With the rapid evolution in the business environment, it has become crucial for entrepreneurs to know how to manage business volatility and uncertainty. MBA Entrepreneurship and Family Business is one of the MBA specialisations that is designed to upskill next-generation business owners in expanding their family businesses to generate wealth and employment. The MBA programme aims at nurturing students with entrepreneurial skills to grow family businesses or launch start-ups.
Read ahead and learn more about MBA in Family Business and Entrepreneurship in detail below.
What is an MBA in Family Business?
The MBA programme in Family Business Management is a two-year postgraduate degree that imparts entrepreneurial skills to students who wish to scale and grow their family businesses or establish their start-ups. It helps students to understand the competitive dynamics and the change in market trends.
MBA in Family Business Management in India: Key Details
Some of the critical details about the MBA in Family Business Management in India are as follows:
- Full form: Master of Business Administration in Family Business Management
- Level: Postgraduate
- Duration: Two years
- Admission: Entrance Exam
- Entrance exams: CAT(Common Admission Test), XAT(Xavier’s Aptitude Test), MAT(Management Aptitude Test), SNAP(Symbiosis National Aptitude Test), etc.
- Eligibility criteria: Candidates must have graduated with a minimum of 50% marks from a recognised university
- Average course fees: ₹1-15 lakhs
- Job Prospects: Business Administrator, Assistant Manager, Entrepreneur, Accounts Manager, etc.
- Average Salary: ₹12-16 lakhs per annum
MBA in Family Business: Eligibility Criteria
MBA in Family Business Management colleges may have varying eligibility criteria for the course. But the common eligibility requirements are as follows:
- Candidates must have graduated from a recognised university with a minimum of 45-50% marks
- Many colleges consider the candidates’ scores in the relevant entrance exams for MBA admissions.
- Some colleges prefer students with two-ten years of work experience.
MBA in Family Business: Admissions
Admissions to MBA in Family Business Management courses are based on your score in the relevant entrance examinations. The standard entrance exams for MBA include CAT (Common Admission Test), XAT (Xavier’s Aptitude Test), MAT (Management Aptitude Test), SNAP (Symbiosis National Aptitude Test), etc. After qualifying for the entrance exam, you are required to appear for personal interviews and group discussion rounds for the final selection.
MBA in Family Business: Benefits
Before pursuing the course, you must know about the benefit of an MBA in Family Business and Entrepreneurship which are as follows:
- MBA in Family Business can enhance your family business management skills and help you grow your family business.
- The course provides you with knowledge about several facets of businesses such as finances and taxation, risks, opportunities, continuity and contingency planning, business succession, etc.
- The course allows you to modernise your business which is aligned with the global best practices.
- MBA in Family Business Management allows individuals who are in managerial or executive positions to manage their family businesses more efficiently.
- After completing the MBA in Family Business, you can also work as an accounts manager, finance manager or business administrator in some leading multinational companies.
MBA in Family Business: Syllabus
The MBA in Family Business course duration is two years spread over four semesters. The semester-wise MBA in Family Business syllabus is as follows:
MBA in Family Business Management: First-year
| Semester 1 | Semester 2 |
| Family Business Management | Social Entrepreneurship |
| Business Plan Preparation | Business Plan and Ethics |
| Entrepreneurial Finance | Technology Innovation and Sustainable Enterprise |
| Small Business Promotion | Mergers and Acquisitions |
| Dynamics of Family Business Governance | Innovation and Creativity |
MBA in Family Business Management: Second-year
| Semester 3 | Semester 4 |
| Business Regulations | Finance Management |
| Cost and Management Accounting | Managing Human Resource |
| Sickness and Turnaround Strategies | New Product Development |
| Corporate Governance and Social Responsibility | Organisational Behaviour |
| Finance and Tax Strategies for Family Business | Enterprise Resource Building |
Best Colleges for MBA in Family Business in India
To pursue the best Family Business MBA in India, you must research the top colleges. While more than sixty colleges in India offer the course, some of the colleges that offer the best MBA for Family Business are as follows:
- IIM, Bengaluru
- NMIMS, Mumbai
- SP Jain Institute of Management and Research, Mumbai
- Symbiosis Institute of Business Management, Bengaluru
- Great Lakes Institute of Management, Chennai
- Hindustan Institute of Technology and Science, Chennai
- SP Jain School of Global Management, Mumbai
- Institute of Management, Nirma University, Ahmedabad
- Indian School of Business, Hyderabad
- Amity University, Noida
- Hindustan University, Chennai
MBA in Family Business Management: Jobs
After completing your MBA in Family Business, you can opt for the following professions:
| Job Role | Average Salary (per annum) |
| Entrepreneur | ₹10-18 lakhs |
| Accounts Manager | ₹6-8 lakhs |
| Management Consultant | ₹5-8 lakhs |
| Relationship Manager | ₹4-6 lakhs |
| Business Administrator | ₹12-16 lakhs |
| General Operations Manager | ₹4.3-11.25 lakhs |
| Data Analyst | ₹5.7-14 lakhs |
| Quality Manager | ₹3.8-7 lakhs |
| Human Resource Head | ₹6-13 lakhs |
| Area Operations Manager | ₹4.65-9.2 lakhs |
Conclusion
MBA in Family Business Management is an excellent course to sharpen your entrepreneurial skills. The course curriculum teaches you the modern practices to stay competitive in a highly volatile business environment. But, before deciding to pursue the course, you must research the MBA in Family Business best colleges, their admission process and eligibility criteria to avoid hassles.
Also, make sure the college or the university offers Sunstone’s benefits — a bundle of services that help you boost your career prospects. Sunstone helps you become job-ready with industry-aligned training, soft-skills development and more!
FAQs
What is MBA in Family Business?
The MBA programme in Family Business Management is a two-year postgraduate degree that imparts entrepreneurial skills to students who wish to scale and grow their family businesses or establish their start-ups. It helps students to understand the competitive dynamics and the change in market trends.
Which colleges in India offer MBA in Family Business Management?
Some of the best MBA for Family Business colleges in India are as follows:
- IIM, Bengaluru
- NMIMS, Mumbai
- SP Jain Institute of Management and Research, Mumbai
- Symbiosis Institute of Business Management, Bengaluru
- Great Lakes Institute of Management, Chennai
- Hindustan Institute of Technology and Science, Chennai
- SP Jain School of Global Management, Mumbai
- Institute of Management, Nirma University, Ahmedabad
- Indian School of Business, Hyderabad
- Amity University, Noida
- Hindustan University, Chennai
