Hi Mayank, I run a partnership firm manufacturing specialty chemicals with me & wife as partners for the last 15+ years & have been quite successful till date. Only I am involved in the business since inception. Our daughter has competed her graduation in a totally different stream & has started working in a firm related to her field of study. She has to work over 12 hours / day ( including commute) & is paid very low salary, the prospects of her getting major increases over the next 5 years are almost non existent as the field in general pays very low salaries, unless you are able to start your own firm. With the above perspective I had suggested to our daughter to join our firm on a salary basis ( much better than what she is currently getting ) & over the next 5 years have a good growth in terms of income. Eventually she could take over & continue. She too seems open to this suggestion. I am still not clear on the pros & cons of this decision & would request you for advice on the same. Thanks

Ans: Hello! Thanks for writing in. As she is investing early, it will help your daughter create a large corpus and wealth for herself. She can continue investing in DSP Mid Cap Scheme.

She can also begin other SIP's in:

1-Edelwiess Nifty 100 Quality TRI 30 Index Growth-Rs.15,000
2-DSP Quant Fund-Growth-Rs.15,000
3-Samco Flexicap Fund-Growth-Rs. 15,000
4-ICICI Prudential FMCG Fund-Growth-Rs.5,000

Annually stepping up SIP's by 10% or more will help her create a larger corpus.

Ans: These are some opportunities which your daughter should considering pursuing such as MBA-Finance /CFA (Chartered Financial Analyst) and Data Analytics, given your daughter's proficiency in mathematics and her interest in data analytics, pursuing a course in this field can be a wise choice since it is in high demand across industries. Ultimately, the decision should be based on your daughter's interests, strengths, and long-term career aspirations. It's important to have open and supportive discussions with her understanding her motivations and goals.

Ans: My advice is to let your daughter to make the choice. Let her gain the experience outside your family business for a few years. Let her use the opportunity to show her calibre and grow in the job she is engaged. And in a few years she can always come and be part of your family concern and bring in new ideas, and learnings she gets from here current job.

Ans: Certainly! Pursuing a Ph.D. or an MBA are both viable options, but they lead to different career paths and opportunities. A Ph.D. in bioinformatics offers in-depth research training and specialization in computational biology, genomics, data analysis, and related areas, preparing individuals for careers in academia, research institutions, biotech companies, pharmaceuticals, and government agencies, whereas an MBA offers business-oriented training and specialization in the management, marketing, and strategic planning aspects of the industry to pursue roles such as product manager, marketing manager, business development manager, project manager, or executive leadership positions. Clarify your daughter's long-term career goals and aspirations. Does she envision herself leading research projects, conducting experiments, and publishing scientific papers (Ph.D.), or does she see herself managing teams, developing business strategies, and driving innovation in the corporate sector (MBA)?

Some of the best institutions include the Indian Institute of Science (IISc), the Centre for DNA Fingerprinting and Diagnostics (CDFD), the National Centre for Biological Sciences (NCBS), the Indian Institute of Chemical Technology (IICT), IIT, IIIT, and the Institute of Bioinformatics and Applied Biotechnology (IBAB).

Ultimately, the decision between pursuing a Ph.D. or an MBA depends on your daughter's individual goals, interests, and career aspirations. Encourage her to carefully weigh the pros and cons of each option to choose a path that aligns with her passions and long-term vision for her career.

Ans: That will depend on personality of your daughter. If she donot like technical job then she can go for sales otherwise analyst