skills”, like self motivation, leadership, independence, and creative problem solving.
Top study abroad destinations for business majors
1. London, England
Responsible for 22 percent of UK’s GDP, home to 251 overseas banks, 5.5 million private sector business and home to the UK’s national government, London is a uniquely influential city for the UK and the world. Especially for those in finance, London is one of the best places to study abroad as a business major.
Pros
- Heart of the Action: Aside from maybe New York, London is the business center of the world
- Easy Assimilation: With a familiar culture and no language barrier (for Americans), the transition to living in London is relatively easy
- Travel Opportunities: London is well connected via flight and rail to a host of other European countries making it perfect for weekend trips abroad
Cons
- It’s Expensive: One of the most expensive cities in the UK, students should have $18,000-$20,000 saved for a year’s worth of living expenses
- Cultural Familiarity: For Americans working abroad, London, while having its own culture and history, will likely not present the cultural challenges of more exotic locations
- Population: A common complaint of those that live there is the sheer amount of people and the amount “queuing,” “traffic,” and “pollution” that come with it
2. Shanghai, China
With a population of 1.39 million people, an economy that produces a GDP of 11.2 trillion USD per year, and economic growth that will make its economy rival that of the US by 2020, China has quickly become a land of business opportunity. As China continues to globalize, American business will continue to attempt to capture part of the massive Chinese markets.
To help companies avoid the mistakes made by the likes of Home Depot, business majors with an understanding of Chinese culture and language will have unique value on the job market, their insights and language skills being valuable to businesses looking to expand into the Chinese market.
Pros
- Adventure: Living in China is drastically different than living anywhere else in the world
- Market Value: Experience studying or working in China has a special value on the job market due to China’s sheer size and influence in the global market
- Excellent Nightlife: Shanghai is a work-hard play-hard city with endless options for how to spend a night out on the town
Cons
- Health Concerns: Among cities with populations over 14 million, Shanghai ranked 7th for air pollution quality
- Language Barrier: Everyday life outside of studies will be made much easier if you speak Mandarin Chinese
- Internet Connection: Expats in Shanghai will find the internet to painfully slow.
3. Sao Paulo, Brazil
Sao Paulo is Brazil’s largest city. Home to the Latin American Stock Exchange, 847,000 students enrolled in universities in the city, and its status as the 10th wealthiest city in the world, Sao Paulo has a young, growing economy that is a hotbed for action.
Outside of work or study, life isn’t bad either. Sao Paulo has a moderate climate with temperatures, a multicultural population, and an amazing culinary scene, making it one of the best places to study abroad for business majors.
Pros
- Big City Living: Sao paulo is a lively city with over 11 million people
- Bustling Tech Scene: The city is quickly growing its startup and technology scene
- Heart of Business: Having the Latin American Stock Exchange in the heart of this city makes Sao Paulo the center of Brazil business
Cons
- Traffic Jams: Sao Paulo has traffic jams that are nearly endless
- Safety Concerns: Crime is still a concern for the city and those who visit
- Lack of Infrastructure: Sao Paulo’s infrastructure hasn’t kept up with its economic growth
4. Seoul, South Korea
South Korea is booming and easily one of the best places to study abroad for business majors. Top 10 countries to do business? Check. 12th largest economy in the world? Check. Home to massive international brands like Samsung and Hyundai? Check. And with a per capita GDP of $35,277, the population has money to spend. Seoul also offers world-class universities, particularly interesting for business majors who want to study abroad.
And that is just the business side of things; living in Seoul isn’t too shabby either. From ranking alongside some of Asia’s poorest countries in the 1960s, Seoul is now challenging the likes of New York, Tokyo and Hong Kong as a global city. From being one of the most technologically integrated cities in the world to its world class public transportation system, livability is high despite locals rubbing shoulders with 24 million other residents.
Pros
- Flashing Lights: Seoul is an exciting city which will soon join the ranks of some of the largest and most influential in the world
- Business Hotbed: Favorable business policies from the government have helped Seoul cater to the business sector
- Proximity to Nature: Easy access to the Han River and Bukhan Mountain mean nature is always within reach even in the city
Cons
- Being an Outsider: From people not wanting to help you in a store for fear of having to speak English to taxis not stopping for you, be prepared to be reminded you are an outsider
- Small Living: Most apartments in Seoul are around 32 square feet
- High Cost of Living: Seoul has moved up the ranks in this category in recent years, joining the ranks of Hong Kong and other expensive cities
5. Berlin, Germany
Silicon Valley is fantastic for those interested in startups and barely being able to afford to live in someone’s closet. For business majors that want to join an exciting startup scene with a little more room in their budget, Berlin, Germany is a fantastic option.
With Google helping to establish the city as a startup hotbed and successful startups like SoundCloud already in the city, there is a lot of excitement around Berlin. After completing your business major, getting a visa to work in Berlin shouldn’t be a problem either. And we would be remiss to not mention that Berlin is considered one of the best places to live and work in Europe.
Pros
- World-Class Universities: 41 of Berlin’s universities rank among the top in the world, many of which have student bodies that are 20% international students
- Cost of Living: When compared to other EU countries, Berlin sports an affordable cost of living
- Foodie Scene: Ultra-diverse and delicious, you can get any culinary favorite of yours you can possibly imagine
Cons
- Winter: Berlin winters are long and cold
- Cash-only: Cash is king in Berlin, so you may find yourself sprinting for ATMs far more often than usual
To learn more about living and studying abroad please schedule an appointment with me. www.profemorgan.com
