It was established in 1971 with the aim of providing graduate-level training for future managerial and leadership positions in business, government and other institutions in Iran.

[1][2] ICMS was founded with the objective of creating an independent institution for management studies at the graduate level.

The teaching staff was predominantly composed of HBS professors who were on a break from their duties at Harvard.

[1] The ICMS building, located on Iranzman Street, Shahrak Gharb, Tehran, is an example of contemporary Iranian architecture.

[4][5] Apart from its services and research contributions, ICMS is also known for publishing the Journal of Industrial Engineering and Management Studies (JIEMS).