Lake Forest Graduate School of Management

Founded in 1946 as the Lake Forest College Industrial Management Institute (IMI) through a unique collaboration between Lake Forest College and three major companies (Abbott Laboratories, Fansteel Metallurgical Corporation, and Johns-Manville Products Corporation), Lake Forest Graduate School of Management (LFGSM) emerged from a critical need to cultivate management talent in the Lake Forest, Illinois area. Initially, its vital mission was to provide crucial management training for returning veterans, aiding their transition into the post-war business landscape and addressing a significant talent shortage.

Over the years, LFGSM evolved, amicably separating from Lake Forest College and establishing itself as a respected independent, private, and not-for-profit institution. It became a prominent provider of both degree and non-degree business management education across the vibrant Chicago metropolitan area, known for its practical, industry-focused approach to developing leaders. The school proudly held accreditation from the Higher Learning Commission and was authorized by the Illinois Board of Higher Education to grant master's degrees, underscoring its commitment to academic excellence.

However, facing declining enrollment, the institution announced in December 2025 its decision to discontinue MBA academic operations and close as an accredited institution following the 2025–2026 academic year. To ensure its students could seamlessly complete their educational journeys, LFGSM forged an agreement with Excelsior University, a nonprofit institution based in Albany, New York, offering enrolled students the option to complete their degrees online. While the degree-granting operations conclude, the Lake Forest Center for Leadership is slated to continue its valuable work independently, carrying forward a legacy of leadership development.