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Institute of Professional Studies And Research (IPSAR) – started as an endeavor in 1988 by Late Dr. R.N. Misra – a visionary educationist of Orissa in the field of Management and Cost Accountancy. The institute was formed as a Society under the Societies Registration Act 1860 and continues to be governed as a society. Late Ranganath Mishra, Former Chief Justice of India became the patron of the institute and helped the Institute in getting the first approval from The All India Council for Technical Education (AICTE), under the chairmanship of Prof H.K. Khanna. Eminent personalities like Mr B.B.Rath Senior Advocate, Orissa High Court, Mr L.N.More senior Chartered Accountant joined as co-opted members while Mr J.K.Misra, Chartered Accountant became a full time member.

The institution is now headed by Dr J.K.Misra, a commerce graduate from Ravenshaw College, a senior fellow member of the Institute of Chartered Accountants of India (ICAI) who also holds a Doctorate degree in (Commerce). He has been at the helm of the affairs of the institution from the inception and has been instrumental in growth of the institution. His endeavour has placed the institute in a distinct position in the field of under graduation, +2 and Post graduation.

His perseverance has enabled the institute to enhance the infrastructure area from 11000 sq ft to more than 100,000 sq ft. The Dr Misra has put in place effective governance and quality education with continuous monitoring mechanism. From the very beginning faculty governance, student discipline, academic ambience, ever modernization in infrastructural support, value added programs, focused approach for all round personality development have all contributed in IPSAR establishing a brand equity in the field of professional education.