With the spread of globalization and more connections between different countries, international trade has become a crucial topic. This is why many students who are interested in international relations and international business decide to take up studying international trade.
What is international trade?
Let's start off by discussing what international trade is. International trade is an economic term for the buying, selling and exchanging of goods. It occurs when using different currencies and payment options, between various countries, continents or geographic locations.
Types of international trade
When studying international trade, you'll learn that there are several different forms of international trade. Here are some of the most important types of international trade you'll come across during your study:
International trade goods: International trade goods are goods that are exported or imported between different countries.
International trade services: international trade services involves the exchange of varied services between different countries, such as tourism, information technology, transport and telecommunications.
Foreign direct investment (FDI): FDI is any form of economic transaction where companies or individuals from a certain country invest abroad in different assets. These assets might include shares, property acquired, project investments or setting up company subsidiaries.
International e-commerce: International e-commerce is the buying and selling of good and services through the internet, such as through social media, websites and digital platforms. This occurs between suppliers and consumers located in different countries.
Importance of international trade studies
International trade has many benefits, including having a positive impact on economies of the countries involved. This is why studying international trade is crucial and it's important for students to choose this subject as a major.
Students should also consider the relevance of international trade. Here are some of the benefits of international trade to think about:
Access to international market: International trade can let companies get easy access to more diverse markets, enhancing sales opportunities and potential customer bases.
Specialization in goods and services: students who choose to study international trade will learn that countries often choose to specialize in producing certain goods and services, leading to a more efficient global economy.
Extension of Supply: International trade helps countries to export what they efficiently produce and import what they don't produce, allowing a good extension of supply with a wider range of products for all involved parties.
Why consider studying international trade?
There are many reasons why international students decide to study international trade in this globalised world. Here are some of the top ones you should keep in mind:
Multitude of Career options
Let's start off by saying that you'll find so many career opportunities after graduation. This is because the major spans so many different areas of study, from import and export to global management strategies and techniques to market research and international project consultancy.
Currently booming
The field of international trade is currently a booming sector, increasing demand for professionals in this field. You'll be wanted by many companies and have a stable work setting, talk about a plus!
Lucrative salaries
Professionals in the field of international trade enjoy lucrative salaries, ranging between an impressive $80,000 to $125,000 in many job roles like trading specialists, business analysts and several other options.
Unlimited international travel
If you love travelling around the world, working in international trade is the perfect job for you. Because the job focuses on international businesses, you'll go around the world fulfilling your job roles and dealing with people from different cultures and diverse living styles.
Enhanced interpersonal skills
Working in the international trade field will give you enhanced interpersonal skills, as you will deal with people from many different nationalities. However, keep in mind that you'll need to become more flexible and respectful of others as these people might not have the same cultural customs or traditions as you do.
Contribute to economic growth
Another benefit to studying international trade is actively contributing to economic growth. Working in the field will allow you to help many different companies expand their reach and get to new markets, increasing demand and supply for certain goods and services and therefore, affecting economies.
Specializations when studying international trade
So, what specializations can you choose to study when you're studying international trade? There are various specialization areas you can choose from, from international business to political history, the world's truly your oyster!
International Business
International business is a popular specialization where students learn how to do business and trade across countries and borders.
They may study topics like trade theory, negotiations, international investment and global supply chain management.
Global Economic Systems
Another specialization students choose is global economic systems, as international trade uses different economic systems. Students learn about how every country's economy is impacted by factors and how each economic system works and impacts the respective economy.
Political History
Political history is a popular specialization for many of those who choose to study international trade, especially those with a passion for politics. They study topics like the rise and expansion of globalization, focusing on political, cultural and economic factors affecting human civilization.
International Relations
Finally, perhaps one of the most well known specializations of the major is international relations, which zooms in on the relationship between various nations. It offers a framework for looking at new issues and help students gain a reasonable understanding of current events and how they affect international trade.
Subjects covered when studying international trade
Students who decide to go on with studying international trade will cover subjects such as the following ones:
Domestic and International Trade
International Markets
Trends in Global Trade
Direct and Indirect Import Methods
Make or Buy Decisions
Marketing Mix
Researching Overseas Markets
Segmentation and Strategies
Import and Export Payment Methods
International Trade Finance,
Export Credit
Credit Insurance
Overseas suppliers
Negotiation courses
Related Media courses
Skills needed to work in international trade field
As with any other major, studying international trade and later working in the international trade field comes along with skills that you need to master. In this section we discuss the most critical skills that you'll need to possess if you want to win in the international trade field.
Cross-cultural communication skills
In order to work in international business, you need strong Cross-cultural communication skills, as you will be working with people from different countries or backgrounds than yours. Understanding and excelling at how to communicate across cultures is a skill you can't do without.
Emotional intelligence
Emotional intelligence is another skill that is becoming more widespread across organizations, as more and more employers are starting to value emotional intelligence as opposed to normal IQ. Having high emotional intelligence levels is critical to doing international business.
Those who have high emotional intelligence have the following traits:
High levels of self awareness, such as understanding strengths, weaknesses and motivation.
Able to easily self regulate and understand emotions, especially negative ones to prevent emotional outbursts.
Able to understand others’ personal experiences and be highly empathetic to them.
Capable of motivating not only themselves, but others along with them.
Networking
Creating and maintaining a good network of connections in the business world is an essential skill when it comes to international trade. Networking can help you get new and unexpected business opportunities, such as jobs and business partnerships.
Hard business skills
Finally, you'll need to have excellent hard business skills. This means you'll be required to possess a good understanding of basic economics, accounting and entrepreneurial frameworks, especially those specific to an international context.
Top universities for studying international trade in Turkey
If you want to go about studying international trade in Turkey, you'll want to know the top schools there. We've gathered a few of the best ones for you to discover in this section.
Istanbul Ticaret University
Fees for 2024 year: 7000 USD
Istanbul Ticaret University is a foundation university that was established in the year 2001 by the Istanbul chamber of commerce. The school has great staff members and a strong program in international trade in the English language, making it an excellent option for international students.
Okan University
Fees for 2024 year: 4000 USD
Istanbul Okan University is a highly international University with a distinguished international trade program. Okan University has many Turkish and international students attending the university and obtaining internationally- recognized diplomas, as it has programs in both the English and Turkish languages.
Istanbul Gedik University
Fees for 2024 year: 3000 USD
Istanbul Gedik University is considered one of the most distinguished private universities in Istanbul. The university was founded in the year 1994 by Gedik Holding Foundation and is considered one of the cheapest private universities in Turkey, as well as one with the possibility to study diverse programs in English in Turkish, such as the International Trade program.
Istanbul Bilgi University
Fees for 2024 year: 2000 USD
Istanbul Bilgi University has more than 20,000 students attending, with around 3000 of them being international students from many different countries. Choosing to study international trade at Bilgi University means you'll be studying at the only WASC-accredited University in Turkey, as well as one of the schools that ranked among the top 400 universities in the 2021 QS ranking.
Halic University
Fees for 2024 year: 6000 USD
Finally, one of the Turkish universities to consider if you want to study international trade is Halic University. The school offers many major and minor options, as well as double majors so students can get the tailored and multidisciplinary educational experience that they desire.
Jobs for international trade graduates
There are many exciting jobs for graduates of international trade to explore after school. From international logistics coordinator to global sourcing manager, learn about some of the most popular roles for international trade students after graduation.
International logistics coordinator
Annual average salary: $48,918 per year
International logistics coordinator is one of the jobs you could choose after graduation, with job roles including managing daily operations at shipping companies. They also have job tasks like planning and logging shipments and checking that they comply with regulations.
Policy analyst
Annual average salary: $78,326 per year
Working as a policy analyst is another job role for graduates of international trade to consider, with interesting job roles like researching social issues, collecting information and analyzing policy outcomes. Further, they encourage public awareness when it comes to international policy changes and how they affect the economy.
Global sourcing manager
Annual average salary: $99,443 per year
Global sourcing managers oversee how products are sourced in the market, as well as keep good business relationships with vendors to make sure products are efficiently delivered. They also work with international team members to keep consistent inventory levels and source products.
Chief executive officer
Annual average salary: $136,754 per year
Finally, perhaps the most prestigious role in an organisation is the Chief executive officer, as they manage and maintain all aspects of business, a role easily carried out by graduates of international trade. They make the most important business decisions, communicate with the main stakeholders and oversee the most critical operations.
How Can StudyFans Help You When Studying International Trade in Turkey?
StudyFans can help ease your Turkish study journey, including helping you join the dream school for you in Turkey. Here are some of the top ways that Study Fans can help streamline your study abroad adventure and make it a breeze:
Offer a great source of reliable information about Turkish universities and the majors and degree programs they offer students.
Help answer any questions students may have about studying abroad in Turkey, assisting them so they know exactly how to study in Turkey.
Help students to directly apply to their dream university through the StudyFans portal and get an easy acceptance!
Offer students impressive discounts on tuition fees and exclusive scholarships, only available to those who apply through StudyFans.
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Help with logistics and follow-ups with students during their entire study period, such as the following:
Picking up students from the airport and taking them to their residence
Helping offer temporary accommodation till they settle into their dormitories or permanent housing options (which we can also help them acquire)
Assisting with acquiring a study visa or Turkish residence permit and health insurance
Helping students open a Turkish bank account
Translating official documents and transcripts that are needed
Acting as a legal representative in place of parents for students under 18 years of age, to finish legal procedures
Required Documents To Study International Trade
To study international trade in Turkey, you'll need to hand in the following documents:
High school diploma, with a minimum score of “C”
Valid form of student identification, whether a passport or other official document
Proof of English proficiency certificate such as TOEFL or IELTS, if any, (if the student prefers to study in English)
Proof of Turkish language proficiency, if the course is in Turkish
Application fee paid (for some universities)
Wrap-Up About Studying international trade in Turkey
In conclusion, international trade is a good field of study to choose as there are many job opportunities after graduation to pick from, from working as a policy analyst to a CEO. There are also many benefits to studying international trade such as unlimited travel opportunities for work and the chance to contribute to improving the economy worldwide.
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