Benefits of an MBA in Family Business: Popular Colleges and Admission Process

The MBA in Family Business is ideal for those who aim to preserve and expand their family legacy while ensuring the sustainability and competitiveness of their business. Beyond traditional business skills, this specialized MBA teaches how to balance family history with adopting modern business strategies. 

So if you want to pursue an MBA in Family Business, here are some potential points to consider for a successful integration of tradition and innovation in your family enterprise.

Learn how to choose an MBA specialization through this video:

Table of Contents

• MBA in Family Business: Key Highlights
• Top Colleges for MBA/PG Programs in Family Business
• Admission Process for an MBA in Family Business
• Syllabus of an MBA in Family Business
• Career and Job Opportunities in an MBA in Family Business
• FAQs

MBA in Family Business: Key Highlights

The MBA in Family Business is a program that is designed for students aiming to enhance and modernize their family businesses while also exploring new entrepreneurial ventures. There are popular business schools that offer this program to help the next generation of family business owners deal with the changing and uncertain world of business. In addition, it focuses on encouraging students to start their businesses and equipping them with the knowledge to handle business challenges. 

The program encourages initiatives like ‘Make in India‘ and ‘Start-Up India,’ guiding students to lead their business ideas or grow existing family businesses. This can boost entrepreneurship among students, rather than just looking for regular job placements after graduation. 

There are many benefits to enrolling in an MBA in Family Business. Below are some:

• Higher Salary Potential: MBA graduates often earn more than their peers without an MBA, applicable in both the public and private sectors.
• Entrepreneurial Skills: The MBA curriculum teaches business management, planning, and financial skills, enabling graduates to effectively run their businesses and contribute to the country’s economy.
• Diverse Career Opportunities: An MBA opens up various job possibilities in various fields like human resources, statistics, technology, economics, and finance.
• Enhanced Knowledge: Graduates deepen their understanding of the business world, building upon their existing knowledge.
• Improved Communication and Personal Development: Candidates can acquire strong communication skills and understand the importance of body language in business through this course.
• Leadership Skills: Those with a family business can improve their leadership qualities and practical understanding of managing risks and expanding businesses.

Top Colleges for MBA/PG Programs in Family Business

At the forefront of MBA/PG programs for Family Business, some top colleges set the stage for aspiring entrepreneurs. These institutions have proven expertise in encouraging creative thinking, strategic abilities, and handling generational wealth.

So, below, we have crafted some leading institutions offering MBA/PG programs in Family Business: 

Admission Process for an MBA in Family Business

The admission process for an MBA in Family Business typically involves several steps. Following is a detailed breakdown of the admission process:

• Eligibility Criteria: Candidates must have a recognized bachelor’s degree in fields like BBA, B.Com., B.Tech., or B.Sc. with a minimum aggregate score of 50%. Ensure that you meet these academic qualifications before applying.
• Entrance Examination: Register for a recognized entrance examination that is accepted by the college providing an MBA in Family Business program. Common entrance exams include CAT (Common Admission Test), NMAT (Narsee Monjee Management Aptitude Test), MAT (Management Aptitude Test), GMAT (Graduate Management Admission Test), XAT (Xavier Aptitude Test), and others.
• Examination Registration: Visit the official website of the desired entrance exam and complete the registration process. This involves filling out an online application form, providing personal details and educational background, and paying the application fee.
• Download Admit Card: Once the admit cards are released by the exam-conducting authorities, download your admit card. The admit card includes important details such as your examination center, date, and other instructions.
• Appear for the Examination: On the scheduled date, go to your assigned examination center and take the entrance examination. Ensure that you follow all the rules and guidelines provided by the exam authorities.
• Check Exam Results and Cut-off: After the examination, wait for the results to be announced. Check if you have cleared the cut-off marks required by the MBA in Family Business programs you are interested in applying to.
• Apply to Preferred Colleges: Once you have the exam results and meet the required cut-off criteria, start applying to the MBA in Family Business program of your choice. Visit the official websites of the respective colleges and follow their admissions application procedures.
• College Registration: Fill out the college’s admission application form by providing essential details, including your entrance examination scores, academic records, and any other required documents. Pay the application fee, if applicable.
• Merit List and Cut-off: Each college will create a merit list based on candidates’ entrance examination scores. They will also determine a specific cut-off score for admissions. Check if you meet the cut-off criteria for the colleges you applied to.
• Counseling Procedure: If you qualify based on your entrance examination scores and meet the college’s cut-off, you will be invited for further rounds of the admission process. This often includes a group discussion and a personal interview to assess your suitability for the MBA in Family Business program.
• Final Selection: The final selection is based on your overall performance in the entrance exam, group discussion, personal interview, and any other evaluation criteria set by the colleges. You will receive an admission offer if you are selected.
• Admission Confirmation: If you receive admission offers from multiple colleges, choose the one that best suits your preferences and career goals. Follow the admission confirmation process, which typically involves submitting the required documents and paying the admission fee.

Syllabus of an MBA in Family Business

Here is a comprehensive outline of the MBA in Family Business syllabus, detailing the subjects covered in each semester:

Semester 1

Subjects:

• Business Communication
• Computer Applications for Business
• Financial Reporting
• Legal and Business Environment
• Organization Design

Semester 2

Subjects:

• Business Plan and Ethics
• Human Resources Management
• Social Entrepreneurship
• Quantitative Techniques
• Marketing Research

Semester 3

Subjects:

• Business Regulations
• Corporate Governance and Social Responsibility
• Cost and Management Accounting
• Operations Management
• Project Management

Semester 4

Subjects:

• Corporate Strategy
• Enterprise Resource Building
• Entrepreneurship
• Finance Management
• Elective Subject

Career and Job Opportunities in an MBA in Family Business

Pursuing an MBA in Family Business can open up several exciting career opportunities. Below we have pointed out some of them:

Accounts Manager

An accounts manager is responsible for overseeing the financial accounting activities of a family business. Various responsibilities include:

• Oversees financial accounting activities, including recording transactions, preparing statements, and maintaining records
• Analyzes financial data to provide insights and support strategic decision-making
• Manages accounts receivable and payable, as well as prepares tax returns

Business Administrator

A business administrator is responsible for providing administrative support to a family business. The responsibilities include:

• Provides essential administrative support by managing office operations and schedules
• Prepares reports and presentations, and maintains effective communication with stakeholders
• Handles tasks such as employee payroll, benefits, and general office management

Business Development Manager

A business development manager is responsible for identifying and pursuing new business opportunities for a family business. The various tasks are:

• Identifies and pursues new business opportunities, including researching markets and customers
• Develops sales and marketing strategies to enhance the family business’s market presence
• Negotiates contracts and maintains crucial relationships with partners and stakeholders
• Monitors and reports on sales performance to drive growth

Chief Executive Officer (CEO)

The CEO is the top executive of a family business and is responsible for overseeing all aspects of the company’s operations. This may include tasks such as:

• As the top executive, set the company’s vision and strategic direction
• Develops and executes business plans to ensure the family business’s success
• Oversees resource management, including personnel decisions
• Represents the company to the public and manages its image

Entrepreneur

An entrepreneur is someone who starts and runs their own business. The important responsibilities are:

• Launches and manages your business venture within the family business context
• Develops innovative business ideas, writes comprehensive business plans, and secures necessary funding
• Takes charge of daily operations and leads initiatives to expand the business.

Operations Manager

An operations manager is responsible for overseeing the day-to-day operations of a family business. This includes duties such as:

• Responsible for the day-to-day operations, including production, quality control, and inventory management
• Efficiently schedules and dispatches work while maintaining supply chain relationships

Management Consultant

A management consultant provides advice and guidance to family businesses on a variety of business issues. The various responsibilities are highlighted below:

• Offers expert advice and guidance to family businesses on various business challenges
• Analyzes complex problems and devises effective solutions
• Provides training and coaching and facilitates meetings or workshops to drive continuous improvement

FAQs