MBA Family Business Management Is a 2 year postgraduate course with a unique curriculum catering knowledge about the management and owning a family business successfully. It is made in a way that provides an insight about providing some expertise in assisting a family business.
The minimum eligibility criteria for admissions in this course are a degree of BBA, B.Com, B.tech or B.Sc. from a recognized university with minimum aggregate marks of 50%.
The list of colleges which are ranked best among the list for MBA Family Business
Management is as follows:-
|Name of Institute||Location||Admission Procedure||Average Fees|
|SIBM||Bangalore||Entrance Examination||INR 6.95 Lacs|
|Institute of Management, Nirma University (IMNU Ahmedabad)||Ahmedabad||Entrance Examination||INR 3.8 lacs|
|Indian School of Business||Hyderabad||Entrance Examination||INR 20 lacs|
|Indian Institute of Management||Bangalore||Entrance Examination||INR 2.8 lacs|
|S. P. Jain Institute of Management and Research||Mumbai||Entrance Examination||INR 6.45 lacs|
Candidates with good communication skills and passion for running a family business can choose this course and can get admission by passing the valid entrance examination like CAT/ NMAT/ MAT/ GMAT/ XAT etc.
MBA Family Business Management average course fee ranges from INR 1,00,000/- to INR 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/- to INR 16,00,000/- in any leading MNC.
The course MBA Family Business Management helps in understanding the competition dynamics and gets familiarized with the organizational change in terms of globalization, privatization, and liberalization etc.
It develops an entrepreneurial skill in the candidate and hence opening an opportunity to start and run an entrepreneurial venture successfully.
Candidates after completing MBA 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.
What is the MBA Family Business Management Admission Process?
MBA Family Business Management is a postgraduate course in which admissions are granted only on the basis of entrance examination and no merit based admissions are possible.
Below are the steps which need to be followed for getting admission in MBA Family Business Management:-
- Examination registration: Visit the official portal of central level examination and fill all the details including name, email address, password, etc.
- Download Admit card: Once the admit card is released, download the admit card for examination.
- Appear for the examination: - On the entrance examination day, appear for the entrance examination. After passing the cut off marks, apply for the preferred college.
- Register: - Fill up the form by mentioning important details, entrance examination marks and attaching the documents in the college registration form.
- Merit list: - As per the candidates entrance examination marks, a merit list is formed by every college and a cut off is decided for candidates.
- Counseling procedure: - After getting qualified on the basis of entrance examination marks, candidates need to appear for a group discussion and personal interview round for the final selection.
Admissions are solely done on the basis of aggregate marks scored by the candidates in the entrance examination and counseling round.
What is the MBA Family Business Management Eligibility Criteria?
Candidates passing the following eligibility criteria can register for admission in PhD hospitality:-
- Candidates should have a 10+2 examination certificate with aggregate marks of at least 85% from a recognized board.
- The graduation of the candidate should be in the following courses:- BBA, Bcom, Btech and BSc from a recognized university
- Candidates should have aggregate marks of 50% in the graduation degree.
- Candidates with minimum 2 years of work experience are preferred.
Readmore: MBA Admission Process 2021
What are the MBA Family Business Management Entrance Examinations?
MBA Family Business Management admissions are granted on the basis of central level examinations like CAT/ XAT/ CMAT/ GMAT among many others. The examination question paper is divided into various sections with reading passage section; aptitude based reasoning sections, mathematical based questions, and even language evaluation.
Here is detailed information about the entrance examination which are applicable for MBA Family Business Management
|Exam Name||Mode of Exam||Application Period||Exam Date|
|CAT 2021||Online||August 5- September 23, 2021||November 29, 2021|
|XAT 2021||Online||September – November 30, 2021||January 3, 2021|
|CMAT 2021||Online||November 1st week- December 2nd Week, 2021||January 4th week, 2021|
|GMAT 2021||CBT Mode||Till 31st December, 2021||Throughout the year|
How to prepare for MBA Family Business Management Entrance Examinations?
All the entrance examinations which are being considered for admissions in MBA Family Business Management are similar and follow an objective evaluation based upon the aptitude, reasoning, mathematics and language evaluation.
Here are certain tips and tricks which need to be taken care of while preparing for entrance examination:-
- Know your capabilities and judge yourself as per the examination pattern followed for MBA Family Business Management.
- Make your managerial subjects strong including business laws, entrepreneurial management, marketing management etc.
- Practice passage based questions, aptitude questions and reasoning based questions regularly for improving the time management.
- Divide all the sections properly to complete the syllabus on time and study each topic thoroughly.
- Build a strong command on the data interpretation and language section with regular practice.
- Solve mock papers regularly and check your improvement to keep an update about the necessary topics which are required to be prepared.
How to get into a good MBA Family Business Management College?
Below are some points which should be considered for getting admissions in a good MBA Actuarial college:
Prepare well for the entrance examination to get a good score for reserving a seat in a reputed MBA Family Business Management college.
- Practice for the group discussion and interview round with a fluency on language and knowledge base.
- The colleges need to be selected as per the preference. Know all the requisites of the desired college to get admission in that particular college.
- Keep your research thesis and work experience handy for scoring good marks in the collected entrance examination and counseling round.
- Do track the important dates like registration date and counseling date and follow them positively.
What is MBA Family Business Management about?
MBA Family Business Management is a unique course and can be described by following points:-
- MBA Family business management is a postgraduate course that throws some importance on the family businesses and how they can be improved in the business sector.
- It imparts the students various skills to enable them for entrepreneurial ventures and how the innovative changes happening in the business industry can be implemented in their venture.
- It facilitates the globalization, liberalization and privatization of the firm.
- Candidates after completing their graduation with minimum 55% aggregate mark can pursue this course after clearing the entrance examination.
- The course is mostly opted after completing a B.Sc./B.com degree to focus on a certain area and to gain specialized knowledge of the subject.
- It open door for students either to start a new entrepreneurship venture or successfully running a family business
MBA Family Business ManagementCourse Highlights
|Course Level||Post graduation|
|Full-Form||Masters of business administration in Family Business Management|
|Examination type||Semester Examination|
|Eligibility||Graduation degree of BBA, Bcom, Btech and BSc from a recognized university|
|Admission Process||Entrance Examination + Counseling|
|Course Fee||INR 1,00,000 to INR 15,00,000/-|
|Average Salary||INR 12,00,000 to INR 16,00,000/-|
|Job Positions||Entrepreneur, Business Administrator, Accounts Manager, Assistant Manager, etc.|
Why study MBA Family Business Management?
- MBA Family Business Management can help in fostering and encouraging the entrepreneurial spirit of young minds so that they develop best practices for family business management.
- It guides candidates to explore the many facets of business continuity, plan the succession of business, opportunity, failure and risk analysis, taxes and finances.
- It prepares candidates to strike a balance between theoretical and practical knowledge
- It enables students to pursue new avenues for applying the skills thus learnt.
- MBA Family Business Management acts 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.
Read More: PhD Course after MBA
What are Top MBA Family Business Management Colleges?
Here are some of the top colleges which offer MBA Family Business Management: -
|College Name||Location||Average Fees||Average Salary Package|
|Sona School of Management||Salem||INR 41,000||5 LPA|
|Sandip Institute of Technology and Research||Nashik||INR 150,00||3.5 LPA|
|Galgotia University of Business||Greater Noida||INR 159,000||6 LPA|
|Royal Global University||Guwahati||INR 247,000||5.2 LPA|
|Dr. DY Patil Institute of Management and Research||Pune||INR 130,000||8 LPA|
|Amity University||Mumbai||INR 515,000||6.8 LPA|
|Shri RamSwaroop Memorial Institute||Lucknow||INR 132,000||6 LPA|
|Parul University||Vadodara||INR 90,000||4.8 LPA|
|University of Technology||Jaipur||INR 90,000||3.8 LPA|
|Institute of Business Management and Research||Pune||INR 80,000||5.2 LPA|
What is the MBA Family Business Management Syllabus?
Here are some subjects which are taught for MBA Family Business Management
|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|
What are the MBA Family Management Business Important Books?
Important books which can be used for reference in the course MBA Family Business Management are:
|Name of the Book||Author|
|Take Charge of Your Family Business||S A Krishnan|
|Business Organization and Management||Dr. Asthana, Dr. Sahal|
|Business and Form of Organization||S. C. Gupta and V. K. Kapoor|
|Macroeconomic Theory and Policy.||William H Branson|
What is the MBA Family Business Management Jobs Prospects and Career Options?
After completing MBA Family Business Management, one can easily manage and take their family enterprise to a different level by implying to the skills. Moreover, the course curriculum teaches the basics of managerial and administration part of a business enhances the entrepreneurial skills in a student, making them start a new business venture successfully.
Apart from it, they can also work as a business administrator and accounts manager in any MNC or organization.
Below are some of the job positions which can be taken after completing MBA Family Business Management
|Job Position||Job Description||Average Annual Salary in INR|
|Entrepreneur||Entrepreneur formulates policies that directly benefit the firm, managing and supervising daily operations of the firm, and planning effective use of materials and human resources.||10-18 LPA|
|Business Administrator||Business Administrators 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.||12-16 LPA|
|Accounts Manager||He or She is 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.||6-8 LPA|
|Relationship Manager||A Relationship Manager is responsible for the overall relationship of the company in terms of business and finance.||4-6 LPA|
|Management Consultant||A Management Consultant usually provides insights and guides in the process of managing business and taking it forward.||5-8 LPA|
What is the MBA Family Business Management Future Scope?
Some of the future prospects available after completing the course of MBA Family Business Management are:-
- Students with MBA Family Business Management can work as accounts manager, business administrator or finance manager in any leading MNC
- Students who want to pursue further studies can opt for PhD in the same field. PhD in the same course will brush up the knowledge of a student and will develop a more research thinking.
- After MBA Family Business Management, students can also work as a lecturer or assistant professor in any academic institute or educational hub by appearing for NET.
- Someone willing to start a new business venture can opt for it or they can continue to run their family business successfully.
MBA Family Business Management FAQs
Ques. Which colleges in India offer MBA Family Business Management?
Ques. Can a commerce student do MBA Family Business Management?
Ques. What is the salary of a business administrator after MBA in FBM in India?
Ques. What type of subjects does MBA Family Business Management involve?
Ques. What is the demand of students after completing MBA (Family Business Management)?
Ques. What are Family Business Management entrance exams composed of?
Ques. How to prepare for the entrance exam of MBA (Family Business Management)?
Ques. In which sectors a person with MBA Family Business Management can work?
Ques. Is it compulsory to have a commerce background to study MBA (Family Business Management) ?
Ques. What is the fee in MBA Family Business Management?