by Alexis Offen

Looking for a stateside degree with a global focus? An international MBA may be your ticket to a fulfilling career.

If you dream of being an expatriate but don't think the cafe lifestyle sounds lucrative, consider the IMBA, or International Master of Business Administration. This popular degree offers an impressive, valid passport to the international jet set. Featuring both the rigorous training of a straight MBA and the insights of global studies, the IMBA is ideal for students looking for a slightly different education and career track within the world of business.

What is an IMBA, and why would anyone opt for this alternative degree? As any graduate of these programs will tell you, there's a whole world of business to conquer when you're armed with those four letters.

More Than Just the Letter 'I'
Prospective students are often stumped by the myriad names given to the IMBA. While the University of Chicago, the University of South Carolina, and the University of San Diego use the standard IMBA moniker, Thunderbird calls it the MIM, or Master of International Management. But though different schools may adopt different letters, the degrees are essentially equivalent.

Each year U.S. News & World Report ranks international business programs based on reputational surveys sent to deans and program directors throughout the country. The rankings do not distinguish between schools with a specific IMBA program and those (such as Wharton) that simply offer a number of international courses within the MBA curriculum. "However, some of the schools that do best in the category are the ones with an IMBA program," notes Bob Morse, the magazine's director of data research. At the same time, many students prefer getting their degrees at an American business school to studying business abroad. With a diploma recognized by both domestic and foreign companies, an IMBA may offer a balance to someone wanting an American education.

While many MBA curricula give a polite nod to overseas business, foreign subjects are the very heart of IMBA courses. Case studies, intrinsic to most B-school programs, take on a twist. "Virtually every case that we use is based in a different part of the world," explains John Seybolt, Thunderbird's senior vice president for academic affairs. "For example, if we're looking at Disney, we'll go really in-depth and cover not just their American operations, but also what the company does in Europe and Asia. International issues are never an afterthought." Unlike MBA programs, classes in IMBA programs aren't labeled international. "Other schools let you take 'International Finance and Marketing,' " Seybolt notes. "Here every course looks at every topic from a global perspective."

Foreign language proficiency is another aspect that sets IMBAs apart. Being polyglot is a major emphasis in most programs. Both Thunderbird and Chicago require applicants to demonstrate proficiency in at least one language besides English. At South Carolina's B-school, students joining the international jet set can study one of seven languages-Chinese, French, German, Italian, Japanese, Portuguese, or Spanish. At the same time, programs draw upon nonbusiness subjects such as political science, sociology, and international relations, providing a more rounded, interdisciplinary background for working overseas.

IMBA programs also typically require students to either study or intern abroad during the course of their enrollment. Many IMBAs choose to develop a regional specialty or concentration and opt to spend time and develop contacts in that part of the world.

Between language drills, public policy courses, and jaunts abroad, it shouldn't come as a surprise that IMBA programs typically demand more classroom hours than the MBA track. Heftier courseloads mean that IMBAs spend additional time attending lectures, doing problem sets, and writing papers. Some IMBA programs compensate for the discrepancy by offering summer sessions that help make the academic year workload more bearable. For example, while MBAs at other universities spend about 35 hours in finance class, the IMBA students at the University of South Carolina log a total of 54 hours-but all of them still graduate in two years.

But rest assured, the additional coursework means more depth for students. "IMBAs take your typical finance course and go further and more global," says Robert Rolfe, executive director of South Carolina's IMBA program. "They spend hours analyzing how to minimize foreign exchange risk and studying foreign direct investment, followed by still more time looking at the economic and political factors that affect a nation's financial structure." By the end of the day, professors hope, IMBAs are ready for the tricky world of global finance.

Unique Backgrounds
So who's getting these degrees? Typically, IMBA students come to school with a different set of work experiences and interests from their more domestically focused MBA counterparts. While B-schools are inundated each year with applications from accountants, investment bankers, and consultants, IMBA admissions committees tend to review more applications from Peace Corps volunteers and overseas teachers, as well as the traditional baby financiers. "These are people who love the idea of living in other parts of the world and want the solid business foundation to go with it," notes Thunderbird's Seybolt.

Amy Lathrop, 28, certainly fits that profile. Before starting her degree at South Carolina, she was a Peace Corps volunteer in Kyrgyzstan and a USAID employee. She wanted to pursue a business degree but was still interested in working with developing nations, so she selected an IMBA program. After scoring in the 90th percentile on the GMAT, she toured top business schools like Wharton, Georgetown, and the London School of Economics. In the end, though, none of them had enough of an international focus for her.

"MBA programs just seemed too cookie-cutter. Everyone was a finance undergrad and put in their three years at Goldman Sachs," she says. "Here, everyone has a range of business interests, which is refreshing. The diversity of the student body, the internship program, and the language training sold me." Now, she's taking intensive Portuguese and hopes to intern with a high-tech firm in Brazil next May.

IMBAs have not only an interest in foreign cultures but also a willingness to pack their suitcases at a moment's notice. Though many graduates end up working stateside all their lives, a desire to work abroad is a common characteristic. "A typical MBA asks, 'What do I want to do?'" says Seybolt. "The typical IMBA asks that and also 'Where do I want to do it?'"

Who's Hiring?
Multinational corporations regularly come knocking on the doors at IMBA programs. Firms with divisions and markets throughout the world are anxious to find employees with both business acumen and international savvy, making IMBAs the perfect candidates. Companies like IBM, Citigroup, Intel, Samsung, Nestle, and Eli Lilly all reach out to IMBAs to help further their corporate success.

Karen Handwerker, who oversees college relations for Citigroup, regularly turns to schools like Thunderbird for new recruits. With offices throughout the world, the firm wants employees who are amenable to the idea of working in foreign offices where they may be needed. "They're what we need to catapult our worldwide organization," she says.

While IMBAs do pursue careers in investment banking and consulting, they tend to work at multinational corporations more than their MBA counterparts. At Thunderbird, 35 percent of the IMBAs in the class of 2000 went on to work in marketing and sales, while another 15 percent opted for operations and production. At the same time, IMBAs are far more likely to end up overseas. "The biggest difference in career path is that while approximately 15 to 20 percent of our [regular] business school students go abroad after graduation, about half of the IMBAs end up heading to places like Budapest, Shanghai, Sao Paulo, and Hong Kong," notes Mickey Eder, director of Chicago's on-campus international programs.

How to Join the Club
Just as with MBA candidates, B-school admissions officers look for business and work experience in applicants to an IMBA program. More specifically, a prospective student should demonstrate strong interest in a global career. "We want to see applicants with extensive international experience," explains Eder. "A good candidate may have previously studied abroad or worked in another country. We don't consider the two-week, post-college trip to Europe significant."

As always, GMAT scores, recommendations, interviews, and grades play a part in admissions. While test scores may count slightly less if an applicant has particularly strong overseas experience, quantitative skills still matter. Some schools, like the University of Chicago, also require applicants to demonstrate language proficiency-either with two or more years of language courses on a college transcript or by an evaluation from a language specialist or employer.

Ultimately professors, deans, and admissions offices search for students who share their school's commitment to an international mindset. "We're looking for a person who is aware that no matter where they're doing business, there are always global ramifications," says South Carolina's Rolfe. "These are people who want to study finance, marketing, and IT but also want the international aspect in their education."

We Are the World
In the end, the choice is yours. It's hard to go wrong with either an MBA or an IMBA, but it's important to remember that they are distinct paths. Keep in mind two questions when considering your options: "What do I want to study?" and "Where do I want to work?" Does marketing toothpaste in the Southwest sound good, or launching a product in South America? It's questions like these that IMBA program directors suggest candidates ask themselves. But consider Thunderbird's motto: "Come here and we give you the world."