It is observed that family businesses contribute roughly 80% to the global GDP. No doubt, the fast emerging markets have given a significant share to the GDP of India, especially when family businesses account for more than 85% of the currently running businesses in the country. Given the rapidly changing business culture of the developing economy, it is essential to educate future generations who are to inherit their family’s business. It is important to prepare them for the cut-throat competition so that their family business does not just survive with time, but it is prepared to compete with global competitors. India’s best B-school, Indian School of Business (ISB), has introduced Post Graduate Programme in Management for Family Business (ISB MFAB) to prepare the future generation of India to revive the conventions of a family business.
Overview of ISB MFAB
ISB’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.
What sets it apart from other management programs?
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.
Students need to spend approximately 120-150 hours to prepare themselves before they begin taking classes at 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. This prepares them to take major decisions for their businesses in the future. Also, ISB evaluates performances of each student at the end of each course through assessments. Students must attain an overall passing grade for successful completion of the program.
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. ISB 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 emphasis on 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.
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. Through ISB MFAB, ISB 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.
What is the admissions criterion for ISB MFAB?
To be eligible to apply for ISB MFAB, students must have a Bachelor’s degree or an equivalent qualification. ISB MFAB does not require any previous work experience. However, 4-5 years of work experience adds value to a candidate’s profile.
Application Procedure and Deadlines:
Admissions in the top B-school can be slightly competitive. To make sure you get through the procedure smoothly, it is always advisable to ask an expert for guidance. The application fee for ISB MFAB is INR 15,000. Candidates need to apply online with the following documents.
- Colored photograph of the candidate
- Copy of candidate’s passport
- Mark sheet of class 12th
- Copy of Bachelor’s degree
- Copy of mark sheet of each semester
- Copies of additional certificates
- Business card
The application deadlines for the academic session of ISB MFAB for 2019-20 are mentioned below.
3. Selection Criteria:
ISB has no set cut-off that guarantees a student’s admission in ISB MFAB. ISB 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-
- Candidate’s understanding of his/her family business
- Leadership skills
- Work experience
- Performance during graduation
- BAT scores
- Nature of the family business
- Candidate’s views on business expansion
Do students have an option to 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. Students can read more about BAT here.
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.
Admission Fee for ISB MFAB
The tuition fee for ISB MFAB for the year 2019-20 is INR 39,60,000 plus GST. Apart from this, a sum of INR 20,000 as a security deposit shall be submitted in addition to the tuition fee. It is given back to the student after the completion of the program. Another INR 25,000 needs to be paid as an alumni fund, which is non-refundable for students who successfully graduate from ISB. With this, INR 15,000 is paid for lifetime use of ISB’s Recreational Centre.
Is the program worth the amount students invest in ISB MFAB?
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.
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.