History of the faculty establishment

The Faculty of Economics and Business at Universitas Gadjah Mada in Yogyakarta was founded on September 19, 1955 by Decree No. 53759/Kab from the Ministry of Cultural and Educational. In its early years, the Faculty of Economics was a division of the Faculty of Law, Economics, Social Studies, and Politics. It was the third state-owned faculty of economics during that periods. The first was the Faculty of Economics in Makassar (Ujung Pandang) of the University of Indonesia that was founded on October 8, 1948, later known as the Faculty of Economics at Hasanudin University. The second was the Faculty of Economics at the University of Indonesia that was founded on January 15, 1951. Between 1952 and 1956, the economics "department" in Yogyakarta was upgraded to a "division" of the Faculty of Law, Economics, Social Studies, and Politics in accordance with Ministry of Cultural and Educational Decree No. 29512/Kab.

Starting in the academic year 1955/1956 the Faculty was divided into three: Faculty of Law, Faculty of Economics, and Faculty of Social Studies and Politics. The three faculties initially operated at the Sultan's Palace Hall in Yogyakarta. In 1958, the Faculty of Economics moved to Bulaksumur, occupying a part of Gadjah Mada University Administration Center Building. Then in January 1989, it moved again to a new building at Humaniora Street, Bulaksumur and operates there to this today.

Seeking to meet its international goals, the Faculty changed its name to the Faculty of Economics and Business in 2007. More in keeping with internationally accepted terminology, the change avoids confusion between the name of the Faculty, its programs of study or the departments that exist within the Faculty. The name change was made by a Decree of the Rector of the Universitas Gadjah Mada, No.262/P/SK/HT/2007, dated August 27, 2007.

Along with this, the Faculty of Economics and Business UGM continues to improve teaching and research quality standards by becoming a member of a world-class business school. On March 10, 2006, the Faculty of Economics and Business UGM was registered as a member of AACSB International — The Association to Advance Collegiate Schools of Business (AACSB). Until May 12, 2014, the Faculty of Economics and Business UGM succeeded in achieving AACSB International accreditation and becoming the first accredited business school in Indonesia.