Private graduate business school in Lake Forest, Illinois, closing June 2026 after 80 years.
Lake Forest Graduate School of Management offered a Master in Business Administration (MBA), graduate certificates, and open-enrollment, non-credit executive education courses. The school was accredited by the Higher Learning Commission and authorized to grant master's degrees by the Illinois Board of Higher Education. Programs were designed for working professionals seeking to develop leadership and management skills.
Established in 1946 as the Industrial Management Institute to help World War II veterans transition into business careers, the school separated from Lake Forest College and became an independent, private, nonprofit institution. For nearly 80 years, LFGSM served the Chicago metropolitan area as a provider of both degree and non-degree business management education. The institution also operated the Lake Forest Center for Leadership, offering leadership development consultation and customized programming to external organizations.
In December 2025, the school announced it would discontinue MBA operations and close as an accredited institution following the 2025–2026 academic year due to declining enrollment. To support students, LFGSM established teach-out agreements with Excelsior University (Albany, NY), Benedictine University (Lisle, IL), University of Olivet (Olivet, MI), and Northern Illinois University (DeKalb, IL), allowing students to transfer credits and complete degrees online or at partner institutions with favorable terms including automatic admissions and guaranteed credit acceptance.