Saurav Anand
Table of Contents
PGDM Family Business Introduction
Are you a part of a family-owned business, or are you planning to join one? The PGDM in Family Business is a transformative program designed to empower individuals like you with the skills and knowledge needed to navigate the unique challenges and opportunities of running a family enterprise.
In today’s fast-paced and competitive business landscape, family businesses play a significant role in the global economy. However, they face distinctive dynamics and complexities that demand specialised management approaches. That’s where the PGDM in Family Business comes in.
This PGDM Family Business comprehensive program goes beyond traditional management education, focusing specifically on the intricate interplay between business and family dynamics. Through a carefully crafted curriculum, you’ll delve into the core aspects of strategic management, finance, marketing, entrepreneurship, and family business governance.
PGDM Family Business Highlights
| Feature | Description |
|---|---|
| Program Name | Guest lectures, seminars, and networking events with successful family business owners and experts |
| Duration | 2 years |
| Eligibility | Bachelor’s degree in any discipline |
| Specialisation Focus | Family business management, succession planning, entrepreneurship |
| Course Structure | Core management subjects + Family Business specialisation courses |
| Practical Exposure | Case studies, real-world projects, internships in family businesses |
| Industry Interactions | Core management subjects + Family Business specialization courses |
| International Exposure | Opportunities for international study tours, exchange programs, or internships |
| Entrepreneurial Support | Incubation center, mentoring, and guidance for starting and scaling family businesses |
| Research Opportunities | Access to research centres and resources for studying family business dynamics |
| Alumni Network | Connect with a network of successful family business alumni |
| Placement Support | Assistance for job placements in family businesses or related industries |
What is PGDM Family Business?
PGDM Family Business refers to a specialized postgraduate diploma program in management that focuses specifically on preparing individuals to effectively manage and lead family-owned businesses. It is designed to address the unique challenges and dynamics that arise within family enterprises, including succession planning, governance, communication, and managing family relationships.
The PGDM Family Business program aims to provide participants with a comprehensive understanding of both the business and family aspects of running a family-owned enterprise. It covers various management disciplines, such as strategic management, finance, marketing, entrepreneurship, and family business governance, while also emphasizing the specific considerations and complexities associated with family businesses.
Through a combination of theoretical learning, case studies, experiential projects, and interactive discussions, PGDM Family Business programs equip students with practical skills and knowledge that can be directly applied to their family businesses. They learn strategies for managing family dynamics, resolving conflicts, and developing effective succession plans to ensure the long-term success and continuity of the business across generations.
Additionally, PGDM Family Business programs often provide networking opportunities, allowing participants to connect with fellow family business owners, industry experts, and experienced faculty members. This facilitates the sharing of experiences, insights, and best practices, creating a supportive community that understands the unique challenges faced by family-owned enterprises.
Why Pursue PGDM Family Business?
Pursuing a PGDM in Family Business offers several compelling reasons and benefits.
- Specialized Focus: PGDM Family Business programs are specifically designed to cater to the unique challenges and dynamics of family-owned businesses. The curriculum is tailored to address topics like succession planning, governance, family dynamics, and communication within a family business context. By pursuing this program, you gain specialized knowledge and skills that are directly applicable to managing and growing your family enterprise.
- Holistic Understanding: PGDM Family Business programs provide a comprehensive understanding of both business and family dynamics. You learn about core management disciplines such as strategic management, finance, marketing, and entrepreneurship, while also exploring the intricacies of managing a family business. This holistic perspective equips you with a well-rounded skill set and enables you to navigate the complexities of running a business within a family context.
- Networking and Collaboration: These programs offer valuable networking opportunities with fellow participants who come from diverse family business backgrounds. Building relationships with other family business owners and sharing experiences, challenges, and best practices can be invaluable. It provides a supportive community of peers who understand the unique dynamics and can offer insights and support throughout your career.
- Succession Planning: Succession planning is a critical aspect of family businesses. PGDM Family Business programs equip you with the knowledge and tools to effectively manage leadership transitions and ensure the continuity of the business across generations. You gain insights into developing succession plans, managing family conflicts, and nurturing future leaders within the family enterprise.
- Practical Application: PGDM Family Business programs often emphasize experiential learning, allowing you to apply theoretical concepts to real-world scenarios. Through case studies, internships, and projects, you develop practical skills and gain hands-on experience in managing family businesses. This prepares you to make informed decisions and implement effective strategies in real business situations.
- Personal and Professional Growth: Pursuing a PGDM in Family Business can foster your personal and professional growth. It enhances your leadership abilities, communication skills, problem-solving capabilities, and decision-making acumen. It equips you with the confidence and expertise to drive the success of your family business and contribute to its long-term sustainability.
- Global Perspective: Many PGDM Family Business programs offer exposure to international business practices and global perspectives. This can be particularly valuable if your family business operates or plans to expand globally. Understanding international markets, cultural differences, and global trends can give you a competitive edge in the global business landscape.
PGDM Family Business Admission Process
The admission process for PGDM Family Business programs typically involves several stages. While the exact process may vary among different institutions, here is a general outline of the typical admission process:
- Application Form: Candidates are required to fill out and submit an application form provided by the institution offering the PGDM Family Business program. This form typically includes personal and educational background information.
- Entrance Exam: Many institutions require candidates to take a standardised management entrance exam, such as CAT (Common Admission Test), XAT (Xavier Aptitude Test), GMAT (Graduate Management Admission Test), or other relevant exams. The exam score is an important factor in the admission process and may be used to shortlist candidates for further evaluation.
- Shortlisting: Based on the application form and entrance exam scores, the institution shortlists candidates for the next stage of the admission process. Shortlisted candidates are typically notified through email or other communication channels.
- Personal Interview: Shortlisted candidates are invited to participate in a personal interview. The interview is conducted by a panel of faculty members or admissions officers and aims to assess the candidate’s communication skills, motivation, leadership potential, and suitability for the PGDM Family Business program.
- Group Discussion or Written Test: Some institutions may also include a group discussion or a written test as part of the admission process. This stage allows candidates to demonstrate their ability to work in teams, analyze and present their thoughts, or showcase their writing skills.
- Documentation: Candidates who successfully clear the interview and other evaluation stages are typically required to submit their academic transcripts, mark sheets, letters of recommendation, and any other specified documents for verification.
- Final Selection: The final selection of candidates is based on a combination of factors, including entrance exam scores, interview performance, academic records, work experience (if required), and overall profile assessment. The selected candidates are then notified of their admission offer.
PGDM Family Business Eligibility Criteria
The eligibility criteria for PGDM Family Business programs may vary slightly among different educational institutions. However, here are some common requirements typically observed:
- Educational Background: Applicants are generally required to have a bachelor’s degree in any discipline from a recognised university or institution. The degree should be obtained with a minimum aggregate score specified by the institution offering the program.
- Work Experience: Some PGDM Family Business programs may prefer or require applicants to have prior work experience, particularly in a family business or related field. The specific work experience requirement, if any, can vary depending on the program and institution.
- Entrance Exams: Many institutions require applicants to take specific entrance exams as part of the admission process. Commonly accepted entrance exams for management programs include CAT (Common Admission Test), XAT (Xavier Aptitude Test), GMAT (Graduate Management Admission Test), or other relevant national or state-level management entrance exams.
- Personal Statement or Statement of Purpose: Applicants are often required to submit a personal statement or statement of purpose that outlines their motivation for pursuing a PGDM in Family Business. This statement provides an opportunity for applicants to highlight their relevant experience, skills, and aspirations.
- Letters of Recommendation: Some institutions may require applicants to submit letters of recommendation from academic or professional references. These letters help assess the applicant’s suitability for the program based on their character, capabilities, and potential.
PGDM Family Business Entrance Exams
What are the PGDM Family Business Entrance Exam?
For admission to PGDM Family Business programs, several entrance exams are commonly accepted by institutions. The specific entrance exams required may vary among different institutions, so it is important to check the admission criteria of the specific institutions you are interested in. Here are some popular management entrance exams that are often considered for PGDM Family Business admissions:
| Entrance Exam | Description |
|---|---|
| CAT (Common Admission Test) | National-level entrance exam conducted by the Indian Institutes of Management (IIMs) |
| XAT (Xavier Aptitude Test) | National-level entrance exam conducted by XLRI Jamshedpur |
| GMAT (Graduate Management Admission Test) | Global entrance exam accepted by many business schools worldwide |
| MAT (Management Aptitude Test) | National-level entrance exam conducted by the All India Management Association (AIMA) |
| CMAT (Common Management Admission Test) | National-level entrance exam conducted by the National Testing Agency (NTA) |
| SNAP (Symbiosis National Aptitude Test) | Entrance exam conducted by Symbiosis International (Deemed University) |
| NMAT (NMIMS Management Aptitude Test) | Entrance exam conducted by NMIMS University |
| IBSAT (ICFAI Business School Aptitude Tes | Entrance exam conducted by ICFAI Foundation for Higher Education |
PGDM Family Business Top Colleges in India
| College | Location | Approximate Fees (INR) |
|---|---|---|
| SP Jain Institute of Management and Research | Mumbai | 17-20 lakhs |
| Xavier Institute of Management (XIMB) | Bhubaneswar | 16-18 lakhs |
| KJ Somaiya Institute of Management Studies and Research | Mumbai | 10-12 lakhs |
| Great Lakes Institute of Management | Chennai | 13-15 lakhs |
| T.A. Pai Management Institute (TAPMI) | Manipal | 14-16 lakhs |
| NMIMS School of Business Management | Mumbai | 18-20 lakhs |
| Loyola Institute of Business Administration | Chennai | 9-11 lakhs |
| Institute of Rural Management Anand (IRMA) | Anand, Gujarat | 11-13 lakhs |
| Symbiosis Institute of Business Management (SIBM) | Pune | 16-18 lakhs |
| Institute of Management Technology (IMT) | Ghaziabad | 12-14 lakh |
PGDM Family Business Syllabus
1. Core Management Disciplines:
- Financial Management
- Marketing Management
- Human Resource Management
- Operations Management
- Strategic Management
- Organisational Behaviour
- Business Ethics and Corporate Governance
2. Family Business Specific Subjects:
- Family Business Management
- Family Business Governance
- Succession Planning and Family Wealth Management
- Family Dynamics and Conflict Resolution
- Entrepreneurship in Family Businesses
- Leadership and Communication in Family Businesses
- Managing Family Business Growth and Innovation
3. Finance and Accounting:
- Financial Accounting and Reporting
- Managerial Accounting
- Corporate Finance
- Investment Analysis and Portfolio Management
- Financial Risk Management
- Business Valuation
4. Marketing and Sales:
- Consumer Behaviour
- Marketing Strategy
- Brand Management
- Sales and Distribution Management
- Digital Marketing
- Market Research
5. Operations and Supply Chain Management:
- Operations Strategy
- Supply Chain Management
- Quality Management
- Project Management
- Logistics and Distribution Management
- Operations Analytics
6. Entrepreneurship and Innovation:
- Entrepreneurial Finance
- Business Plan Development
- Innovation and New Product Development
- Technology and Entrepreneurship
- Social Entrepreneurship
7. Family Business Case Studies:
- Analysing and discussing real-world family business cases to understand various challenges, solutions, and best practices in the context of family businesses.
8. Elective Courses:
- Institutions may offer a range of elective courses to allow students to specialise in specific areas related to family business management. Examples include international family business, family business consulting, family business marketing, or family business finance.
PGDM Family Business Job Opportunities
Completing a PGDM in Family Business can open up a range of job opportunities for graduates. Here are some potential career paths and job opportunities that graduates of PGDM Family Business programs can explore:
| Job Role | Description | Salary Range (INR) |
|---|---|---|
| Family Business Manager | Oversee day-to-day operations, implement strategic plans, manage family dynamics | 8-12 lakhs per annum |
| Succession Planner | Assist in planning and executing smooth transitions of leadership within family businesses | 6-10 lakhs per annum |
| Business Development Manager | Identify growth opportunities, develop partnerships, and expand the family business | 8-15 lakhs per annum |
| Wealth Manager | Manage family wealth, investments, and financial planning | 6-12 lakhs per annum |
| Consultant | Provide expert advice and guidance to family businesses on various aspects | 7-15 lakhs per annum |
| Entrepreneur | Start and manage their own family business ventures | Variable based on business success |
| Business Analyst | Analyze data, identify trends, and provide insights for decision-making | 6-10 lakhs per annum |
| Sales and Marketing Executive | Develop and implement marketing strategies, promote products/services | 5-10 lakhs per annum |
| Relationship Manager | Maintain relationships with clients, stakeholders, and suppliers | 6-12 lakhs per annum |
| Project Manager | Oversee and manage projects within the family business, ensuring timely delivery | 8-14 lakhs per annum |
| Human Resources Manager | Manage HR functions, including recruitment, training, and employee relations | 7-12 lakhs per annum |
Frequently Asked Questions about PGDM Family Business
Q. What is the duration of a PGDM Family Business program?
Ans. The duration of PGDM Family Business programs typically ranges from 1 to 2 years, depending on the institution offering the program.
Q. Is work experience required for admission to a PGDM Family Business program?
Ans. Some institutions prefer or require applicants to have prior work experience, particularly in a family business or related field. However, the specific work experience requirement may vary among institutions.
Q. Can I pursue a PGDM Family Business program if I don’t have a family business?
Ans. Yes, individuals without a family business background can pursue a PGDM Family Business program. The program equips students with skills and knowledge applicable to family businesses, but the acquired expertise can also be valuable in other business contexts.
Q. What makes a PGDM Family Business program different from a regular PGDM program?
Ans. PGDM Family Business programs focus specifically on the challenges and dynamics of family-owned enterprises. The curriculum includes subjects such as family business governance, succession planning, and managing family relationships, which are not typically covered in regular PGDM programs.
Q. What are the career prospects after completing a PGDM Family Business program?
Ans. Graduates of PGDM Family Business programs can pursue careers in family businesses, family offices, family business consulting firms, or corporate management roles. They can also explore entrepreneurial ventures or academic and research positions.
Q. Can I specialize in a specific aspect of family business management during the program?
Ans. Some institutions offer elective courses that allow students to specialise in areas such as international family business, family business marketing, or family business finance. This enables students to develop expertise in their areas of interest.
Q. Are there networking opportunities in PGDM Family Business programs?
Ans. Yes, PGDM Family Business programs often provide networking opportunities where students can connect with fellow family business owners, industry experts, and experienced faculty members. This facilitates the exchange of insights and experiences within the family business community.
Q. Can I apply the knowledge gained in a PGDM Family Business program to non-family businesses?
Ans. Yes, the skills and knowledge gained in a PGDM Family Business program, such as strategic management, leadership, and entrepreneurship, can be applied in non-family business contexts as well. The program equips students with a strong foundation in business management.
Q. Can I pursue further education after completing a PGDM Family Business program?
Ans. Yes, after completing a PGDM Family Business program, students can opt for higher education such as pursuing a Ph.D. in family business or related fields to further deepen their knowledge and research in the domain.
