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The purpose of the Management Faculty of Color Association is to promote and support the professional development of African-Americans, Hispanic-Americans, and Native Americans who hold a terminal degree in management and who hold a faculty appointment at a university or college. The Association strives to assist its members achieve the highest level of excellence and scholarship, as well as to shape the future of the management field, academia as a whole, and society at large.

Membership is open to African-Americans, Hispanic-Americans, and Native Americans who hold a doctorate (Ph.D. or D.B.A.) in management or a management-related field and are committed to the goals and objectives of the Association. Examples of management or management-related fields include human resource management, organizational behavior, and strategy.

Membership is limited to persons occupying a tenured or tenure-track faculty position in management or management-related field at a college or university and to persons occupying an administrative position with a faculty appointment in management or a management-related field at a college or university. Members must also be engaged in study or professional work that is primarily related to management, and be engaged in management professional activities (i.e., research, teaching, and practice).