Sounak Banerjee Associate Content Manager
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MBA with Family Business
Family business plays an important role in the economy of the country. It is evaluated that family business across all over the world contributes to a large economy of a country.
Most of the small scale industry or service sectors are set and run by family businesses. Many students apply for an MBA in Family Business Management to enhance their knowledge and gain a new insight for the betterment of their business.
See Also: MBA Admission Process
MBA in Family Business Management sheds light on the importance of family businesses as they represent a substantial proportion of the business sector. They face unique circumstances, especially with the global economy being constantly unpredictable.
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| IIM MBA Fees | MBA Specialisations | Best MBA Colleges |
The program has been designed to help fledgling and visionary entrepreneurs to keep up with such changes and sustain in the competition. They play an active part in the organization to facilitate globalization, liberalization, and privatization of the firm.
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MBA Online helps to gather knowledge without wasting the time attending classes. It is cheap and easy to follow. Students may also apply for MBA Distance Education which also solves the problem of time and space.
See Also: MBA Admissions IGNOU
Some topics for pursuing an MBA course with Family Business
- Business environment and strategy
- Economics
- Finance
- Marketing
- Valuation & business expansion
- Family relations during transitions
- Compensation & benefits
MBA with Family Business: Advantages
The reasons why applicants should use MBA in the family business.
- High salary potential: MBA graduates are usually better and get more heavy compensation than other employees. MBA can be applicable in both public and private sectors.
- Be your own boss: Any graduate can become an entrepreneur, MBA graduates are taught business management, planning and even financial handling. Hence the MBA syllabus will help you manage your own business and enhance your contribution towards the GDP of the country.
- Career opportunities: MBA program offers you wider and better job opportunities. The areas covered in MBA are human resources, statistics, technology, economics, and Finance. These areas qualify MBA to pursue for a business sector.
- Making Networks: During the MBA degree and placements, candidates meet new people, recruiters, keynote speakers, old-school businessmen, new entrepreneurs, fellow students and many other people. Meeting new people will be beneficial in future business.
- Enhance knowledge: MBA graduates enhance the knowledge, they have been taught beforehand. They acquire a deep insight into the business world.
- Improves communication skills and personal development: Candidates with family business backgrounds have communication skills. Body language is an important factor in the business world.
- Leadership roles: Family business candidates have a bright future due to leadership quality. Family business applicants have a past full of struggles. They have a better knowledge about uncertain risk and profit. They know how to grow and expand the business.
- Donation role: Family business applicants have the ability to donate to business school or become employers in business school. They are coming from a business family and want to work as a stable worker in the future.
Challenges for MBA applications with Family Business
- Applicants should take the pain to prove their dream and hard work for a successful bright future. It is not interesting when you depend on the family fortune.
- You need to learn and prove that a family business is dynamic in nature, has the ability to grow, has an exciting journey, and has a successful future.
- MBA applications with family businesses should have proper procedures and letters of recommendation by investors, clients, consultants, advisors, etc.
MBA with Family Business Skills
The skills which are required to be an MBA are:
- Leadership skills: You can successfully monitor and assess all processes in your business. You can then create methods and guidelines to optimize the efficiency of your business. Without these leadership skills, other family business members and employees would lose motivation because they don’t fully understand the processes to fulfill the business's goals. Also, they may not see their value to the family business.
- Communication skills: communication skill is the key to taking the business up. Only communication can grow the trust of investors and the business. Good communication is necessary. It helps to plan, manage, implement, promoting the business.
- Problem solver: One should have problem-solving skills. They need to deal with uncertain risks and dynamic environments. It is essential when an entrepreneur makes decisions related to financial status, legal policies, and workers.
- Strategic research: Strategy is developed according to the demands of the clients or marketplace with the decided goals as entrepreneurs have better knowledge about finance than companies.
MBA with Family Business Entrance Exams
The entrance exams taken by colleges and universities for MBA are:
| Exam Name | Registration Date | Exam Date | Result Date |
|---|---|---|---|
| MAH CET | March 2023 – May 2023 | March 18-19, 2023 | September 2023 |
| ATMA | December 24, 2022 – February 17, 2023 |
February 25, 2023 (February session) May 28, 2023 (May session) July 23, 2023 (July session) |
March 2, 2023 (February session) |
| CAT | August 3, 2022 – September 14, 2022 | November 27, 2022 | December 21, 2022 |
| CMAT | December 26, 2022 – February 25, 2023 | March 26, 2023 | April 28, 2023 |
| GMAT | Throughout the year | Throughout the year | Depending on the Exam |
| MAT |
PBT Mode: February 14, 2023 (Last Date) CBT 1 Mode: February 21, 2023 (Last Date) CBT 2 Mode: February 27, 2023 (Last Date) |
PBT Mode: February 19, 2023 CBT 1 Mode: February 26, 2023 CBT 2 Mode: March 4, 2023 |
To be Announced |
| NMAT | August 1, 2022 – October 10, 2022 | October 10, 2022 – December 19, 2022 | Within 48 hours of exam delivery |
| SNAP | August 4, 2022 – November 24, 2022 | December 10, 2022 December 18, 2022 December 23, 2022 |
January 10, 2023 |
| XAT | August 10, 2022 – December 12, 2022 | January 8, 2023 | January 28, 2023 |
MBA Job Opportunities
MBAs have greater job opportunities and can earn as high as INR 20 LPA if graduated from top B Schools. The MBA graduates can work as financial advisor, Management analyst, Investment banker, Information technology managers, Marketing managers, HR managers, Business consultants, etc.
| Jobs | Role | Average Annual Salary |
|---|---|---|
| Financial Advisor | The role of a Financial advisor is to answer clients’ questions related to financial plans and strategies. They talk to clients to determine their expenses, income, insurance coverage, financial objectives, tax status, risk tolerance, or other information needed to develop a financial plan | INR 3.15 lakhs |
| Management analyst | The role of a Management analyst is to conduct and prepare operations to assist the management of the company. | INR 7.09 lakhs |
| Investment banker | The role of an Investment banker is to raise capital by issuing debt or equity as securities. | INR 8.05 lakhs |
| Information technology manager | The role of the Information technology manager is to supervise, implement and maintain a company's needs. They ensure the security of the hardware and software used in the company. | INR 12.24 lakhs |
| Marketing Manager | The role of the marketing manager is to attract more customers and to raise the goodwill of the company through marketing campaigns. They promote the brand or product or service. | INR 5.09 lakhs |
| HR manager | The role of the HR manager is to manage the recruiting and selection process. He/ she develops & implements strategies and develops employee relations by addressing demands and grievances. | INR 4.39 lakhs |
| Business Consultant | The role of a business consultant is to provide guidance for any issue or problem. They collect the data, analyze and interpret and work on behalf of the client according to the client's requirement. | INR 12.74 lakhs |
Facts About MBA with Family Business
- Family business contributes to the economy all over the country. Whether a business is small, medium or large, it contributes to maximizing GDP growth. It plays an important role in the promotion of the economy of a country.
- Family business has flexibility in working hours and applicants are able to give the time to their personal family.
- The ownership remains in the family generation and is necessary for the financial dimension.
- Applicants have the ability to adapt the dynamic changes and deal with uncertain risks.
- Work for a sustainable business for the future generation of your family.
- The family business adopts long-term strategies and technology.
Top Colleges for MBA Family Business and Entrepreneurship
| College Name | Fees (INR) |
|---|---|
| SP Jain School of Global Management | 14,30,000 |
| IIM Bangalore | 5,99,000 |
| Indian School of Business | 37,35,000 |
| SP Jain Institute of Management and Research | 13,03,000 |
| Amity University | 3,72,000 |
| Institute of Management, Nirma University | 4,07,000 |
| Hindustan University | 4,58,000 |
| EDI | 5,26,000 |
| NICMAR | 6,94,000 |
| NMIMS School of Business Management | 18,12,000 |
Why should I study MBA to improve my Family Business?
- Proper use of Human Capital: MBA degree helps students to identify the strengths and weaknesses of every individual working under him. Family business, big or small needs to be properly nurtured with the right human capital to get the best outcome.
- Growth: The younger generation with an MBA degree taking over is a sight that everyone enjoys. This makes investment easier to get.
- Less cost of monitoring: Almost all entrepreneurs agree that finding people to bank upon is hard to get. Thus, when it comes to family business the family members are close and can be trusted upon.
MBA with Family Business: FAQs
Ques. What are the top recruiting areas in MBA in family business?
Ans. The top recruiting areas in MBA in family business are- MNCs, own firms, etc.
Ques. What is the eligibility of an MBA in a family business course?
Ans. The eligibility of MBA in family business course is graduation with minimum 50% marks from a recognized college and at least 2 years of work experience is required.
Ques. List all the entrance exams for MBA with family business taken by colleges and universities across the country?
Ans. The entrance exams for MBA with family business taken by colleges and universities across the country are:
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CAT: Common aptitude test
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MAT: Management aptitude test
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XAT: Xavier Aptitude test
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SNAP: Symbiosis national aptitude test
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NMAT: Narsee Monjee Management Aptitude Test.
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GMAT: The Graduate Management Admission Test
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UPESMET: UPES Management Entrance Test
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CMAT: The Common Admission Test (CAT)
Ques. What is the minimum and maximum fee of MBA government colleges?
Ans. The minimum fee of MBA government colleges is INR 1.6 lakhs and the maximum fee of MBA government colleges is INR 2.62 lakhs.
Ques. Which is the best college for MBA with Family Business?
Ans. MBA Family Business Management courses is offered by many reputed colleges like ISB Hyderabad, Galgotias University, Greater Noida, Amity University, Mumbai, Parul University, Vadodara, etc.
Ques. What is the package after MBA Family Business Management?
Ans. The average package after MBA with Family Business goes from INR 12-16 lakh generally.
Ques. How is Nirma University for MBA in Family Business Management?
Ans. Placements at Nirma University are fair enough. The average package remains around INR 6-7 lakh while the highest package has been INR 19 lakh.
Ques. What is the minimum and maximum fee of MBA private colleges?
Ans. The minimum fee of MBA private colleges is INR 82,000 and the maximum fee of MBA private colleges is INR 10.15 lakhs.
Ques. Will pursuing an MBA help in family business in future?
Ans. Yes, MBA helps to understand business in depth. One can learn a lot before entering into the business. It gives exposure to trends and strategies which are followed by great corporates. It helps to learn the language of business on which it runs. Some concepts and techniques will broaden the mind to think in different ways.
Ques. Which is better, MBA family business or MBA?
Ans. Both are better in their own ways. MBA family business is better when you require work experience for pursuing MBA. It helps you to learn in depth about business skills and has a chance to work accordingly. If you pursue a general MBA, it will help you to learn many skills and languages before entering into the business field.
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