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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. 

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.

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.

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.

Ask your question

Answered Questions

AS

Arka Sengupta

28 Jun 22

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. 

...Show More

SM

Shweta Mishra

04 Aug 22

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.

...Show More

IC

Indrani Chatterjee

17 Apr 23

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.

...Show More

AM

Abhinav Mahera

11 Jul 22

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.

...Show More

HR

Hemant Rao

07 Oct 21

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. 

...Show More

AP

Ansuman Panda

13 Mar 23

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.

...Show More

SN

Sangeeta Nandi

17 Apr 21

If you compare the two institutes purely based on brand value, location, batch strength, etc. then it is clear that NMIMS Mumbai is the better institute. XIMB Bhubaneswar was a much better institute before, but it has lost its old charm now and has been clearly overtaken by NMIMS Mumbai. 

This could be due to the placements on which the students did not concentrate well enough or the institute did not change the course structure according to the market demand or simply that the location and other advantages got NMIMS to a better spot. This is not to say that XIMB Bhubaneswar is bad, in fact, it is better than many other private B-schools, but it has lost itself to NMIMS Mumbai.

Now comparing the two courses, the MBA in Business Management (MBA - BM) from XIMB Bhubaneswar is the core program of the institute with the option of pursuing specializations in operations, marketing, and HR after first year. The HR program in NMIMS Mumbai grooms the students to be future HRs from day one.

Categories

XIMB MBA-BM

NMIMS HR

Highest CTC

INR 26.00 LPA

INR 22.00 LPA

Average CTC

INR 15.42 LPA

INR 14.98 LPA

Percentage of students who received PPO/PPI offers

20.27%

53%

Number of recruiters

107

29

Percentage of new recruiters

51.40%

24.14%

As it can be seen, XIMB BM does provide a better average CTC to its students than the NMIMS HR. But the difference is negligible and considering the brand reputation, location and other things such as future growth potential, NMIMS HR is a better choice of the two purely in terms of placement perspective as it is the dominant decision-maker for many students. However, if you are not interested in HR and want to go for other specializations, then XIMB BM is your only choice and is not bad either.

...Show More

SB

Shubham Bhoyar

29 Nov 22

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. 

...Show More

AJ

Azhar Jafri

12 Jan 23

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.

...Show More

SB

Sampriti Banerjee

13 Apr 23

XIMB offers a highly reputable and well-regarded MBA program with a focus on business management. If you are considering XIMB BM, here are some compelling reasons why it may be an excellent choice for your academic and professional development:

  • Excellent Faculty: XIMB BM has a highly experienced and accomplished faculty, many of whom have extensive industry experience and advanced academic qualifications.
  • Strong Industry Partnerships: The institute has strong partnerships with leading businesses and organizations in India and abroad, which provide students with access to practical and industry-relevant learning opportunities, internships, and placements.
  • Innovative Curriculum: The program has an innovative and dynamic curriculum, which integrates theory and practice to help students develop practical business skills and analytical thinking.
  • Excellent Placements: XIMB has a strong track record of MBA placements, with many students securing jobs with top companies in India and around the world, with high salary packages.
  • Extracurricular Activities: The institute offers a range of extracurricular activities and student clubs, which provide opportunities for students to develop their leadership, communication, and teamwork skills, and to engage with the community.
  • Campus Facilities: XIMB has modern and well-equipped facilities, including a state-of-the-art library, computer labs, and a fully-equipped gym, among others.
  • Vibrant Student Life: The institute has a vibrant and diverse student community, with students from all over India and other countries. The campus hosts a range of events and cultural festivals, which provide opportunities for students to network, engage in cultural activities, and build lifelong friendships.

Overall, XIMB BM offers a highly rated and comprehensive MBA program, which provides students with a rigorous academic experience, practical business skills, and access to excellent career opportunities. If you are looking to pursue a career in business and management, XIMB BM may be an excellent choice for you.

...Show More

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