MBA in Family Business Management Top College, Syllabus, Jobs and salary

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Sakshi Gupta

Content Curator | Updated on - Oct 7, 2021

MBA in Family Business Management is a unique course that has been designed to address the needs of family business owners and managers. The program essentially aims at:

  • providing assistance to family-owned businesses
  • building in students an understanding of the dynamics of competition
  • familiarizing students with the constant tremendous changes in how the organizations work as a result of liberalization, privatization, and globalization
  • bridging the gap between family business owners and managers
  • creating successful and skilled professionals who understand the gist of family businesses and are competent enough to run it smoothly
  • enhancing candidates’ managerial competency in bringing a family business at par with formal and even international businesses
  • producing family business successors as futuristic and knowledgeable owners of the businesses inherited by their forefathers
  • inculcating entrepreneurial qualities in students so that they become constructive contributors in the efficient growth of their enterprise.

MBA in Family Business Management is a rigorous, accelerated and application-oriented course. It intends to develop in students the requisite skills needed for:

  • successfully initiating, expanding, diversifying and managing an existing business enterprise
  • focusing on the importance of understanding real-life business situations and challenges faced by them
  • learning the existing common business practices and applying new ideas on the same.
  • developing qualities like entrepreneurship, self-confidence, goal setting and achieving, planning, information seeking, planned risk taking and problem-solving in enrolled students.
  • becoming successful business managers through intensive personal counselling.

The average course fee in India ranges between INR 1 and 15 lacs for the total duration. The average annual salary offered in the country to successful postgraduates of the field lies between INR 12 and 16 lacs.

Top Colleges for Master of Business Administration [MBA] (Family Business Management)

MBA in Family Business Management: Course Highlights

Listed below are some of the major highlights of the course.

Course Level Graduate
Duration 3 years
Examination Type Semester System
Eligibility Graduation from a recognized university
Admission Process Direct admission to colleges. Entrance test in some cases.
Course Fee INR 1-15 lacs
Average Starting Salary INR 12-16 lacs
Top Recruiting Fields/Areas Leading MNCs, own firms, etc.
Job Titles Entrepreneur, Business Administrator, Accounts Manager, Assistant Manager, etc.

MBA in Family Business Management: What is it About?

MBA in Family Business Management primarily addresses the following areas:

issues and problems that are pertinent in family businesses worldwide.

  • Imparting to candidates the skills and knowledge necessary for dealing with complex business structures and hierarchies.
  • Helping students draw parallels between the business and the family-oriented mode of governance.
  • Enabling potential entrepreneurs to apply innovative changes as per latest market trends without affecting the core foundation of the business.
  • Providing expert guidance to candidates intending to take over the family business in the coming future, since many multinational corporations are family-owned businesses at their root. Hence naturally, the issues they face are different from those faced by other companies.

MBA in Family Business Management as an academic discipline, sheds light on the importance of family businesses as they represent a substantial proportion of the business sector. They face unique circumstances, especially with the global economy being constantly unpredictable. The program has been designed to help fledgling and visionary entrepreneurs to keep up with such changes and sustain in the competition. They play an active part in the organization to facilitate globalization, liberalization, and privatization of the firm.

Students wishing to study this course must have the ability to navigate uncertain and fluctuating economic conditions, and the course helps by:

  • fostering and encouraging the entrepreneurial spirit of young minds so that they develop best practices for family business management.
  • Guiding candidates to explore the multi facets of business continuity, plan the succession of business, opportunity, failure and risk analysis, taxes and finances. Preparing candidates to strike a balance between theoretical and practical knowledge
  • Enabling students to pursue new avenues for applying the skills thus learnt.
  • serving as a springboard to those already at executive or managerial positions to plunge into family business. Whether the business is big or small, the students are taught to manage it efficiently.

MBA in Family Business Management: Who should opt?

The candidate must have the following skills to pursue the course:

  • A way with numbers
  • A passion for detail
  • Understanding of the importance of family business and its roots
  • Good communication skills
  • A thirst for knowledge
  • Firm IT skills
  • Excellent management and chaos-handling skills
  • Awareness of the going business laws, rules, and regulations

Top Institutes offering MBA in Family Business Management

Listed below are some of the top institutes offering Master of Business Administration [MBA] in Family Business Management in the country with the corresponding locations and fees charged by each.

Name of Institute City Average Fees Per Annum in INR
SIBM Bangalore 6.95 Lacs
Institute of Management, Nirma University (IMNU Ahmedabad) Ahmedabad 3.8 lacs
Indian School of Business Hyderabad 20 lacs
Indian Institute of Management Bangalore 2.8 lacs
S. P. Jain Institute of Management and Research Mumbai 6.45 lacs
School of Business Management, NMIMS University Mumbai 8 lacs
Entrepreneurship Development Institute of India Gandhi Nagar 2.6 lacs
Amity University Noida 2.75 lacs
National Institute of Construction Management and Research Pune 3 lacs
Hindustan University Chennai 2.25 lacs

Eligibility for MBA in Family Business Management

Candidates wishing to apply for the course need to fulfill the following minimum eligibility criteria:

  • Graduation (BBA/ B.Com./ Engineering/ B.Sc.) completed from a recognized university.
  • A minimum aggregate score of 50% at the level of graduation.
  • Preferably, a minimum of 2 years of work experience in the field.

MBA in Family Business Management: Admission Process

Most institutes offering the course admit students based on their performance in a relevant entrance test followed by a round of Personal Interview. Some institutes conduct their own entrance tests for offering admission. Admission process generally varies across colleges. A few institutes also provide direct admission based on the candidate’s score at the level of graduation.

Some of the popular entrance exams held in the country for admission to the course are:

  • UPESMET: UPES Management Entrance Test (UPES MET) is an offline/online aptitude test conducted by the UPES for admission to the Industry-aligned MBA programs of College of Management and Economics Studies (CoMES), at UPES Dehradun.
  •  CAT: The Common Admission Test (CAT) is a computer-based test held by the Indian Institutes of Management (IIMs) for selecting students for business administration programs. The test is conducted yearly by one of the IIMs on a rotation basis.
  •  CMAT: Common Management Admission Test (CMAT) is a computer-based test held by the All India Council for Technical Education (AICTE), India. It is a national-level admission test to select suitable students for admission to all management programs approved by AICTE.
  •  XAT: Xavier Aptitude Test (XAT) is a pan-India pen and paper-based management aptitude test, conducted yearly by the Xavier School of Management, Xavier Labor Relations Institute (XLRI) - Jamshedpur. The scores of XAT are accepted at more than 100 institutes in the country for admission to MBA, PGDM, and other management courses.
  •  NMAT: The NMAT, conducted by GMAC is a computer-based test organized by the Graduate Management Global Connection (India) Private Limited (GMGC), a subsidiary of the Graduate Management Admission Council (GMAC).
  •  GMAT: The Graduate Management Admission Test is a computer-adaptive test held to assess the student's analytical, writing, quantitative, verbal, and reading skills in written English for use in admission to management programs.
  • MAT: Management Aptitude Test (MAT) is a national-level entrance examination exclusively conducted for students interested in pursuing management studies. The test scores of MAT are used for admission to MBA, PGDM, and allied management programs. The exam is held by the All India Management Association (AIMA), and more than 600 B-Schools accept MAT exam scores. MAT is held four times in a given year, namely February, May, September and December.

MBA in Family Business Management: Syllabus and Course Description

A semester-wise breakup of the course’s syllabus is tabulated below

Semester 1

Semester 2

Family Business Management Innovation and Creativity
Dynamics of family business governance Social Entrepreneurship
Business Plan Preparation Technology innovation and sustainable enterprise
Small Business Promotion Business Plan and Ethics
Entrepreneurial Finance Mergers and Acquisitions

Semester 3

Semester 4

Sickness and turnaround strategies Organizational Behavior
Business Regulations Managing Human Resource
Corporate Governance and Social Responsibility Finance Management
Finance and tax strategies for family business New Product Development
Cost and Management Accounting Enterprise Resource Building

MBA in Family Business Management: Career Prospects

Some of the popular professional avenues open to successful postgraduates of Master of Business Administration [MBA] in Family Business Management are listed below with the corresponding salaries offered for the respective positions.

Family Business Management Average Salary
Job Position Job Description Average Annual Salary in INR
Entrepreneur The job duties of an Entrepreneur include formulating policies that directly benefit the firm, managing and supervising daily operations of the firm, and planning effective use of materials and human resources. Their job areas are diverse and general in nature; hence they cover all areas of administration, personnel, purchasing, or administrative services. 10-18 lacs
Business Administrator The job of Business Administrators is to handle the operational, organizational, and managerial responsibilities of the company they work under. The Business Administrator is also known as the CEO/ General Manager/ Operations Manager. The field of Business Administration is a highly competitive and demanding field. 12-16 lacs
Accounts Manager They are responsible for managing a number of accounts pertaining to a company. They work to achieve high sales targets and oversee the work of Account Executives. Account Managers build relationships with new clients for overall growth in productivity. 6-8 lacs

Master of Business Administration [MBA] (Family Business Management) : 16 answered questions

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Ques. How tough is it to get a seat into PGDBA, the course offered in collaboration with IIT Kharagpur, ISI Kolkata and IIM Calcutta?

● Top Answer By Sandhya R on 07 Oct 21

Ans. My brother prepared for the Written Examination only in a week and scored close to 110 out of 150.  Since my brother had a background in Semi-automated Trading, the interviewers were convinced about his love of Finance and Maths. He got waitlisted in 5 of the General Category lists and declined admission after the results. If you are good at JEE Maths and have contributed to the field, it is important to show your passion to the interviewers. Read more
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Ques. How is the interview of XIMB BM?

● Top Answer By Admin on 23 Jun 21

Ans. One of my close friends attended the interview of XIMB BM and according to her experience, it doesn’t matter whether you have an XIMB or an IIM interview. Just prepare the basics properly. The entire focus should be on how to articulate the sentences and how true you are in justifying them. You will not get rejected for what you don’t know rather you get rejected when you are not true to yourself and fail to justify your answers. The questions you might be asked given your background. You must have some knowledge on topics like government policies, sector management, and challenges in implementing the programs. For example, why rural management at Dhoker Jhara village in Jharkhand is poor, what are the reasons, and what can help in bringing substantial changes. Questions about your passion and goal/job orientation are asked. Try not to give mainstream answers. Perform well!Read more
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Ques. Why does everyone talk about XLRI HR and not BM? Is BM bad at XLRI?

● Top Answer By Sandip Pal on 17 Jun 21

Ans. It is not a question about whether or not BM is bad, and HR is good. XLRI is more known for HR because it has stuck with the brand. The brand XLRI primarily had an established legacy in Industrial Relations (IR). Which later converted into HR. XLRI established its reputation as an IR concentrated institution following the Independence of the country. BM, on the other hand, was inaugurated only afterward alongside older IIMs. This has somehow resulted in leading to the XLRI brand getting generally and mostly associated with HR, and not BM. It’s rare to find any industry or top-tier companies in the country where the top HR personnel is not from XLRI. Now when talking about BM at XLRI, there is definitely a strong and successful alumni base from BM in the industrial sector. In fact, for further recruitments, alumni of XLRI get placed in McK, BCG, and several more from the BM sector.Read more
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Ques. Which will give me the exposure and on-site working experience: XLRI, HRM, or BM?

● Top Answer By Kiran Chugh on 09 Jun 21

Ans. One of my friends is studying at XLRI. To her, there is no difference or classification of the amount of international exposure or on-site opportunities, based on specializations. The points below provide a clear picture of the modes of international exposure that students of XLRI receive during their course and afterward. There is a student exchange program in XLRI, which provides foreign learning opportunities to students. The institute has tie-ups with several international business schools like ESADE, Audencia, Darden, and EM Lyon. Almost 20% of students from the batch get the opportunity to spend a semester in one of the foreign institutes. Among them, most of the seats are available to HR and BM students. Students get the benefit of interacting with international students and get used to the global perspective of MBA. In terms of internships and placements, the working experience of candidates totally depends upon the job role offered by the company. In certain cases, companies send their summer interns abroad to their offices. There are HR interns from HUL, who worked in the United Kingdom during their internship period. Therefore, specialization is not the mode of distinguishing chances for on-site opportunities, and the factor is entirely based on the company’s business requirements.Read more
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Ques. How good is the XIMB-BM for a fresher?

● Top Answer By Aarushi Kalra on 21 May 21

Ans. There lies no doubt that XIMB is one of the top 20 Business Schools in India with the number of freshers constituting around 30% of the batch.  The placements at XIMB are good as well with an average package of around 15.42 LPA. As a fresher, you can always expect to be close to the average, and only in some special cases, your packages can go more than that if you turn out to be better among your peers.  Being fresher will not put you at a disadvantage as some companies specifically look for freshers such as Titan, Amul, etc. You can go ahead and join. Although many of my seniors suggested that a 2-year work exp before MBA would be better to correlate what you study in MBA.Read more
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Master of Business Administration [MBA] (Family Business Management) Colleges IN INDIA

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Sona School of Management
Salem, Tamil Nadu
AICTE
20.5 K first year fees
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1.44 L first year fees
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Amity University
Mumbai, Maharashtra
UGC
5.15 L first year fees
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Galgotias University - [GU]
Greater Noida, Uttar Pradesh
NCTE
1.59 L first year fees
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Parul University
Vadodara, Gujarat
COA
90 K first year fees
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1.32 L first year fees
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MET's Institute of Management
Nashik, Maharashtra
AICTE
1.48 L first year fees
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