The SAAC (student’s affairs and alumni relations council) is the student body of IIFM. The body is represented by the President who is elected through a democratic election process by the students. The student body is comprised of a student council selected at the start of an academic session. The council is comprised of the secretary, treasurer, coordinators of different activity clubs, mess secretary to the student run mess and the coordinator of placement committee.

The clubs and committees constitute of members and an elected coordinator by the members. The students opt for different clubs, committees and cells based on his/her interest after enrolling into the PGDFM, Mphil. or FPM program. The functioning of the student body is guided by a written constitution.

IIFM is a firm believer in an overall personality development of an individual and in an endeavor to achieve it; a host of extracurricular activities are conducted by the activity clubs, cells and committees (Adventure club, alumni committee, culture club, dramatics club, literary club, movie club, nature club, sports club) in association with SAAC. A range of internal and external events at different levels are conducted throughout the year by different clubs and committees including national level conclave conducted by the cells (Climate Change and Environment Core Competency Cell, communication cell and entrepreneurship development cell).