Do you want to take your Family Business to new heights? Do you want to become a successful entrepreneur? Then MBA in Family Business is the best course for you. MBA in Family Business Management is a course designed for individuals willing to be a part of their family business and aim to expand, diversify and manage the family-owned business and also for those who exhibit entrepreneurial ambitions. Apart from being an entrepreneur, this course also helps in getting managerial roles at business firms. Scroll through this blog to know all about MBA in Family Business.
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About MBA in Family Business
MBA in Family Business teaches students about entrepreneurial ventures and how the innovative changes happening in the business industry can be implemented in their own family business. MBA Family business management is a postgraduate course that teaches some importance on family businesses and how they can be improved in the business sector. It facilitates the globalization, liberalization and privatization of the firm. The program is taught using a combination of lectures, classroom discussions, industry interactions, case studies, individual and group projects, term papers, role plays, dissertations, business games, films and various experiential learning methods.
Also Read: Career in Family Studies
Best Colleges for MBA in Family Business in India
Here are the best colleges for MBA in Family Business in India:
|Indian School of Business||15 months||Rs 37, 35, 000|
|IIM Bangalore||40 days course spread over one-year (Long Distance Programme)||Rs 5, 99, 000|
|SP Jain School of Global Management||12 months full-time course||Rs 14,30, 000|
|Institute of Management, Nirma University||2-year course divided into three terms of about 12 weeks each||Rs 4, 07, 000|
|SVKM’s NMIMS School of Business Management||2-year full time course||Rs 18, 12, 000|
Want to pursue MBA in Family Business as Distance learning course? Check Out IGNOU MBA!
Best Family Business MBA in the World
The following are the top colleges abroad for MBA in Family Business:
- Harvard Business School
- UNC Kenan-Flagler Business School
- University of Notre Dame-Mendoza College of Business
- Kellogg School of Management
- EDHEC Business School
- Said Business School
- The Chinese University of Hong Long
Take a look at the major MBA entrance exams for MBA in Family Business:
|Exam Name||Mode of Exam||Application Period||Exam Date|
|CAT 2023||Online||August 2023||November 2023|
|XAT 2023||Online||Dec 11, 2022||January 8, 2023|
|CMAT 2023||Online||–||April 2023|
|GMAT 20213||CBT Mode||–||Throughout the year|
Here are the major requirements to apply for MBA in Family Business in India or abroad:
- The candidate should have a 10+2 examination certificate with aggregate marks of at least 50% and above from a recognized board.
- The candidate should have completed his/her graduation from a recognized university with the aggregate percentage required by the university.
- Many universities also work experience of 2 years to applicants.
- You must also have valid CMAT/MAT/CAT/GMAT/XAT scores to apply to universities in India
- If you are planning to study MBA in Family Business abroad, then you will have to submit GMAT/GRE scores as well as IELTS/TOEFL/PTE along with SOP and LORs.
The following are the steps to apply for this course:
- Before applying the candidate must check the eligibility criteria
- To register for the programme, the candidates should visit the official website
- The candidate must complete the registration process by providing the required information to obtain the login credentials
- The candidate will be sent a link to verify their profile
- Next, use the login credential to log in to the application portal
- Click on the “apply for starting the application”
- Fill out all the required information accurately and click on the “save” button to save all the details
- Finally, submit the application form, all application is email approved and provided with an online receipt
Apart from managing your family business, there is an immense career scope after this course:
- Students with MBA in Family Business Management can work as accounts managers, business administrators or finance managers 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 more research thinking.
- After MBA in 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.
Know more about MBA after PhD!
Jobs and Salary
The following are the popular careers after pursuing this course:
|Job Position||Average Annual Salary in INR|
|Business Administrator||12-16 LPA|
|Accounts Manager||6-8 LPA|
|Relationship Manager||4-6 LPA|
|Management Consultant||5-8 LPA|
Hence, we hope that this blog familiarized you with all the information about MBA in Family Business. Planning to pursue MBA abroad? Our Leverage Edu experts are here to help you find the best course and university as per your interests and preferences. Sign up for a free counselling session with us today!