(1). About the Course
MBA in Family Business Management is a 2-year postgraduate control degree software that allows college students to transition their family-run corporations into professionally controlled enterprises. MBA in Family Business Management college students are organized to realize the dynamics of competition in addition to organizational transformation because of globalization, restructuring, and modernization. The Family Business Management Course is created for folks that need to be a member of their family-owned enterprise and would love to develop, diversify, and manipulate it.
The minimal eligibility standards for admissions on this path are a degree of BBA, B.Com, or B.Sc. from a recognized university with minimum aggregate marks of 50%. MBA Family Business Management average course fee ranges from INR 1,00,000-15,00,000 per annum for MBA Family Business Management. Graduates of this course can bag an initial high package ranging from INR 12,00,000-16,00,000 in any leading MNC.
Candidates after completing MBA in Family Business Management can work as a business administrator, assistant manager, accounts manager, etc. With more managerial skills, they can also successfully run a family business after completing MBA.
Given below are a few of the important highlights of the MBA in Family Business program:
|Course Name||Master of Business Administration in Family Business Management|
|Course Duration||2 years|
|Eligibility Criteria||Graduation degree with a minimum of 50% from a recognized university|
|Entrance Exams||CAT, MAT, GMAT, CMAT, XAT, NMAT|
|Examination type||Semester based|
|Admission Process||Entrance/ Merit-based|
|Average Annual Fee||Rs. 30,000-15,00,000|
|Average Annual Salary||Rs. 12,00,000-16,00,000|
|Job profiles||Entrepreneur, Business Administrator, Entrepreneur, Account Manager, Human Resource Manager, Assistant Manager, etc.|
|Top recruiters||Deloitte, IndusInd Bank, KPMG, Ernst & Young, Hindustan Unilever Ltd, Amazon, Airtel, Vodafone, Whirlpool|
Why study MBA in Family Business Management?
(2). Admission Process
Individuals should apply to the institutions of higher learning at which they wish to pursue an MBA in Family Business Management. They should have a high-grade factor on their last assessments and fulfill the desired percent criteria to get admitted. Students must test the cutoff rating before enrolling in a university and finishing all required documentation. Candidates also can affirm their eligibility with the aid of using traveling to the institute's authentic website, filling out the web software form, and filing the desired documents.
Types of MBA Family Business Management Courses
Aspirants can pursue the MBA Family Business Management path in the full-time, part-time mode and Distance modes. Below are the varieties of MBA Family Business Management publications in detail:
MBA Family Business Management Distance learning is provided by lots of institutions and colleges in India and like full-time, it is for 2-4 years. This course is for students for whom it is unaffordable to attend classes on campus or who are working full-time and are unable to devote the time necessary to complete a full-time course.
The full-time MBA Family Business Management duration is of 2 years, during which students attend classes in person, submit assignments, and write their exams on-campus.
The part-time MBA Family Business Management course is for 2-4 years and is designed for students who cannot attend regular classes. Part-time courses either occur at weekends or night, depending on the type of course.
Those inquisitive about pursuing an MBA in Family Business Management need to meet sure criteria. Admission to the MBA in Family Business Management program calls for that scholar to fulfill the subsequent criteria:
Here are the details regarding the process of admission to the MBA Family Business Management course.
Accepted Entrance Exam
Listed below are some of the MBA in Family Business Management Entrance exams are as:
The central factors of conventional MBA Programs are the improvement of managerial skills, expertise in organizational culture, communications systems, and collaboration. Each enterprise calls for a unique set of skills. In this sector, each difficult and tender competencies are especially important, and additionally being capable of taking care of complaint at the same time as being honest let you thrive. Some of the skills required for an MBA in Family Business Management include:
|Strategic mindset||Communication Skills|
|Leadership Skills||Business and Management Interest|
|Critical Thinking||Time Management|
|Professional Behavior||Decision-making Skills|
|Interpersonal Skills||Entrepreneurial Skills|
|Collaborative Work Approach||Project Management|
The average MBA Family Business Management fee in India is around INR 30,000-15,00,000 PA.
|Name of College||Average Fee|
|Sandip Institute of Technology and Research, Nashik||INR 1,50,00|
|Galgotia University of Business, Greater Noida||INR 1,59,000|
|Sona School of Management, Salem||INR 41,000|
|Dr. DY Patil Institute of Management and Research, Pune||INR 1,30,000|
|Royal Global University , Guwahati||INR 2,47,000|
The selection process for MBA Family Business Management in India is mainly similar, regardless of the subspecialty. In many circumstances, universities make their very last choice of applicants primarily based totally on their admission examination rankings after receiving a utility for a program. Furthermore, the instructional achievements of the applicants in the course of their undergraduate tiers have an enormous impact.
(3). Course Comparison
MBA in Family Business Management v/s MBA in International Business
The table below showcases the differences between MBA in Family Business Management and MBA in International Business:
|Parameter||MBA in Family Managed Business||MBA in International Business|
|Course Name||Master of Business Administration in Family Business Management||Master of Business Administration in International Business|
|Course Overview||MBA in Family Business Management is a 2-year postgraduate control degree software that allows college students to transition their family-run corporations into professionally controlled enterprises.||MBA in International Business is a two-year postgraduate management degree that deals with the nuances of international finance, e-commerce, and trade policy while providing a basic understanding of international business and how it promotes a more interdependent and interconnected global economy.|
|Course Duration||2 years||2 years|
|Eligibility Criteria||Graduation degree with a minimum of 50% from a recognized university||Graduation from any stream from a recognized university|
|Admission Process||Merit-Based/Entrance Exam||Merit-Based/Entrance Exam|
|Course Stream||Family Business||Business Analytics|
|Entrance Exams||MAT, XAT, SNAP||CAT, MAT, CMAT, SNAP|
|Average Fees||INR 30,000-15,00,000||INR 50,00,000-30,00,000|
|Top Colleges||Dr. DY Patil Institute of Management and Research(Pune), Royal Global University(Guwahati), Sona School of Management(Salem), Sandip Institute of Technology and Research(Nashik)||IIFT-New Delhi, IMI-New Delhi, Alliance University-Bangalore, etc.|
More: MBA in International Business
(4). Top Colleges
Here are some of the top colleges which offer an MBA in Family Business Management:
|Name of College||Average Annual Fee(INR)|
|University of Technology||INR 90,000|
|Shri Ram Swaroop Memorial Institute||INR 1,32,000|
|Amity University||INR 5,15,000|
|Institute of Business Management and Research||INR 80,000|
|Parul University||INR 90,000|
|Chandigarh University||INR 2,58,000|
|Jamia Millia Islamia||INR 1,30,200|
|Manipal University||INR 4,59,000|
|Manav Rachna University||INR 5,92,500|
|MIDAS School of Entrepreneurship||INR 12,00,000|
|Hindustan University||INR 4,58,500|
|Auro University||INR 4,21,000|
|Loyola Institute of Business Administration||INR 95,050|
(5). Job & Placements
For the ones who've studied their circle of family enterprise control course, there are numerous work potentialities available. This assists in organizing one's enterprise or strolling a longtime own circle of family enterprise. After they graduate, they're additionally given managerial positions.
Family Business courses offer plenty of employment opportunities and a good income. The unique task profiles applicants can pick out after finishing Family Business publications are indexed below, in conjunction with task descriptions:
|Job Profile||Job Description|
|Business Administrator||A Business Administrator handles and administers all of the everyday operations of the enterprise and guarantees that the organization's dreams are met inside the only green way and makes positive that productiveness increases.|
|Human Resource Manager||A Human Resource Manager guarantees that the proper character is employed in the proper vicinity for the proper job. It makes positive that there's no or very much less worker turnover and that there are pleasant surroundings inside the corporation to work. It additionally looks after the repayment of the personnel and guarantees truthful pay to them.|
|Account Manager||A money-owed supervisor looks after all of the books of account and keeps adapting with the customers and acts as a hyperlink between the customer and the employer.|
|Business Consultant||A commercial enterprise representative is engaged in strategic making plans and problem-solving. He/She offers all of the demanding situations of the commercial enterprise and springs up with a solution. He/She oversees all of the regions of weak points and attempts to enhance them and create a possibility for the business.|
|Entrepreneur||An entrepreneur is someone who establishes his enterprise and through combining various factors of manufacturing creates his private enterprise. It bears all of the risks, profits, and losses for my part and takes all of the business-associated decisions.|
Listed below some of the top recruiters for an MBA in the Family Business Management Course are:
|Ernst & Young||IndusInd Bank|
|Airtel||Hindustan Unilever Ltd.|
The common earnings presented to humans who have a degree in Family Business Management Course relies upon numerous elements which include task degree within the organization, competencies possessed, years of experience, qualifications, and different things. The common earnings supplied according to month on the access degree are given below:
|Job Role||Average Annual Fee(INR)|
|Business Consultant||Rs. 2,00,000-3,00,000|
|Accounts Manager||Rs. 3,50,000-4,50,000|
|Business Administrator||Rs. 3,00,000-4,00,000|
|Human Resource Manager||Rs. 2,50,000-3,50,000|
Candidates who've pursued the Family Business Management Course can step into the startup world, begin their very own enterprise, or come to be proprietors in their circle of family enterprise and extend them. Family-owned agencies make contributions a lot to the Gross Domestic Product of America like Reliance, TATA, etc.
Apart from this humans also can search for task possibilities in numerous MNCs and different corporations on the managerial degree which include Finance Manager, Business Administration Researcher, Human Resource Manager, Research and Development Manager, Business Consultant, Information Systems Manager, Marketing Manager, Employment Areas, Business Administrator, Accounts Manager, etc.
Career options after MBA in Family Business Management
After completing an MBA in Family Business Management in India, you have several career options available to you. Here are a few possibilities:
(ii). Finance and Investment
(iii). Academic or Research Positions
(iv). Non-Profit and Philanthropic Organizations
(v). Joining the Family Business
Scope for Higher Education
There also are positive better look at alternatives to be had for graduate students after an MBA in Family Business Management, which can help them better understand the subject. Also, gaining extra training can assist college students to replace their abilities and additionally offer professional growth. Listed underneath are a number of the better schooling alternatives to be had for students:
Skills that make you the Best MBA in Family Business Management Graduate
The MBA in Family Business Management course aims to build a solid grounding in management disciplines as well as strong analytical skills to compete globally. This course will help students to learn and increase their knowledge of organizational behavior and psychology for tackling real-world business problems. Must have skills are:
(ii). A Good Communicator
(iii). A Multitasker?
(1). What is a Family Business course?
Ans. The Family Business course helps individuals who want to manage their family business. The Family Business course also prepares for managerial positions in the business.
(2). What is the MBA in Family Business program?
Ans. MBA in Family Business Management is a two-year postgraduate management degree program that helps students transition their family-run businesses into professionally managed enterprises.
(3). What is the admission process for MBA in Family Business?
Ans. The admission procedure for MBA in a Family Business direction is equal to everyday MBA, i.e. shortlisting based on an entrance exam followed by group discussion and personal interview.
(4). What is the Duration of the Course MBA in Family Business Management?
Ans. The complete duration of the course is two years
(5). What are the top Family Business courses?
Ans. Top Family Business courses are MBA - Entrepreneurship & Family Business, BBA - Entrepreneurship & Family Business, and PG Certificate in Family Business.
(6). What are the skills required for Family Business courses?
Ans. Some of the top skills required for Family Business courses are given below:
(ii). Communication Skills
(iii). Critical Thinking
(iv). Organizational skills
(v). Business Aptitude
(7). What are the eligibility criteria for MBA in Family Business?
Ans. Eligibility criteria for MBA in Family Business are graduation in any stream with 50 percent aggregate or equivalent (45 percent for SC/ST candidates) from a recognized university. The mode of education can be full-time, part-time, or distance learning.
(8). What are the attractive Salary Packages that One can Expect After the Course Completion?
Ans. Skilled professionals can bag an attractive salary package ranging from Rs 5,00,000-10,00,000.
(9). What are the job profiles offered to MBA in Family Businesses?
Ans. The top job profiles offered to MBA Family Businesses are Business Consultants, Business Reporters, Accounts Managers, and Business Administrators.
(10). Can I pursue a management course in Family Business online?
Ans. Yes, management courses in Family Business are available online as well as part-time and distance learning modes.
(11). What is the fee for the MBA in Family Business Management course?
Ans. The fee is Rs.30,000-15,00,000, relying on the school.
(12). Which schools provide MBA in Family Business Management guides in India?
Ans. Some of the pinnacle schools which provide MBA in Family Business Management tiers are the School of Business Management SVKM's Narsee Monjee Institute of Management Studies, Mumbai, JMI New Delhi - Jamia Millia Islamia, HITS Chennai – Hindustan Institute of Technology and Science, Nirma University, Ahmedabad, NMIMS Mumbai - Narsee Monjee and Institute of Management Studies.
(13). Is MBA in Family Business Management difficult?
Ans. An MBA is handiest as tough as you are making it, and it's miles handiest as profitable as you placed into it. There is hardly ever any hand-protecting in business. Either you end up a ready enterprise professional or you're passed with the aid of using the competition.
(14). Is it feasible to pursue a Ph.D. after finishing an MBA in Family Business Management?
Ans. Students who've finished an MBA in Family Business Management diploma can practice for a Ph.D. in Family Business Management program.