Family Business Courses: Admission 2024, CAT 2023, Fees, Exams, Syllabus, & Career Scope

Family Businesses contribute 70 to 80 per cent of the global Gross Domestic Product (GDP). In India, approximately 85 per cent of businesses are family-run. India has a long history of family business and Tata, Birla, Reliance and Mahindra groups are the best examples of it.

What is a family business? Family Business is defined as a business in which two or more family members are involved and the ownership of control lies with the family.

One may think that in a family business set-up knowledge and training is passed on from one generation to another or that the family member have a natural flair of business management because it is in their genes. However, that is not enough to run a business empire set up with decades of hard work. A lot more is needed to run a family business. Which is why, the Family Business courses.

In India, several B-schools offer BBA and MBA/PGDM in Family Business. These courses are best suited for the next-generation family business owners, startup founders and aspiring entrepreneurs. The family business programme offers an opportunity to an individual to expand and improve the knowledge and skills for running the existing business or even starting a new business. Some of the top MBA colleges offering family business courses are NMIMS Mumbai, SP Jain, Nirma University, Entrepreneurship Development Institute of India (EDII), Indian School of Business, etc.

Family Business Courses Eligibility Criteria & Entrance Exams

One can pursue family business courses at both undergraduate (UG) and postgraduate (PG) levels. Check eligibility criteria for family business courses below:

• For admission to BBA in Family Business, candidates must have completed Class 12 or equivalent examination from a recognised board.
• The eligibility criteria for admission to the MBA in Family Business is graduation. Some institutes also require professional experience while some relax the experience for business owners.

Required Skillset for Family Business

Given below are the key skill oen should possess and improve during the course to be able to run a family business:

• Business Aptitude
• Leadership Qualities
• Marketing Skills
• Organisational Skills
• Financial Accounting Skills
• Adaptability
• Critical Thinking
• Strong Mathematical Skills
• Team Management
• Self-Starter and Ability to take Ownership
• Communication Skills

Entrance Exams for Family Business Courses

Since Family Business course is a part of management stream, and offered as a specialisation in MBA (or BBA) admission is usually based on entrance exams. Some institutes conduct their own entrance test whereas some accept the national-level MBA entrance exam scores for admission. Few institutes also offer direct admission to candidates based on their marks in graduation. Some of the popular management entrance exams are given below:

Also Read: All MBA entrance exams

Family Business Course: Syllabus and Subjects

Subjects covered under Family Business include power and leadership, professionalisation of family business, market research, and operations management among others. The syllabus of MBA Family Business Management course is given below for reference:

Family Business Courses & Average Fees

Family business courses are available at graduate, postgraduate, and diploma levels. Aspiring candidates can pursue programmes like MBA in Entrepreneurship & Family Business, PGDM in Family Managed Business, Post Graduate Programme in Management for Family Business, etc. The fee for these courses usually ranges between INR 3 lakh to INR 37 lakh. Following are the popular family business courses/programmes offered by the B-Schools along with their average fees.

Also Read:10 Popular MBA in Family and Business Entrepreneurship Colleges in India

Family Business: Scope, Profile & Salary

Candidates after completing the family business courses may either join their family businesses or start their own venture. Besides this, candidates can take up managerial roles in business houses, MNCs or corporate houses in profiles like business administrator, business manager, accounts manager etc. The salary will depend on the type of role and profile.

If candidates join their own business or they become entrepreneurs, the profit generated will be their earning. In case of joining a company, the average salary offered to the business administrator is INR 4 lakh and above per annum. If candidates join any company in the business manager position, the average salary will be INR 7 lakh and above per year. The average salary of an accounts manager is INR 5 lakh and above.

FAQs on Family Business Courses

Q: What are the types of family business?

Q: What is the admission process for MBA in Family Business?

Q: Can I purse a management course in Family Business online?

Q: Which entrance exams are there for MBA in Family Business?

Q: I am pursuing Science in graduation but want to join my family business. Should I do an MBA?

Q: What are the key skills taught in a family business course?

Q: What is BBA in Family Business?

Q: Which are the top family businesses in the world?

Q: What is MBA in Family Business?

Q: What is the eligibility criteria for MBA in Family Business?