Last Updated on August 10, 2023 by Vishnu Nambiar
In this article, we will have an in-depth analysis of the MBA in Family Business Management course. It is a job-oriented postgraduate-level management course. In this article, you will find details such as – duration, eligibility, colleges, admission, syllabus, fees, career prospects, and salary.
MBA in Family Business Management course is also known by other names. This course has a few variants. Notable ones are – MBA in Family Business and Entrepreneurship, MBA in Family Business Administration. All these variants share the same course content (almost).
As we all know, an MBA (Master of Business Administration) is a general management program. This course focuses on the fundamentals of management.
At the same time, there also exists MBA programs, which focus on a particular domain/discipline. Such academic programs are known as MBA specialization courses!
MBA in Family Business Management is one such specialization course. This academic program focuses on the domains of Family Business Management and Entrepreneurship.
Here’s an overview of the MBA in Family Business Management course –
- Name of the course: MBA in Family Business Management.
- Type of course: Postgraduate level Master’s Degree course.
- Duration: 2 years.
- Eligibility: Passed Bachelor’s Degree course from a recognized University/Institute.
What’s this academic program all about? What’s the scope associated with this course? What’s the course content like? You will find answers to these questions in the next section.
Table of Contents
Family Business and Entrepreneurship: Basic Details
In order to take over any business, you must possess adequate business skills and knowledge. This is where a course like MBA in Family Business Management comes in handy!
The main aim of this course is to instill business management skills in students. The academic program trains students and makes them capable of taking over the family business or even starting a new business.
A typical family business is led by a single person (usually the head of the family).
In most cases, family businesses lack the professionalism found in corporate firms.
MBA in Family Business Management course also bridges this gap between the work culture of a typical family business and a corporate firm. It does so by training students in fields such as –
- HR Management.
- Marketing Management.
- Finance Management.
- Accounting.
- Organizational Behaviour.
- IT (Information Technology).
- Computer Application.
Business practices keep changing with technology. Earlier, there was little involvement of technology in family businesses. At present, for any business to thrive, it must adapt and make use of technology.
In this age of Digital India, business firms need managers who are knowledgeable about management skills as well as technology! MBA in Family Business Management course does a good job at this task and churns out managers who are capable of taking over the family business.
Admission
Reputed institutes rely on merit-based admission processes. Such institutes make use of relevant entrance tests to select deserving candidates. Some institutes are also known to conduct their own qualifying test in order to select deserving candidates.
Some other institutes are also known to conduct direct as well as donation-based admission processes.
Syllabus
Here are some of the important subjects present in the curriculum –
- Fundamentals of business management.
- Business Communication.
- Marketing.
- Accounting.
- Economics.
- HR Management.
- Family Business Management.
- Organizational Behaviour.
- Cost and Management Accounting.
- Quantitative Techniques in Management.
- Business Laws.
- Business Ethics.
- Strategic Management.
- Operations Management.
- Production Management.
- IT (Information Technology).
- Entrepreneurship.
Fees
Fees charged for the academic program may vary from one institute to another. Course fees depend upon the following factors –
- Type of institute (Government, Private, Aided, etc)
- Location of the college
- Status and rating of the college
- Scholarship status (of a student, if applicable)
Government colleges are known to charge low fees. Average fees in private colleges could be anywhere between 80-150K INR per semester.
Careers
After completing this academic program, graduates may take over their family business or start their own venture. Apart from that, they may also take on managerial roles at business firms.
Also, read: MBA in Marketing Management
If you belong to a business family, you won’t have to deal with job-hunting! You may take up a role in your family business and gradually take over the venture!
Fortunately, the course also instills entrepreneurship skills in students. As a result, they may also start a new venture from scratch and turn it into a profitable business.
Apart from business and entrepreneurship, graduates may also take up managerial roles in the following firms –
- Business Houses.
- MNCs.
- Corporate Houses.
Salary
Salary depends upon the type of work you take up after completing the course. If you become involved in the family business, the profit generated (by the business) will matter the most (rather than your salary).
The same thing rings true if you choose entrepreneurship. If you take up an Office job, starting salary could be anywhere between 30-60K INR per month. Remember that the starting salary depends upon the following factors –
- Institute from which the candidate completed the course.
- Level of education (UG, PG, etc).
- His/her specialization.
- The domain he/she has chosen.
- Job location.
I am Vishnu Nambiar a career and educational blogger from India. I am also a full time educational consultant having more than 12 years of experience in the educational sector.
I share articles related to courses, colleges, careers, exam tips and more here.