International Council for Management Studies was incepted in the year 1950. The institute is approved by All India Council for Technical Education (AICTE), New Delhi. It is located in Chennai, Tamil Nadu. In 1950, the Department of Commerce of the Andhra University Started the first M.B.A. programme in India. In 1963, Indian Institute of Management, Ahemedabad was set up in collaboration with the Harward Business School. The 1950s and 1960s witnessed the growth of commerce education and 1970 and 1980s witnessed the growth of Management Education in India.
There has been a tremendous growth of management institutes in our society. Every year about 14,000 students pass out of management schools. Keeping in mind the demand, the supply is very meagre.
Management courses have become 'Academic Courses' rather than 'Professional one' . Management Institutes, barring a few exceptions, have reduced to commerce colleges . There is an urgent need to restructure management education to meet new challenges of 21 Century.