It operates an international graduate exchange program. It was originally founded in 1948, by university students from 7 European countries, who wanted to know what they could do as students to prevent the reoccurence of an event such as World War II.
It is a acronym for the French Association Internationale des Etudiants de Sciences Economiques et Commerciales (roughly, "International Association of Students of Economic and Commercial Studies"), but today the expansion of the acronym is largely historical, since it does not very accurately reflect AIESEC as it is today -- although the majority of its members are business students, it is open to students in any discipline; and its original name does not mention its main activity, which is the operation of an exchange program.
AIESEC operates graduate exchanges in three areas -- managerial, technical, and development. Its headquarters are located in Rotterdam, the Netherlands.