ISB MFAB Program – Transforming Family Businesses into Business Empire

India’s best B-school, the Indian School of Business (ISB), has introduced Post Graduate Programme in Management (PGPM) for Family Business (ISB MFAB) to prepare the future generation of India to revive the conventions of a family business. 

Overview of ISB MFAB

Indian School of Business’s Post Graduate Program in Management for Family Business is one of a kind program specially designed for the next generation of family business owners. The program runs for a duration of 15 months and focuses on concepts of general management. ISB MFAB combines the latest management practices with the current needs of businesses which would uplift the standards of family businesses. Through the program, ISB MFAB, ISB aims to inculcate personal skills such as leadership qualities and communication skills while it also focuses on entrepreneurship, sustainability, and expansion of business, exploring markets and maintaining a standard growth of businesses. 

ISB MFAB Key Details

For	Next Generation Family Business Owners
Location	Hyderabad / Mohali
Duration	15 Months
Program Highlights	Real Scenarios Networking with a C-suite peer group 2 Weeks of International experience in the US and Europe Cutting Edge Curriculum

How is ISB MFAB Different?

ISB MFAB is a comprehensive program that prepares individuals to take over their family’s business while they contribute to its growth by undertaking the exhaustive program. Some of the factors that distinguish ISB MFAB from other management programs are mentioned below. 

Pedagogy

Students need to spend approximately 120-150 hours to prepare themselves before they begin taking classes at the ISB campus. For the same, they need to study five online analytical courses sourced from Harvard Business School Publishing. Along with this, they are also advised to refer to the study material that is available online on ‘Learning Management Systems’. A number of speaker sessions are organized that adds to the practical learning of students through interactive sessions and seminars hosted by ISB at their campuses (ISB Hyderabad and ISB Mohali). Furthermore, to help students of ISB MFAB in decision making, ISB uses software programs that mimic real-life business situations where they are trained to take decisions related to business management.

Curriculum 

PGP MGAB students learn the dynamics of management through the vast curriculum that is specially crafted to fashion students with concepts of Finance, Marketing, Operations, Business Analytics, Microeconomics, Global Alliances, Mergers and Acquisition and more. Indian School of Business prepares students to help them handle their business end-to-end. Along with this, the institute also focuses on building their leadership skills, team management skill and communication skills that would shape them into a successful entrepreneur in future.

Outdoor Learning Opportunities  

ISB believes in the overall development of its students. In order to make their programs more informative, the institute emphasizes practical exposure that exposes candidates to a plethora of learning opportunities. ISB takes students for a mandatory week-long international immersion program to Kellogg School of Management where the famous Family Business Centre lies. Along with this, students have two optional immersion programs, one in China and the other in Africa where they learn more about the management practices of other economies.

Networking Opportunities 

ISB understands that as much as learning is essential to be an entrepreneur, networking plays an equally important to help you reach the global markets. ISB MFAB provides just the platform students need to build connections that would benefit them mutually. Students of ISB MFAB can leverage the alumni network and build connections with business tycoons that would later help them in business expansion. 

Eligibility Criteria for ISB MFAB

Here are the eligibility criteria for Indian School of Business MFAB.

1. Bachelor’s Degree or equivalent qualification like CA 
2. No mandatory work experience but 2 years of experience is appreciated
3. Should be a member of a business family

Selection Criteria

ISB has no set cut-off that guarantees a student’s admission in ISB MFAB. The business school evaluates an application based on several factors which might influence the admission committee to select a candidate. Here are some of the factors are taken into account:

1. Knowledge of Family Business
2. Business Leadership Potential
3. Inclination towards Achievement
4. Size, Scale and Complexity of Business
5. Academic Performance
6. Performance in BAT Test
7. Work Experience
8. Interview Performance

ISB MFAB Program Fees

The tuition fees for year 2023-24 is as follows:

Item	Fees
Admission Fees	INR 3,00,000
Tuition Fees	INR 38,97,600
Security Deposit (Refundable)	INR 20,000
Alumni Membership Fees	INR 25,000
Lifetime Usage of Recreation Centre	INR 15,000

The tuition fees include accommodation, food and all course related materials. Accommodation during international trips is also included. However, it does not include transportation.

Documents Required

1. Coloured photograph
2. Class 12th marksheet
3. Class 12th Certificate
4. Copy of Passport
5. Bachelor’s degree marksheets
6. Bachelor’s Degree Certificate
7. Marksheets/Acamdemic transcripts and certificates for additional education
8. Business Card

Note: Candidates have to submit the undergraduate certificate and marksheets for all the semesters/years at the time of submitting their application.

Can Students add their GMAT scores instead of BAT Scores?

ISB MFAB does not ask candidates for their GMAT scores. Instead, they take BAT scores into account while processing applications. BAT scores help ISB evaluate an applicant on the basis of their understanding of the concepts of management.  Students who have appeared for GMAT found taking BAT easier. The fee for taking a BAT at ISB is included in the application fee. The test can be taken online and applicants need not visit the campus to undertake BAT.

Admission Calendar 2023-24

The application portal for the academic year of 2020-21 for ISB MFAB is now open. Apply Now to start your application. Take a look at the details given in the table below: 

Task	Deadlines	APPLICATION FEE
Round 1	November 13, 2022	₹ 15,000
Round 2	March 19, 2023	₹ 15,000
BAT (Business Admissions Test)	Ongoing	Included in Application fee

Where are the Classes Held for ISB MFAB?

ISB has two campuses, ISB Hyderabad and Mohali. Classes for all the candidates of ISB MFAB are majorly held in Mohali, while some terms take place in Hyderabad campus followed one term at the Kellogg School.

ISB MFAB Curriculum

The ISB MFAB curriculum has 3 major sections.

1. Preparatory Courses: Students will be given five online preparatory courses that they have to complete before joining the classes.
2. Analytical Foundations: Classes will commence with analytical foundations where you will be taught management courses. The management courses will include Accounting, Strategy, Marketing, Leadership, and Finance.
3. Family related Challenges: Here, you will be taught leadership skills, creating strategies and advanced management. You will understand professionalism in a business, how to create lasting family business, etc. 

International Experience

The course will offer you two international experiences during the 15 month program. 

1. The first one is in the famous Kellogg School of Management in Evanston, Chicago. Here, you will learn:
   1. Excellence in Governing & Leading the Family Business 
   2. Global Best Practice: Family Business Application
2. Second will be a top ranked European Business School. Here, you will get experiences in:
   1. Cultural Visits
   2. On-campus Classroom Teaching
   3. Industry Visits
   4. Top Management Interaction

The cost of these travels will be added that includes travel, visa, tourism, etc. Only accommodation will be provided by the school.

Is the Program Worth it?

Moving on to the most important question that students have, if the program is worth investing 40 lakhs? ISB MFAB is a unique program that has advantages in terms of infrastructure, faculty, outreach programs, curriculum and what not. Students who have been a part of ISB MFAB have found this to be a life-changing experience. With experienced faculty from the best B-schools in the world and exhaustive curriculum, ISB prepares candidates to become business tycoons in the near future.

FAQs

So if you want to upskill yourself and upscale your family business, ISB MFAB is a program that can help you achieve both, and we at Leverage Edu can help you reach there.