Varna University of Management (VUM) was set up in 1992 in Sofia. In that year it began to provide higher education based on British programs. The International College - Albena was found also in 1992 when the Maastricht Hotel School started a two-year project in the field of tourism in Bulgaria. In 1999, by a decision of the National Assembly of the Republic of Bulgaria, the International College - Albena became INTERNATIONAL UNIVERSITY COLLEGE, Dobrich. In 2015 again by a decision of the National Assembly of the Republic of Bulgaria, INTERNATIONAL UNIVERSITY COLLEGE became Varna University of Management (VUM).
Twenty-two classes graduated from 1996 to 2010. Since 2010 the students also started to obtain Bulgarian diplomas. Many of the alumni work for renowned business organizations in this country, such as the Raiffeisen Bank, Unicredit Bulbank, Post Bank, Piraeos Bank, Parva Investitsionna Banka, Stopanska i Investitsionna Banka, Nestle, Oracle, KPMG, Ernst & Young, Deloitte, IBM, Unicredit Leasing, Colliers International, Allianz, DZI, Toyota, Ericsson Telecommunications, Sheraton, Radisson, Hilton, Hotel Kempinski Zographski, Holliday Inn, City Best Western, etc. Some alumni work abroad - for the World Bank in Washington DC, the Bank of Scotland, Royal Free Hospital, London, etc. Some continued their education on master’s and doctoral programs at London School of Economics, University of Portsmouth, University of Manchester, University of Leeds, etc.
From October 2009 IUC offer МВА programme ending up with a Cardiff Metropolitan University degree.