University of Peradeniya has a long history of Management education. The Department of Economics, Commerce & Statistics in the Faculty of Arts commenced teaching management as early as 1962. Since then until 2002 Management education at Peradeniya remained under the purview of that Department. As there was no mandate to accept students from the GCE Advanced Level Commerce Stream, the normal practice was to convert students from Arts to Commerce, based on their aptitudes shown in the first year Commerce Examination. The “Commerce Section” of the Department of Economics continued to teach the B.Com degree program whereas other universities established Faculties of Management. The revolution began as a committee was appointed to look into possibilities to separate the ‘Commerce Section’ into a Department in 1999. In consequence, in the year 2002 the University of Peradeniya established a separate department – The Department of Management Studies. The objectives of establishment of the Department of Management Studies were to improve standards of the existing B.Com degree program and the Management Component of the BA (General) degree program, to develop new Management degree programs for undergraduate and postgraduate levels, and to contribute significantly to inter-faculty teaching programs. During the past 13 year period since its establishment, the Department of Management Studies through achievement of those objectives gained much importance and fame within the University. The ultimate objective was reached in March 2015 through establishment of the Faculty of Management. At the initial stage the Faculty operates with five Departments and at the second stage three more Departments will be added and be teaching 12 degree programs. The Faculty was given crimson red, as its colour, chosen aesthetically from the flower of Amherstia Nobilis, the tree Sir Ivor Jennings planted in the backyard of the University Lodge to commemorate the initial opening of the University on 6th October 1952 and which he wanted the students after fifty years to talk about.