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 ...