The Industrial College of the Armed Forces mission is to prepare selected military and civilians for strategic leadership and success in developing our national security strategy and in evaluating, marshalling, and managing resources in the execution of that strategy.

Reflecting this joint and interagency perspective, 58 percent of the student body is composed of military representatives from the land, sea and air Services, 32 percent from the Departments of Defense and State and 10 other federal agencies, 8 percent international military officers, and 2 percent from the private sector and other memoranda of understanding (MOU). ICAF awards its graduates a Master of Science degree in National Resource Strategy. In addition, at the direction of the Under Secretary of Defense for Acquisition and Technology [USD (A&T)], ICAF serves as the course provider for the Senior Acquisition Course directed by the Defense Acquisition Workforce Improvement Act. In this capacity, ICAF acts as a consortium college of the Defense Acquisition University (DAU). Both the USD (A&T) and DAU provide oversight of the Senior Acquisition Course to ensure its relevance to acquisition personnel as the highest level acquisition course in the Department of Defense.

The Commandant of ICAF is a two-star general or flag officer appointed by the Chairman, Joint Chiefs of Staff, and responsible to the President of the National Defense University. The Department of State nominates a Foreign Service officer with ambassadorial rank to serve as the Commandant's International Adviser. The Dean of Faculty and Academic Programs is responsible for all matters related to faculty, teaching, professional development, curriculum planning and scheduling, and faculty and student research. The Dean of Students and Administration coordinates student activities and responsibilities, provides administrative and logistics support to the College and provides liaison with counterpart offices of the National Defense University.

The ICAF faculty is composed of military officers from all five Services and civilian academics who are experts in their fields. Military faculty normally hold the rank of colonel/captain and are highly qualified subject matter experts with specialized experience. Civilian faculty, who typically hold doctorates or the equivalent, include full-time academicians, state department representatives, and visiting professors from selected federal agencies.