Faculty of Management Studies (also known as FMS Delhi and The Red Building of Dreams) is a business school located in New Delhi, India. It was established in 1954 under the aegis of the University of Delhi and is often cited as the best business school in India owing to its great ROI and very high placement statistics. The institute was started at the Delhi School of Economics premises under the then Dean, A. Das Gupta, of the Delhi College of Engineering (DCE). The department of commerce of the Delhi College of Engineering (DCE) now the Delhi Technological University (DTU) was abolished and the Faculty of Management Studies was established. The first set of professors were trained at the Stanford Graduate School of Business. The institute has since then expanded on the number of management courses available. FMS offers the following courses a full-time MBA, an executive MBA, an executive MB in health care administration and doctoral programmes. In addition to all these programs, FMS also regularly conducts Management Development Programmes.

The admission to the course is done on the basis of score in Common Admission Test (CAT) conducted by the Indian Institutes of Management (IIMs)

The student life at FMS is full of activities that stretch well beyond the classroom as they involve themselves in the various student’s activities as well as contribute to the institute. FMS has a culture of participating in every major corporate competition and students of FMS are known for winning many corporate competitions and events. The list of competitions that students of FMS have won includes coveted events like Amazon Ace Challenge, Nestle 4P challenge, Coca-Cola showcase, Mahindra War Room, HUL Lime, PepsiCo Being Indra’s Adviser, Henkel Innovation challenge and many more. One of the major reasons for FMS’s dominance in corporate competitions and events can be attributed to the support and expertise of faculty members and support from its large alumni base.

FMS is the only business school which conducts the Management fest (Fiesta) and Cultural & Sports fest (Elysium) separately. For the sports fest, FMS being a part of University of Delhi has access to the sports facilities of other well-renowned colleges of Delhi University like Hindu College, University of Delhi, Delhi School of Economics and Shri Ram College of Commerce.

In 2005, Union Human Resource Development Ministry, Govt. Of India has proposed a new chair in the name of the former Indian Prime Minister Rajiv Gandhi, now known as Rajiv Gandhi Chair for Technology Management and Innovation (MHRD, GOI)to promote management of innovation. The Industrial Finance Corporation of India Chair is also one of the professional chairs instituted by industry at FMS.