Lake Forest Graduate School of Management

For decades, Lake Forest Graduate School of Management has been a cornerstone of practical business education in the Chicago metropolitan area. Born from a critical need for management talent in the post-WWII era, it quickly established itself as a pioneering institution dedicated to equipping professionals with real-world leadership skills. This independent, private, and not-for-profit school has consistently focused on delivering education that directly translates to business success.

Its unique origin in 1946 saw a powerful collaboration between industrial giants like Abbott Laboratories and Lake Forest College. This partnership created the Industrial Management Institute (IMI), specifically designed to transition returning veterans into robust business leaders. After amicably separating from Lake Forest College and rebranding, LFGSM continued to evolve, offering both degree and non-degree programs accredited by the Higher Learning Commission and authorized to grant master's degrees by the Illinois Board of Higher Education.

Prospective students were drawn to LFGSM for its practitioner-led approach, gaining insights that were immediately applicable in their careers. However, facing declining enrollment, the school announced in December 2025 that it would discontinue its MBA academic operations and close as an accredited institution after the 2025–2026 academic year. To ensure a smooth transition, LFGSM has partnered with Excelsior University, a nonprofit institution, offering enrolled students the option to complete their degrees online. While the degree programs are concluding, the Lake Forest Center for Leadership is expected to continue its vital work independently, ensuring a legacy of leadership development endures.