Imperial College of Business Studies (ICBS) has a long history going back to 1985 when it was known as CBS, which was a pioneer in CIMA education in Sri Lanka. In August 2002, it changed its name to ICBS and moved to its present location at No.3, St. Kilda's Lane, Colombo 3. The change of the name, logo as well as location gave ICBS an opportunity to re-launch as a modern business education institute.

Over the years Imperial College has established itself as a leading business school in Sri-Lanka with a student population of about 2,000. In November 2004 CIMA UK recognized the high standards maintained at ICBS by awarding the institute the ‘CIMA Learning Partner Status'. In March 2005, ICBS was also awarded the prestigious ISO 9001:2000 quality standard certificate.

ICBS is a centre for Computer Based Examinations (CBA) conducted by CIMA. Many students complete their CBA examinations successfully at ICBS.

In June 2006, ICBS expanded its professional educational service portfolio into the field of marketing (CIM). It was the first institute to be awarded the “CIM Accredited Study Center” status within the shortest time period. This was a great milestone achieved in ICBS’s history.

In August 2006, ICBS was also appointed as the regional branch office for Certified Management Accountants of Australia (CMA). ICBS’s Chairman, Dr. Nalaka Godahewa was appointed as the Branch President

ICBS has now gone in to the area of recruiting students who wish to pursue their higher education in UK in the field of Business Management. In this new venture ICBS has partnered with two reputed UK universities which are namely Anglia Ruskin University in Cambridge, UK and York St John University in Yorkshire, UK. In the near future, ICBS looks forward to collaborating with other universities in the UK and Australia.

At present ICBS is managed by five well known professionals, namely Dr.Nalaka Godahewa as the chairman of the team, Kapila Dodamgoda as Director Finance, Hasitha Abewardene as Director Marketing, S. Sivabaskaran as Director Operations and Pravinth Rajaratnam as Director Academic

Nalaka who is an engineering graduate from University of Moratuwa, also a fellow member of CIMA, CIM, Chartered Marketer and he is a member of CMA (Australia) and holds an MBA fro University of Sri Jayawardanapura and he is also the Ex CEO of country’s largest Insurance giant Sri Lanka Insurance Corporation, and currently work as a senior consultant for Board of Investments in Sri Lanka (BOI)

Kapila also an engineering graduate from University of Moratuwa and also fellow member of CIMA and member of CIM and CMA(Australia) and he holds a Masters in Arts specializing in economics from University of Colombo, he works as the Finance Director for MAS Investments at present.

Hasitha, a member of CIM and an MBA degree holder from University of Sri Jayawardanapura. Hasitha works as Director Marketing & Sales for Sri Lanka’s second largest fixed telephone operator Suntel Limited

Baskaran, a Bachelor in Business Administration works as the Operations Director of ICBS and he is also a full time CIMA & ACCA lecturer at ICBS. Baskaran is also the course director for several external university and professional programmes which are offered by ICBS in Srilanka.

Pravinth, an associate member of CIMA and an ACCA affiliate is full time CIMA and ACCA lecturer at ICBS and also working as the Director Academic affairs at ICBS. Pravinth is also in charge of the consulting arm of ICBS