MBA in Family Business Career Scope: Jobs, Placements, Salary 2024, & Top Recruiters

A large portion of the population believes in starting and expanding their own family business.  This is why more and more people are coming up with their own start-ups and entering the business world. Family businesses are crucial to national growth. It is estimated that family businesses across the world contribute to a country's substantial economy. Not only this, a majority of small-scale industries or service sectors are founded and run by families. Many students pursue an MBA in Family Business to enhance their skills and get fresh perspectives for the benefit of their business.

Why choose MBA in Family Business?

MBA programmes have continually been in high demand. Lakhs of individuals appear in the entrance exams that allow admission to management colleges in India. Common Admission Test (CAT) is the most popular entrance test conducted at the national level for admission to MBA courses.

• Helpful in Starting their own business: MBA students are taught business management, marketing, and even finance management, so any graduate can become an entrepreneur. As a result, the MBA curriculum will assist you in managing your own firm and increasing your contribution to the country's GDP.
• Growth in Career: MBA degree will assist the graduates in taking their careers to new heights. The management course will enhance their knowledge about the administration required to run a business efficiently.
• Helpful Learnings: MBA courses include topics relating to human resources, analytics, economics, finance, and innovation which are essential in shaping their careers. These areas qualify an MBA student to pursue a career in the business sector.
• Leadership Skills: People who run their own businesses require certain leadership and problem-solving skills. All these abilities can be learned from a professionally-driven course like the MBA.
• More Contacts: MBA degree will assist the candidates in developing more contacts with leaders and entrepreneurs. It also provides an opportunity to meet new people.

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All About MBA in Family Business

Top Careers After MBA in Family Business

Candidates who have graduated from the MBA in Family Businesses Management programme can enter the startup sector, start a new business, or take over and grow their family business. Graduates of the MBA in Family Business Management are competent to operate in both the public and private sectors. A master's degree in family business management can lead to a variety of professional opportunities.

• Business Manager: A Business Manager's job is to oversee and guide a company's operations and personnel. They are responsible for a variety of responsibilities that ensure the efficiency and success of the organisation, including business strategies, analysing corporate performances, and overseeing staff.
• Entrepreneur: The main duties of an entrepreneur is to identify the objectives for an organisation and ensure its betterment. It also manages finances of a company and utilises the available resources to the fullest.
• Human Resource Manager: HR Managers have several duties to perform within an organisation. They are involved in hiring and recruitment processes and job description creation. They also deal with problems of the employees and ensure smooth functioning of staff in an organisation.
• Relationship Manager: A relationship manager is a member of the sales team who develops and manages client and customer connections. Some relationship managers only work with clients, attempting to solve any commercial or technical problems that arise. They will assist them in increasing sales and attracting customers.
• Accounts Manager: An account manager is frequently the face of the organisation. In most cases, he acts as company representative who interacts with customers.

Career Scope With an MBA in Family Business Degree

This course is intended for entrepreneurs and family business owners. Participants in this course must be graduates with at least five years of work experience. The work experience criteria are lowered if the participant is the owner of a business. This management programme enhances their abilities about inculcating leadership skills and problem-solving approaches in crucial situations. MBA degree will assist professionals in attaining new heights in their careers.

MBA in Family Business Scope in India

The Family Business Management Course is a programme developed to meet the demands of today's family-run enterprises and self-employed individuals. It aids in the development of a person's managerial and entrepreneurial abilities. The scope of the Family Business Management course is considerably broader now that people are more willing to create their own businesses, venture into startups, or extend their family businesses since it gives them a feeling of freedom and job fulfilment. The Family Business Management programme is also appropriate for people who want to start their own businesses or work in top firms as managers in positions such as Management Consultant, Financial Advisor, Business Administration Analyst, and Human Resource Manager.

• Own Business: After gaining knowledge from this course, the participants can commence their own business. The management course in Family Business will assist them in using their skills to the maximum and best manner. They will also have a better understanding of the business processes and how they can convert their obstacles into opportunities.
• High-level Management: High-level managerial positions are typically available to persons who have completed their master's degrees. They are offered positions such as Human Resource Manager, Accounts Manager, Senior Accounts Manager, and so on.
• Mid-level Management: Candidates who complete a Family Business Management Course may be eligible for positions in mid-level management such as Associate Manager, Project Manager, or Business Development Manager.
• Accounting: The learnings of MBA in Family Business management course can also be helpful in accounting jobs. Accounting employees might work in the accounts department of numerous companies or organisations.
• Administration: Office Administration - Job prospects in office administration include Admin Office Assistant, Executive - Office Management Supervisor, and Administration Manager.

Average Salaries Based on Job Position

For so many executives, earning an MBA degree seems like the next natural step in their career growth. The advantages of an MBA are applicable regardless of sector or field of expertise of the candidates. The below table hints the average annual salaries at various job profiles:

Top Recruiters for MBA in Family Business

Some of the top recruiting companies hiring graduates of MBA in Family Business are:

• Infosys
• Hindustan Unilever Ltd.
• HDFC Bank
• KPMG
• Amazon
• Flipkart
• Whirlpool
• Vodafone
• Nokia

Top Colleges for MBA in Family Business

The name of colleges that are renowned for courses in Family Business management are:

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Top Colleges for MBA in Family Business

How to get a job after completing MBA in Family Business

Besides knowledge, candidates should have the necessary MBA skills for a successful post-MBA profession. A few MBA recruiters additionally request technical abilities, such as cloud computing, UX design, and so on. Hence, it is good for students to be technically sound as the jobs in the sector are determined by these abilities. MBA jobs are determined by the specialisation selected by the student while studying the course.

Young professionals, can either start their own businesses or find themselves suitable employment, after completing MBA in Family Business. This programme will enhance their skills in each possible manner.

Top Indian Cities to find lucrative jobs after MBA in Family Business

After completing a professional degree course in MBA in Family Business, students can work in big cities like Mumbai, Delhi, Gurgaon, Bangalore and Chennai to ensure themselves good job prospects.

Life After Graduating with MBA in Family Business

An advanced degree might help set a candidate apart from their colleagues in a highly competitive employment environment. An MBA can be useful in any field, from energy to consumer items to start-ups. Employers often look for candidates with an MBA to hire or promote because they have talents in marketing and finance that others in the firm may lack.

Completing an MBA programme displays a dedication to learning, refining, and implementing abilities that will aid a company's success. Furthermore, professionals with MBAs are more confident in commercial appeal and the abundance of information they can bring to diverse endeavours.

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MBA in Family Business Syllabus