ITAM seeks to contribute to the individual's comprehensive education and to develop a freer, more just, and prosperous society. It also aims to become a community in its fullest sense, an institution of excellence and academic freedom, and a high quality autonomous research center. It was originally an Economics School and one year later it opened its undergraduate business school. Due to the opening of the Accounting School, the institute grew from 52 students in 1947 to 500 in 1951. In 1963, by government decree, the ITAM was recognized as a “Free University School” and became autonomous (hence its name). However the inclusion of the word autonomous in its name was not recognized by the government until 1985.