The Future of the Business World

Globalization is becoming a norm in today’s society. Although people are afraid it has many drawbacks, it is impossible to be stopped. It is important for future business leaders to understand globalization and to be educated with this concept, so the negative effects can be prevented. Along with the negatives, there are also positives of this revolutionizing future. The future is filled with new jobs, students gaining international knowledge, and international standards becoming increasingly relevant. If we, as students don’t learn how countries work politically and economically we will eventually fail altogether. It is important that we become aware of this issue and educate ourselves on what the future may bring.

One of the positives of globalization in the business world is the creation of new jobs. With the increase of globalization, students can find themselves working in multinational corporations upon graduation. In addition, businessmen and women will have opportunities to travel to other countries and find work there. For example, Bruce Pounders states, “… it also presents new career opportunities for those who embrace the continuous, accelerating change that characterizes globalization.” In other words, there are job openings for people willing to take the next step, open their minds to new ideas, and adapt to new environments. Many people are not a fan of change and are not ready for globalization to take over. That is why is it extremely important to begin teaching students the importance of globalization and getting them to realize that this is what the future consists of. (“How Globalization is Affecting U.S. Accountants.”)

With the help of globalization, businessmen and women will gain important international knowledge and skills that will help them be successful in the long run. It is significant for business leaders to know how each country around the world conducts business. Recently, business employers started to look for candidates with the ability to analyze international markets. As a result, textbooks are being revised every year and it is becoming mandatory for students to take one or more years of foreign languages. Furthermore, the systems are changing rapidly and corporations are preparing their employees for globalization as best and as fast as they can. Jessica Nolan claimed in her article that, “companies are demanding that their employees attend seminars, workshops, and classes relating to globalization,” so that they know how to handle the rapid change and how to embrace it. In addition, learning tolerance and respect for other cultures is another important feature of globalization and a great international skill to have. It has been said many times that students are not learning the proper skills that are needed for the real world. “Global and International Issues in College Education,” an article written by Alina M. Zapalska, Steve Shuklian, Denis Rudd, and Frank Flanegin, states “Knowledge of how other countries affect us and how we affect the rest of the world must be incorporated in business curriculum,” (149). Furthermore, we, as students would gain a lot more knowledge and understanding of the world if we were exposed to it in school. Also, we would have more years of experience in this subject. Once again, students and employees are in desperate need to learn about globalization and understand the importance of it. (“Globalization’s impact on Accounting Education).

Lastly, international standards are becoming increasingly relevant. We used to believe that the U.S. GAAP was the highest quality set of financial accounting and reporting standards in the world, but lately it has been an issue with the world becoming more globalized. There has been a lot of talk of cancelling out U.S. GAAP and according to an article, IASB Chairman Sir David Tweedie states, “Within the next five years we expect the accounting standards of major economies such as those of Japan, Canada, China and India to converge with IFRSs while at the same time the differences between international standards and U.S. GAAP are being eliminated.” With the world becoming more globalized it is important that everyone around the world operates the same way economically. Furthermore, with foreign trade being significant, having different financial and accounting standards creates too many complications. IFRS and U.S. GAAP is in the process of being converged and according to Sir David Tweedie, “The aim of one set of high quality global standards will hopefully be achieved in the next few years.” Altogether, future accountants need to be aware of the changes coming soon and will need to learn the new standards that will be used all over the world. Therefore, students need to recognize these changes that are occurring and what the future may bring. (“How Globalization is Affecting U.S. Accountants”).

All in all, globalization is an occurring phenomenon that is impossible to be stopped and will change the future of the business world. Although many people see negative effects, there are also some good positives that come along with it as well. New jobs will be created, international skills and knowledge will be gained, and the world will have one set of high quality global standards. The only negative I see is the fact that no one is aware of this rapid upcoming change. If students do not take notice of this and professors are not making an effort to educate their students, then we are destined to become failures. Without knowledge and understanding, future accountants will have a big reality check when they enter the real world after graduating college. Globalization is going to have a major impact on accountants and future business leaders and as long as we educate ourselves I see nothing but positives for our future.