Following the July 2011 major reforms at Makerere University, it was purposed that the University be repositioned to better meet current and emerging socio-economic challenges in the country, regionally and globally. As part of this process, the University shifted the academic organization and management from the Faculty/Institute/Schools mode to the College mode, following a resolution of the University Council made in November 2010. The decision required merging existing Faculties and in some instances complete reorganization of academic units to form Colleges - large units to enhance the efficiency and effectiveness of the University.
The process mentioned above birthed the College of Business and Management Sciences (CoBAMS) which was formed out of merging the former Faculty of Economics and Management (FEMA) and the former Institute of Statistics and Applied Economics (ISAE). The rationale for the merger between FEMA and ISAE was mainly demonstrated in the commonalities and inter-linkages shared across their study disciplines and academic offerings. CoBAMS is comprised of three Schools; Economics, Business and Statistics and Applied Economics.
SoE which was formerly The Faculty of Economics and Management (FEMA) grew out of the Makerere University Institute of Economics (MUIE) which evolved out of the Department of Economics, formerly in the Faculty of Social Sciences until the academic year 1999/2000. MUIE was elevated to a Faculty status in October 2004. The Faculty was mandated to teach Economics, Business and Management courses in the University as well as carrying out research and such is the mandate of the School.