Family Businesses contribute to a large part of the economy in India as well as other countries. MBA (Family Business) is a relatively uncommon stream of management specifically designed for family business owners and managers. In this article, you will learn about various aspects of MBA (Family Business) and the top colleges that provide the course.
MBA in Family Business
There are a number of B-schools, across the world, that offer MBA (Family Business) coursestoaspiring business owners and managers. In contrast to general management degrees, these courses are completely application-oriented and teach a family-oriented model of management. The duration of MBA (Family Business) programs varies from 1-3 years. B-schools generally prefer candidates with some years of work experience.
Eligibility Requirements for MBA (Family Business)
The eligibility criteria for admission in MBA in Family Business are similar to any other management degree. Almost all colleges follow the given criteria for admission to Family Business Management:
- Candidate should have completed Bachelors’ Degree or equivalent qualification from a recognized university. A few colleges consider only the candidates with a minimum score of 50% in graduation for admission to MBA (FB).
- Some colleges require the candidate to have a full-time work experience of 2-10 years while some other colleges do not have this criterion for admission. But a good work experience definitely adds to the candidate’s profile and is preferred by institutes.
- The experience criterion is mostly relaxed for candidates who are already business owners.
Admission Process for MBA (Family Business)
Majority of the B-schools shortlist the candidates on the basis of entrance tests like CAT, XAT, GMAT, BAT, etc. Some of the b-schools alsoconduct their own entrance test. Shortlisted candidates are called for the next round of personal interview. Some of the colleges do not take any test score into account and shortlist the candidates based on their profile only.
Top 10 MBA (Family Business) Colleges in the World
- Kellogg School of Management, Northwestern University
- Harvard Business School, Harvard University
- IE Business School, Spain
- International Institute for Management Development (IMD), Switzerland
- Coles College of Business, Kennesaw State University
- EDHEC Business School, France
- The Chinese University of Hong Kong (CUHK)
- INSEAD, France
- Saïd Business School, University of Oxford
- Lancaster University Management School (LUMS)
Top 10 MBA (Family Business) Colleges in India
- Indian School of Business (ISB)
- Indian Institutes of Management (IIM), Calcutta
- Indian Institutes of Management (IIM), Bangalore
- SP Jain Institute of Management and Research, Mumbai
- SP Jain School of Global Management, Mumbai
- NarseeMonjee Institute of Management Studies (NMIMS), Mumbai
- Hindustan Institute of Technology and Science (HITS), Chennai
- Symbiosis Institute of Business Management (SIBM), Bengaluru
- Institute of Management, Nirma University
- Great Lakes Institute of Management, Chennai
Scope of MBA (Family Business)
Family Business Management courses are framed with a purpose to advance the latest knowledge about industry and management tobusiness owners and managers. With the updated knowledge, owners and entrepreneurs are able to modernize their business and align with the modern global practices. Since the students pursuing the course are already in their family business, placements are not generally offered after the completion of course.