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.
|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|
|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
|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|
|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.
|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|