The international student exchange is one of the core activities at IIM Lucknow and is at the forefront in its pursuit for international recognition. It is a mutually beneficial academic exchange, initiated with an aim to form a global consortium of management schools by stronger ties with good universities in different countries.

Students selected for the International Exchange programme go to fine universities abroad to expand their boundaries of human knowledge, as well as searching to continually challenge their intellect. International students at IIML, whose numbers are seen to be increasing exponentially each year, obtain unique insights into business environment in India and other key aspects of life in the culturally rich and diverse nation. The Student Exchange Committee is the backbone for the International Student Exchange programme at IIML. It acts as the one point interface between the faculty, students at IIM Lucknow and the international students. It aids at facilitating passage of IIML students to foreign universities and provides complete assistance to the exchange students from international B-schools during their sojourn on campus.

IIML has alliances with prestigious institutions across the globe of which some renowned universities are ESSEC Business School, France; Ecole De Management (EM), Strasbourg; Universite Jean Moulin (UJM), France; REIMS School of Management, France; European School of Management (ESCP-EAP), France; Toulouse Business School (Groupe ESC Toulouse), France; Institut National Des Telecommunications (INT), France; ESC Bretagne Brest, France; European Business School (EBS), Germany; Leipzig School of Management (HHL), Germany; George Mason University, USA; University of Connecticut School of Business, USA; McMaster University-Michael G Degroote School of Business, Canada; Brock University, Canada; Carlten University, Canada, Universite Catholique de Louvain (UCL), Belgium; Copenhagen Business School (CBS), Denmark; ESADE Business School, Spain; Jonkoping International Business School (JIBS), Sweden; University of St. Gallen, Switzerland; Bocconi University, Italy; Athens University of Economics and Business, Greece; National University of Singapore , Singapore; Turku School of Economics, Finland; University of Amsterdam (UvA), Netherland; Beijing Jiaotong University, China