Lake Forest Graduate School of Management

Lake Forest Graduate School of Management (LFGSM) emerged from a critical need for management talent in the Lake Forest, Illinois area. Born in 1946 as the Lake Forest College Industrial Management Institute (IMI), it was a collaborative effort between Lake Forest College and three major companies – Abbott Laboratories, Fansteel Metallurgical Corporation, and Johns-Manville Products Corporation – to provide vital management training for returning veterans entering the business world. This unique foundation highlights LFGSM's deep roots in practical, industry-driven education.

Over the years, LFGSM evolved, amicably separating from Lake Forest College to become an independent, private, and not-for-profit institution. It established itself as a significant provider of both degree and non-degree business management education across the Chicago metropolitan area, known for its focus on developing skilled leaders responsive to real-world business challenges. The school earned accreditation from the Higher Learning Commission and authorization from the Illinois Board of Higher Education to grant master's degrees, reinforcing its commitment to high academic standards.

However, in a significant development announced in December 2025, LFGSM will discontinue its MBA academic operations and close as an accredited institution following the 2025-2026 academic year, citing declining enrollment. While this marks the end of its MBA program, the institution has proactively partnered with Excelsior University, a non-profit university, to ensure enrolled students have a clear pathway to complete their degrees online. This thoughtful transition underscores LFGSM's enduring commitment to its students' success, even as it navigates a new chapter. The Lake Forest Center for Leadership is expected to continue its operations independently, carrying forward a part of LFGSM's legacy in leadership development.