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MBA Family Business Management Course, Colleges, Admission, Syllabus, Scope, Jobs and Salary 2023

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.

Note: Students who wish to pursue their education in Management field or get a career boost, can check MBA course.

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.

Checkout: Top Colleges offering MBA Family Business Management in India

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. Check MBA Full Form 

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. 

MBA Admissions 2023 MBA Distance Education MBA Online

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?

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.

MBA GD Topics One Year MBA MBA without Entrance Exams

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 2023

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 Exam Details
CAT Check Here
MAT  Check Here
SNAP Check Here
IIFT Check Here
IBSAT Check Here
CMAT Check Here
MAH CET Check Here
NMAT Check Here
ATMA Check Here
XAT Check Here
TISSNET Check Here
TANCET Check Here

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.
CAT Practice Papers, Mock Test Papers 2023 XAT Exam Pattern, Syllabus 2023

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?

What is MBA Family Business Management about? Anchor

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

Find out: Job Offers, Placement, Job Abroad after MBA Course

MBA Family Business ManagementAnchorCourse Highlights

Course Level Post graduation
Full-Form Masters of business administration in Family Business Management
Duration 2 years
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?

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?

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?

What is the MBA Family Business Management Syllabus? 

Here are some subjects which are taught for MBA Family Business Management

Semester I

Semester II
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

Semester III

Semester IV
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
Mathematical Statistics J.E.Freund
What is the MBA Family Business Management Jobs Prospects and Career Options?

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?

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

MBA Family Business Management FAQs 

Ques. Which colleges in India offer MBA Family Business Management?

Ans. Top management colleges which offer MBA Family Business Management in India are IIM, ISB, Amity University etc.

Ques. Can a commerce student do MBA Family Business Management?

Ans. Yes, a commerce student is eligible to pursue MBA Family Business Management. The major eligibility criterion is that the candidate should hold a graduation degree with at least 50% minimum marks.  

Ques. What is the salary of a business administrator after MBA in FBM in India?

Ans. MBA Family Business Management gives a head start for a fresher. Anyone with MBA Family Business Management can earn upto INR 8,00,000 to INR 15,00,000 per annum as a fresher. After some experience, an actuary earns as much as INR 20,00,000 to 25,00,000.

Ques. What type of subjects does MBA Family Business Management involve?

Ans. Subjects like Entrepreneurial skills, Business Management, business laws, marketing management etc. are taught in MBA Family business Management

Ques. What is the demand of students after completing MBA (Family Business Management)?

Ans. In India, expected job prospects will probably go as high as 20% in the next 10 years. The demand of a manager is high both in India and abroad. Salary packages offered to a person with MBA Family Business Management is also good.

Ques. What are Family Business Management entrance exams composed of?

Ans. The entrance exam is patterned with QMR format. The questions are composed of basic mathematics, aptitude and reasoning questions.

Ques. How to prepare for the entrance exam of MBA (Family Business Management)?

Ans. The entrance exam for MBA Family Business Management is not very tough. A person with a managerial background will find it easy to crack. Moreover, the key idea is to study smartly and practice aptitude based questions for getting through the entrance exam.

Ques. In which sectors a person with MBA Family Business Management can work?

Ans. A person with a degree of MBA Family Business Management can work in the sectors of Banking, Finance, Telecom, Events, Sports, Branding & Advertising, Digital Marketing, Foreign Trade, Human Resource Management, Marketing, etc.

Ques. Is it compulsory to have a commerce background to study MBA (Family Business Management) ?

Ans. No, it is not compulsory to have a commerce background for pursuing MBA Family Business Management. Any candidate with graduation can enter into this course.

Ques. What is the fee in MBA Family Business Management?

Ans. The fee structure for the course of MBA Family Business Management varies as per the college. However, the average fee of the course MBA Family Business Management is INR 1,00,000 to 15,00,000.

Master of Business Administration [MBA] (Family Business Management) : 24 answered questions

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Ques. Is XIMB BM really worth 20 lakhs (including hostel etc)?

● Top Answer By Arka Sengupta on 28 Jun 22

Ans. It depends on your expectation. As per the XIMB placement highlights the median CTC offered for MBA BM is around 15 LPA . PWC, Deloitte, GAIL, HSBC, Royal Bank of Scotland, etc. are some of the major recruiters to take part in the campus drive. In terms of academic rigor, student crowd, faculties, and alumni base, XIMB is a great B-School. It ranks in the same cluster as new IIMs, NMIMS, SCMHRD, SIBM Pune, etc. Read more
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Ques. Which is better, IIT Roorkee MBA or XIMB BM?

● Top Answer By Admin on 24 Jun 24

Ans. I was in the same position as you last year. I too had the same options for my Master and I chose IIT Roorkee due to the following reasons:- The IIT brand that gets attached to you is an asset that shall forever remain worthy. IIT has fees of 8 Lakhs compared to fees of 21 Lakhs for XIMB. IIT Roorkee is ranked 18th in the NIRF ranking while XIMB is ranked 46th. IIT Roorkee has an Average Package of 18.34 LPA while XIMB is at 19.53 LPA . MBA started at IIT Roorkee in 1998 while XIMB was established in 1987. IIT Roorkee has better infrastructure and a bigger campus of 358.5 acres.Read more
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Ques. How good is the XIMB-BM for a fresher?

● Top Answer By Shweta Mishra on 04 Aug 22

Ans. XIMB BM is a good option for freshers. Almost half of the batch comprises freshers so, you won’t be at any disadvantage. XIMB offers good placement opportunities for both experienced professionals and freshers. During XIMB placements 2022 the average CTC offered was INR 17.54 LPA. As a fresher, you can expect to receive a CTC nearing the institute average.Read more
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Ques. What is it like to be a passout from XLRI, Jamshedpur with a degree in HR? Also, is HRM better than BM in XLRI?

● Top Answer By Indrani Chatterjee on 17 Apr 23

Ans. XLRI Jamshedpur is one of the top business schools in India, and its HR program is highly respected in the industry. Graduating from XLRI with an HR degree can open up many opportunities for you in the HR field, including roles in recruitment, training and development, employee relations, and more. The highest international package offered is Rs. 1.1 Crore for the HR domain, and an average package ranging from 19 to 30 LPA with a vast alumni base are the reasons which make the XLRI (HRM) the most sought-after management program in India. In terms of the difference between HRM and BM (Business Management) at XLRI, both programs have their unique advantages and career paths. HRM is focused on developing skills related to human resource management, while BM provides a broader business education covering different aspects of management. Ultimately, the choice between HRM and BM at XLRI depends on your personal interests and career goals. Both programs have excellent faculty and resources, and you can be confident in the education you receive at XLRI, no matter which program you choose.Read more
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Ques. How is the interview of XIMB BM?

● Top Answer By Abhinav Mahera on 11 Jul 22

Ans. The interview process for XIMB BM is pretty standard. The direction and the overall interview experience will depend a lot on how you are answering the questions. There are usually three panelists.  The interview starts with an introduction. There will be questions regarding your family background, past academics, etc. There will be questions about your undergraduate subjects. You can also expect general questions such as ‘Why MBA?’ ‘Why XLRI?’ etc.  Try to give short and straightforward answers. Try to stay patient and confident throughout the whole interview.Read more
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Ques. How tough is it to get a seat into PGDBA, the course offered in collaboration with IIT Kharagpur, ISI Kolkata and IIM Calcutta?

● Top Answer By Hemant Rao on 07 Oct 21

Ans. My brother prepared for the Written Examination only in a week and scored close to 110 out of 150.  Since my brother had a background in Semi-automated Trading, the interviewers were convinced about his love of Finance and Maths. He got waitlisted in 5 of the General Category lists and declined admission after the results. If you are good at JEE Maths and have contributed to the field, it is important to show your passion to the interviewers. Read more
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Ques. Which course is better HRM or BM from XIMB?

● Top Answer By Ansuman Panda on 13 Mar 23

Ans. To begin with, let me tell you that XIMB offers MBA-BM whereas XAHR offers MBA-HRM. XAHR or Xaviers School of Human Resource Management was started after the immense success of the HRM program of XIMB. Now coming to your question, the program you choose will be an important factor in shaping your career so it should be based on your inclinations. Get a clear idea of the various arenas and specializations of Management and the required skills. Both the courses deal with very important elements of Management but HRM specifically deals with the primary asset of any company, The employees. BM offers an MBA in various fields like Finance Sales and Marketing Operations Consulting  General Management Each of these specializations have its own pros and cons. For instance, if you are into number crunching, operation management, and market mapping, then BM is a good choice for you. You can get further details of the course on the official website. Analyze what course and why attracts you the most and make an informed decision. So only you can decide which course to take as this is a subjective question based solely on your personal preference.Read more
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Ques. How is XIMB BM in comparison with NMIMS HR?

● Top Answer By Akriti Gupta on 27 Sept 23

Ans. Pursuing a degree in HR from NMIMS would be a better option if it comes to educational excellence, ranking, infrastructure, campus life, hostels, or placement. If we draw a comparison between these two prestigious institutions then it would depend on various aspects. They are as follows: Ranking and reputation: NMIMS Mumbai, has ranked 21st among the best management institutes in India by NIRF 2023. This proves the academic excellence, infrastructural ability, placement success, and reputation all over India. Whereas according to the NIRF report 2023, XIMB ranked #46 among all the management schools in India. Accreditation: NMIMS Deemed-to university is accredited by NAAC with a 3.59 CGPA and Grade A+, whereas XIMB is accredited by NAAC with an "A" grade. Faculty & alumni: The professors are very good at teaching and most of them hold a PhD degree in their field of expertise. Nitin Rakesh (Chief Executive Officer and Managing Director, Mphasis), Gautam Shiknis (Founder and MD of Palador Pictures), and many more eminent professionals are notable alumni of this institution. Placement: Placement statistics for the year 2023 are mentioned in the tabulated form-  Particulars NMIMS Placement 2023 XIMB Placement 2023 Highest Package INR 67.80 LPA INR 71.51 LPA Average Salary INR 26.63 LPA INR 20.03 LPA Top Recruiters Aditya Birla Capital, American Express, Goldman Sachs, Crisil, etc. ICICI Bank, Accenture, Cognizant After considering all of these factors, it is clear that NMIMS is the best fit for pursuing an MBA degree in HR. The campus, programs, and opportunities available align perfectly with the goals of an MBA aspirant.Read more
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Ques. Which is best option, the executive program in sales and marketing at IIM Calcutta or the postgraduate certification in business management at XLRI, Jamshedpur?

● Top Answer By Shubham Bhoyar on 29 Nov 22

Ans. Only the full-time PGP courses of IIM Calcutta or XLRI are valuable. All other degrees/certificates are the only means of earning money by the institutes.  They have no real value in real life or the corporate world.  They won’t be very useful if you want to learn. They add no value to your CV You will not be considered alumni of the institute So these certificate courses/ part-time programs/ Executive programs carry no real value at all. Most people are misled to believe that they might add value to their CV. Read more
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Ques. How good is PGPBM course (provided by IIM Trichy) at Chennai Center?

● Top Answer By Azhar Jafri on 12 Jan 23

Ans. The worth of a certain program depends on what you want to achieve after completing it. In case you want to just ameliorate your knowledge and skills, this course is indeed the finest option. But if you are pursuing it to receive a high-paying package, then your approach is wrong. Yes, it will open doors for better job prospects but you cannot directly grab a high-paying job right off the bat. Some major highlights of this course are as follows The faculty is highly knowledgeable and usually comprises doctorates from top B Schools within India and even globally. The course is rigorous as each subject is taught for 25 hours and requires preparation for 20-25 hours. The pedagogy is premium and involves a blend of case studies, theories encompassing fundamental frameworks, and the latest trends. A regular evaluation ensures complete involvement of the individual You will get the chance to study with a mixed crowd comprising marketing professionals, chartered accountants, plant heads, and entrepreneurs. The crowd diversity in turn enables top-notch peer learning and exposure through experience sharing. Once you complete this program, you will excel in your current job or the interview for your next job. Since the program is approved by banks, you can easily get 100% educational loans. In accordance with the latest IIM Law, you will be granted an MBA Degree and not just a PGDBM Certificate. Before I end my answer I will ask you to keep 2 points in mind. Firstly, this program is extremely demanding and you should not take it just as a side hustle. It needs complete involvement and determination on your part. Secondly, no placement opportunities are offered upon completion of this program so you shouldn’t rely on the placement committee.Read more
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FEATURED COURSES

Master of Business Administration [MBA] (Family Business Management) Colleges IN INDIA

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Amity University
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MBA/PGDM(2 Yrs)8.2
₹ 4.72 L first year fees
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Gandhinagar, Gujarat
MBA/PGDM(2 Yrs)7.8
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Parul Institute of Management - [PIM]
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MBA/PGDM(2 Yrs)7.2
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Royal Global University - [RGU]
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