IISWBM was constituted on 25th April,1953 by a resolution passed by the Senate of the University of Calcutta. This was the culmination of the joint initiative taken by the University of Calcutta, the Government of West Bengal, the Government of India and the captains of industry in India to set up for the first time a management education institute in India, a concept alien to many in the educational fraternity at that time. The Institute has successfully reached its Diamond Jubilee Year, signifying 60 years of eventful journey in management education in India since that day. IISWBM, the first management institute of India was thus established by Dr. B.C. Roy, the then Chief Minister of West Bengal as its Founder-President and Prof. D.K. Sanyal as the first Director. The Government of India, Department of Posts in recognition of 50 years of glorious existence of the first B-school in the country, released a Commemorative Postage Stamp on IISWBM, on 25th April 2004 in New Delhi.

Apart from its flagship programs MBA, MHRM, MPSM, PGDBM, the Institute also conducts full-time programs in Sports Management,Telecom Management and Retail Management. Most of these programs are affiliated with the University of Calcutta. IISWBM is known for introducing and successfully conducting socially relevant and innovative management programs. In its Diamond Jubilee year, IISWBM has joined hands with the largest media conglomerate in the East, ABP Pvt. Ltd., And one of the most diversified media groups in the country to offer Post Graduate Diploma Programs in Integrated Marketing Communication and in Television Management.The institute also offers specialized courses in Fire Management. The Institute takes pride in its faculty that consistently ranks highest amongst premier B-Schools in terms of their Intellectual Capital. The Faculty is dedicated to the development of its students and the Institute and regularly engages itself in research and consultancy work. Several faculty members have won several prestigious awards over the years.

The Institute boasts of alumni in several prestigious organizations both in India and abroad. The alumni are respected for their knowledge, commitment, loyalty and ethical values in this fast changing world. Mr. L.N. Mittal, Chairman and C.E.O - ArcelorMittal, Mr. Bhaskar Das, Executive Director - Times of India, Mr. Sudhir Jalan, President AIMA, Mr. C.V. Chandrasekharan, MD - Balmer Lawrie Group, Mr. Ashok Mukherjee, Senior GM (HR) - TCS are among our distinguished alumni.