What is MBA in Family Managed Business Degree: Course, Subjects, Eligibility, Admission, Scope, Salary, Career

Welcome to our guide on MBA in Family Managed Business. In this article, you will learn everything about this course. You will know the course details, who can apply, how to get admission, career options, salary, and much more. If you ever thought of joining your family business, then this guide will help you understand how to do it.

 

MBA in Family Managed Business Degree – Overview

The MBA in Family Managed Business is a postgraduate management course. It mainly focuses on how to run and grow a family business. This course teaches how to handle both business work and family ties at the same time.

Also, it explains the special problems that come when business and family mix. Moreover, it helps students learn how to manage and grow a family business in a better way. In the end, you get the tools to make your family business strong and successful.

 

MBA in Family Managed Business Course Objectives

This course has many goals. Each one helps students become better business leaders. Let us see what you will learn:

• Enhancing Business Skills: First of all, you will build strong management, leadership, and business skills. These are needed to handle your family business well.

• Balancing Family and Business: Next, you will learn how to keep a balance between family life and business work. This is very important in daily life.

• Succession Planning: Also, the course teaches how to plan for the next generation. This makes the handover smooth when the younger ones take charge.

• Sustainability and Growth: You will also learn how to grow your business in a way that is safe and long-lasting. It helps the business to change with time.

• Global Perspective: In addition, you will study how family businesses work in other countries. This gives you a wider view of the business world.

• Networking: Not only that, but you also meet other family business owners. You can share ideas and grow together through networking.

• Problem-Solving: Lastly, you will learn how to solve problems that are only found in family businesses. These may be about money, people, or rules.

 

MBA in Family Managed Business: Course Highlights

Here are the key highlights of the MBA program:

Aspect	Details
Full Form	Master of Business Administration in Family Managed Business
Course Level	Postgraduate
Course Duration	Typically 2 years
Eligibility	Bachelor’s degree in any discipline with relevant work experience
Course Fee	Range from INR 2 lakhs to INR 15 lakhs
Examination Type	Usually entrance tests, interviews, and group discussions
Admission Process	Entrance exams, interviews, and group discussions, followed by application and selection process
Average Salary After Degree	INR 5 lakhs to INR 30 lakhs per annum
Recruiting Companies After Degree	Family businesses, corporate firms, consulting companies, and more

 

MBA in Family Managed Business Course Duration

The MBA in Family Managed Business is usually a two-year course, just like a regular MBA. However, the total time may change depending on the college. For example, some colleges may offer part-time or executive MBAs for working people. Also, in a few cases, colleges may provide one-year fast-track programs. These are for those who already have good work experience. So, they can grow their skills quickly and save time.

 

MBA in Family Managed Business Course Eligibility Criteria

If you want to study the MBA in Family Managed Business, then you must follow some basic rules. These are called eligibility criteria. So, let us look at them one by one:

• Educational Qualifications: First of all, you must have a bachelor’s degree in any subject. It must be from a known college or university.

• Work Experience: After that, many colleges may ask for work experience. Usually, this can be from 2 to 5 years. So, it helps if you already know how family businesses work.

• Entrance Exams: Next, you may need to take entrance exams like the GMAT or GRE. These tests help colleges check if you are ready for the course.

• Letters of Recommendation: Moreover, you might have to send letters from teachers or bosses. These letters must say that you are good at your work and ready for the program.

• Statement of Purpose (SOP): Lastly, you must write a short essay called an SOP. In this, you should talk about your dreams, goals, and reasons for joining the MBA.

Since every college is different, you should always check the rules and details of the college where you want to apply. This way, you can stay prepared.

 

MBA in Family Managed Business Course Admission Process

Now, let us talk about the steps to join the MBA in Family Managed Business. Usually, most colleges follow the process given below:

• Entrance Exams: First, you must take the required exam, such as the GMAT or GRE.

• Application Submission: Then, you have to fill out the college form and upload your details on the college website.

• Interviews and Group Discussions: After that, if you are selected, you will attend a short interview and maybe a group talk. This helps the college know how well you can speak and think.

• Letter of Recommendation: Also, you must submit recommendation letters. These letters show your skills and your past work.

• Statement of Purpose (SOP): At the same time, your SOP should explain why you want to do this course and what you want to do after it.

• Selection Process: Next, the college will check all your details like your marks, letters, SOP, and interview.

• Final Selection: If everything goes well, you will get a letter that says you are selected.

• Acceptance and Enrollment: Finally, you must accept the offer and complete the joining process.

Still, since each college may have a few changes in steps, it is always better to read the admission guide of the college where you want to apply. So, you do not miss anything important.

 

Top Entrance Exams For MBA in Family Managed Business Degree in India

If you want to study MBA in Family Managed Business in India, then you may need to take some entrance exams. These exams are important because many colleges use them to select students. Also, the exams may be different for each college. So, here are some of the top entrance exams that many colleges accept:

• CAT (Common Admission Test): This is conducted by the Indian Institutes of Management (IIMs). It is one of the most popular and tough exams in India for MBA students.

• XAT (Xavier Aptitude Test): This is held by Xavier Labour Relations Institute (XLRI). It is done on behalf of Xavier Association of Management Institutes (XAMI).

• MAT (Management Aptitude Test): This test is done by the All India Management Association (AIMA). Many management colleges in India accept MAT scores.

• GMAT (Graduate Management Admission Test): Many Indian business schools also accept GMAT scores. So, it is a good option for students aiming for top colleges.

• SNAP (Symbiosis National Aptitude Test): This is taken by Symbiosis International (Deemed University). It is used for joining their management courses.

• NMAT (NMIMS Management Aptitude Test): This exam is needed if you want to study at Narsee Monjee Institute of Management Studies (NMIMS). Also, some other top colleges accept it too.

• CMAT (Common Management Admission Test): This is done by the National Testing Agency (NTA). Many AICTE-approved colleges take CMAT scores.

• TANCET (Tamil Nadu Common Entrance Test): This exam is for students who want to do an MBA course in Tamil Nadu.

Since each college may ask for different exams, you must always check the admission rules of the college you like. That way, you will be ready and won’t miss anything.

 

MBA in Family Managed Business Course Fees

The cost of studying an MBA in Family Managed Business can change from one college to another. Also, the place of the college and the length of the course matter too. On average, the fees can be from INR 2 lakhs to INR 15 lakhs for the full course.

However, some top colleges may charge even more. At the same time, if you join an executive or part-time MBA, then the fee may be different again. So, it is better to check every college before you apply.

Because the fees are important, you should always compare colleges. Try to find the one that fits your budget and goals. This will help you make a smart choice.

 

MBA in Family Managed Business: Subjects & Syllabus

The curriculum for an MBA in Family Managed Business is designed to equip candidates with a well-rounded understanding of various aspects of business management. The subjects and syllabus may vary by institution, but here is a general overview of the topics covered:

1. Core Business Subjects:
   • Financial Management
   • Marketing Management
   • Human Resource Management
   • Operations Management
   • Business Ethics
   • Strategic Management
2. Family Business-Specific Subjects:
   • Family Business Governance
   • Succession Planning
   • Managing Family Conflicts
   • Family Business Entrepreneurship
   • Family Wealth Management
3. Economics and Global Business:
   • International Business
   • Microeconomics and Macroeconomics
   • International Trade and Policies
4. Business Research and Analytics:
   • Business Research Methods
   • Data Analytics and Decision Making
   • Management Information Systems
5. Marketing and Sales:
   • Brand Management
   • Sales and Distribution Management
   • Digital Marketing
6. Finance:
   • Investment Analysis
   • Financial Risk Management
   • Wealth Management
7. Operations and Supply Chain Management:
   • Supply Chain Management
   • Quality Management
   • Project Management
8. Human Resource Management:
   • Employee Relations
   • Performance Management
   • Organizational Behavior
9. Legal Aspects of Business:
   • Business Laws and Regulations
   • Intellectual Property Rights
   • Corporate Governance
10. Leadership and Entrepreneurship:
    • Leadership Development
    • Entrepreneurial Strategies
    • Negotiation and Conflict Resolution

Please note that this is a general outline, and the specific subjects and syllabus can vary by institution. It’s advisable to check the curriculum of the colleges or universities you are interested in for precise details.

 

MBA in Family Managed Business: Specialization

An MBA in Family Managed Business offers many specializations that help students focus on different areas. These options are useful because each one supports a special need in a family business.

• Entrepreneurship teaches how to grow new business ideas inside the family business or even start a fresh company outside it.

• Finance helps students learn money handling, investments, and wealth control, which are all very important for the future of the family business.

• Marketing gives skills for building strong marketing plans and keeping a good business name, especially when the family business wants to reach more people.

• Leadership and Governance supports students in becoming better leaders while teaching how to pass the business to the next generation in a smart and safe way.

• International Business includes subjects like global trade and foreign markets, which help family businesses that wish to grow beyond India.

• Innovation and Technology Management helps students learn how using new tools and technology can make the family business grow faster and smarter.

• Human Resource Management focuses on handling workers, keeping teams happy, and creating a better workplace inside the family business.

Picking a specialization should match both your own interests and what the family business truly needs. A smart choice can help both the student and the business do better together.

 

Why Studying MBA in Family Managed Business is Important?

Students who are part of a family business, or plan to be, should know that this course offers many good reasons to join.

• Learning specialized knowledge matters because family businesses face unique issues that normal courses may not cover well.

• Training in succession planning gives helpful ideas for handing over the business from one generation to the next without any problems.

• Improving leadership helps students lead the family business in a bold and clear way, which helps the whole team feel strong.

• Having more adaptability means the business can face change easily, which is useful when markets shift quickly.

• Meeting others through networking lets students talk with people from other family businesses, which gives them new thoughts and helpful support.

• Growing sustainability is also key because it makes sure the business stays strong year after year.

• Seeing a global perspective is useful since many family businesses want to move into new countries and markets.

• Learning a balanced approach teaches how to keep both family and business life smooth, which can be very hard to manage without support.

This course helps students grow, and at the same time, it also helps the family business become more ready for the future.

 

Salary After MBA in Family Managed Business Course in India

Finishing an MBA in Family Managed Business can lead to many types of salary packages. This depends on the kind of family business, your job role, and how big the business is.

• In entry-level positions, a student can start with about INR 5 lakhs to INR 10 lakhs per year, especially if the business is small or just starting out.

• For mid-level positions, where there is some work experience, the salary may go up to INR 10 lakhs to INR 20 lakhs, mostly in jobs like junior manager or trainee.

• At senior management levels, such as COO, CFO, or Director, the pay is often more than INR 20 lakhs per year. Some large family businesses may offer much more.

• In top executive or owner roles, there is no fixed limit. Income could include profits, dividends, and even a part of the business itself, ranging from many lakhs to even crores.

Even though salaries are different for everyone, the success of the family business and your personal effort both make a big difference. Learning and growing always help in the long run.

 

MBA in Family Managed Business Future Scope in India

The future scope of an MBA in Family Managed Business in India looks bright because of several reasons:

• The growing family business landscape in India shows that many family-owned enterprises are seeking trained leaders who can help them grow.

• With global expansion becoming more common, family businesses are now exploring international markets. Therefore, MBA graduates with global business knowledge can help in this growth.

• Succession planning is very important in family businesses, and trained individuals are needed to make the change to the next generation smooth.

• There are also entrepreneurship opportunities for graduates who have the skills to start their own businesses if they choose not to join the family business.

• Consulting and advisory services also look for professionals who understand family business management. These experts help family businesses solve problems and grow.

• Some MBA graduates may choose to work in academic and research roles, adding to the knowledge in family business management.

• Government initiatives support small and medium-sized enterprises (SMEs) and family businesses, creating chances for graduates to join in entrepreneurship and business development programs.

The scope for MBA graduates in Family Managed Business is not just in India; it also includes international opportunities. They can work with big companies, start global ventures, or help their family businesses grow worldwide.

 

Career or Job Opportunities after MBA in Family Managed Business Degree

After finishing an MBA in Family Managed Business, graduates can look at many career opportunities that match their skills and interests. Here are the top options:

• As a Family Business Manager, graduates can lead their family businesses, handling areas like operations, finance, marketing, and human resources.

• Becoming a Family Business Consultant is another path. These consultants give advice on issues like succession planning, solving conflicts, and growth strategies.

• Some graduates become entrepreneurs, starting their own businesses, either within the family enterprise or as new ventures, using their business skills.

• Corporate positions are also available. Graduates can work in management or leadership roles in companies, especially in areas related to their family businesses.

• With strong financial skills, graduates can work as Financial Analysts, Investment Bankers, or Wealth Managers.

• Those interested in marketing can become Marketing Specialists, working in branding, digital marketing, and sales.

• Graduates who focus on human resources can become Human Resources Managers, handling hiring, employee relations, and company culture.

• Some may choose academia and research, teaching and adding to the field of family business studies.

List of Government Jobs After MBA in Family Managed Business

While government jobs are less common for MBA graduates, there are still opportunities in government agencies and departments. These positions often relate to SME development, entrepreneurship, and business advisory services. Graduates can also look into jobs in public sector companies or public-private partnerships.

List of Private Jobs After MBA in Family Managed Business Degree Course

The private sector offers many job options for MBA graduates in Family Managed Business. Some roles they can consider include:

• Working as a Family Business Consultant in private consulting firms that focus on family businesses.

• Starting as Management Trainees in large companies, with chances for quick career growth.

• Becoming Financial Analysts, studying financial data and advising companies or investment firms.

• Taking on the role of Brand Manager, leading brand strategies, marketing campaigns, and product promotions.

• Launching and managing their own startups or small businesses as Entrepreneurs.

• Leading sales teams and strategies as Sales Managers.

• Managing HR functions within private organizations as Human Resources Managers.

• Overseeing project development and implementation as Project Managers.

 

Top Companies Hiring MBA in Family Managed Business Graduates

Many top companies, especially those from family backgrounds, often hire MBA in Family Managed Business graduates. These companies look for young people who understand both business and family values. So, if you are planning your future in this field, you should know about these companies. Here are some companies that give good job chances:

• Tata Group: This big Indian company has roots in family business. Therefore, it gives many career chances to young graduates.

• Reliance Industries: This company was started by Dhirubhai Ambani. Since it has many family-run businesses, it offers different types of jobs.

• Bajaj Group: Bajaj is a famous family company. It works in cars, finance, and more. Hence, it has many job options.

• Mahindra Group: This company works in cars, planes, and farming. So, it provides many job choices for graduates.

• Aditya Birla Group: This big company is into cement, metals, and phones. As a result, it gives many job roles to freshers.

• Godrej Group: Godrej is well-known for consumer goods and farming. Thus, it hires students who understand family businesses.

• TVS Group: TVS works in vehicles and finance. Because of this, it gives good job chances to fresh graduates.

• Kirloskar Group: This group works in engineering and land business. Therefore, it has many job offers for MBA holders.

• ITC Limited: ITC is a big company in FMCG and hotels. So, it welcomes MBA graduates too.

• Muthoot Group: This company is known for finance services. Since it has family roots, it gives many job roles.

Even so, job roles can be different in each company. Thus, students should always check the company’s needs. They should also look for the job that fits their skills and career plans.

 

Required Skills for MBA in Family Managed Business Course

To do well in an MBA in Family Managed Business, students must build some important skills. These skills help them lead and grow their family business. Not only that, but they also help in making smart choices. Here are the key skills:

• Leadership: First of all, students must learn to lead teams and make smart decisions.

• Effective Communication: Also, they must talk and write clearly. This helps them explain ideas to others.

• Problem-Solving: Next, they must solve problems quickly. Family businesses need people who can think fast and stay calm.

• Financial Acumen: In addition, they should know how to manage money. This includes budgeting and investing.

• Innovation: Moreover, students must bring new ideas. They should always keep up with market changes.

• Interpersonal Skills: Besides this, they must work well with family and workers. Good teamwork makes the business strong.

• Global Perspective: Lastly, they should learn about business in other countries. As a result, this helps grow the family business faster.

So, by improving these skills, students can become strong leaders in their family business.

 

Certificate Courses after MBA in Family Managed Business Degree

After getting an MBA in Family Managed Business, students can learn even more. They can take certificate courses to grow their knowledge. These courses help them become more ready for jobs. Not only that, but they also make students confident. Some good courses are:

• Family Business Governance Certification: This course teaches how to run family businesses better and smoother.

• Succession Planning Certification: It helps in planning who will take over the business in the future. So, the company stays strong.

• Entrepreneurship Certification: It teaches how to start and run new businesses successfully.

• Wealth Management Certification: This course explains how to handle money and investments well and safely.

• Global Business Certification: It teaches about world markets and international trade. This helps in growing the business abroad.

• Digital Marketing Certification: It shows how to use online tools to sell products better. As a result, the business can reach more people.

• Conflict Resolution and Mediation Certification: This course helps solve family business problems peacefully and quickly.

So, by doing these certificate courses, students can stand out in the job market. They can also learn special skills needed in their family business. In short, these courses make them stronger professionals.

 

MBA in Family Managed Business or MBA in Entrepreneurship, Which is Better?

Both MBA in Family Managed Business and MBA in Entrepreneurship are valuable programs, and the choice between them depends on individual goals and circumstances. Here’s a comparison to help you decide:

MBA in Family Managed Business:

• Focus: Tailored for individuals already involved in family businesses or planning to join one.
• Specialization: Provides specialized knowledge in managing family enterprises.
• Succession Planning: Emphasizes succession planning and the unique challenges of family businesses.
• Networking: Builds a network within the family business community.
• Leadership Development: Enhances leadership skills relevant to family enterprises.
• Balance: Addresses the complexities of balancing family and business dynamics.

MBA in Entrepreneurship:

• Focus: Suitable for aspiring entrepreneurs and individuals interested in starting their ventures.
• Specialization: Offers broad entrepreneurship knowledge, applicable to various industries.
• Innovation: Encourages innovation and creative thinking.
• Startups: Equips individuals to launch and manage startups from the ground up.
• Risk-Taking: Develops risk-taking abilities and problem-solving skills.
• Networking: Provides opportunities to connect with fellow entrepreneurs.

Read More: What is MBA Entrepreneurship Management Degree: Course, Subjects, Eligibility, Admission, Scope, Salary, Career, Job Opportunities, and More

The choice depends on whether you intend to lead a family business, start your venture, or work in a more general business environment. Some institutions also offer dual-degree programs that combine elements of both, allowing students to tailor their education to their specific goals.

 

How to Choose Top MBA in Family Managed Business College?

Choosing the right college for an MBA in Family Managed Business is very important for a successful education. Therefore, you should consider several things before making a decision. Here are some points to keep in mind when picking a college:

• Accreditation: First of all, make sure the college is accredited. It should be recognized by the right educational authorities. This ensures the degree is valuable and respected.

• Faculty Expertise: Next, check the experience and qualifications of the faculty. Their knowledge will help you learn better and prepare for a successful career.

• Curriculum: Also, look at the curriculum and courses the college offers. It is important to choose a program that matches your career goals and interests.

• Infrastructure: Another factor is the campus infrastructure. A good college will have advanced technology, well-equipped libraries, and other useful facilities that will help you study better.

• Industry Connections: Furthermore, see if the college has strong links with industries. These connections can open doors to internships and job placements after you complete your studies.

• Reputation: Moreover, consider the college’s reputation. Check its rankings, and read feedback from current and former students. Their experiences can give you valuable insights.

• Financial Aid: Finally, think about financial aid. Some colleges offer scholarships or other forms of financial support to help you pay for your education.

 

Top Colleges for MBA in Family Managed Business Degree in India

In India, many good colleges offer MBA programs in Family Managed Business. So, if you want to lead your family business, then you must choose the right one. Below are some top colleges you can explore.

• Indian School of Business (ISB), Hyderabad: First of all, ISB offers a Post Graduate Program in Management for Family Business. This course helps you learn how to grow and lead a family business.

• S.P. Jain Institute of Management and Research (SPJIMR), Mumbai: Next, SPJIMR has a special Family Managed Business program. It is made for students from business families.

• Narsee Monjee Institute of Management Studies (NMIMS), Mumbai: Also, NMIMS offers an MBA in Family Business and Entrepreneurship. So, if you want to start or grow your family business, this is a great option.

• Amity University, Noida: In addition, Amity has an MBA in Family Business. It also teaches about entrepreneurship and business planning.

• Institute of Management Technology (IMT), Ghaziabad: Moreover, IMT gives a mix of family business and entrepreneurship skills in its MBA course.

• Christ University, Bangalore: Besides that, Christ offers an MBA in Family Business. It helps in solving family business problems.

• K.J. Somaiya Institute, Mumbai: Similarly, this college gives training in family leadership.

• Great Lakes Institute, Chennai: In the same way, Great Lakes offers a one-year course with a focus on entrepreneurship.

• IILM, New Delhi: Likewise, IILM has a Family Managed Business program.

• ABBS, Bangalore: Lastly, ABBS teaches about family business dynamics.

 

Related FAQs:

 

Key Takeaway

In conclusion, an MBA in Family Managed Business is a great choice for anyone who wants to lead or manage a family business. This specialized program teaches important skills like leadership, succession planning, innovation, and entrepreneurship. These skills help students succeed in the family business world.

When choosing where to study, think about your long-term career plans. You should also consider your family business’s specific needs and look for colleges that offer programs that fit well with family business management. By investing in your education and skills, you will be able to help your family business grow. Additionally, it can open many career doors in the larger business world.

As family businesses are an important part of the economy everywhere, the knowledge you gain in an MBA in Family Managed Business is more important than ever. Whether you want to lead a family business or become an entrepreneur, this program can help you start a successful career.