The International Institute of Management Development is not a university or a school, rather it is an open independent entity that provides a world-class education to budding managers of the world. It came into existence when in January 1990 two independent management education centers, the International Management Institute and the Institut pour I'Wtude des Methodes de Direction de I'Enterprise, merged. IMD only provide education programs in two educational fields. These are MBA degree programs which include MBA and EMBA and Executive programs which includes the Executive MBA. This school is not a part of any University and operates as an independent integrated multidisciplinary faculty. The faculty present is working on a one-year contractual basis as no professor has a permanent academic tenure. The pay package of the faculty is based on their performance. The programs are desined is such a manner so that the curriculum focuses strongly on the traits of leadership, personal development, and general management apart from the general goals of functional expertise. Due to the important training in the soft skills, 70% of the graduated are placed in managerial positions of the industrial sector. They also provide an MBA program for experienced professionals through EMBA. It is a one year program that focuses on three major aspects: Business leadership, advanced management concepts, and a mastery stage. They also provide executive education.