AACSB stands for Association to Advance Collegiate Schools of Business which was founded on 1916. Because to maintain good quality education standard, public needed accreditation of programs. Some top colleges and universities in United States made organization for business schools. According to the AACSB, founding members
include notable Ivies such as Columbia University, Dartmouth College, Harvard University, University of Pennsylvania and Yale University.
Northwestern University, New York University, Ohio State University, Tulane University, UC Berkeley, The University of Chicago, University of Illinois, University of Nebraska, University of Pittsburgh, The University of Texas and the University of Wisconsin-Madison make up the rest of the AACSB founding members. Now it holds membership of about 1200 colleges and university worldwide.
AACSB is recognized by the U.S. Department of Education and the Council for Higher Education Accreditation worldwide with very high reputation and accreditation process by AACSB is known as AACSB Accreditation. It’s done to maintain distinct standards which include academic programs and faculty qualification, institution and contributions to the field.
Why AACSB Accreditation?
Resources that could be highly trusted on business education are AACSB. As already mentioned above that AACSB holds membership of about 1200 colleges and university worldwide but all are not necessarily accredited by it. Being accredited by AACSB is one of the highest standards for business schools and only about 620 business schools are approved as gold standard. Students earning MBA which is AACSB accredited are very highly valuable degree.
Mission of AACSB Accreditation
The mission of AACSB Accreditation is to maintain standard of advanced quality management education worldwide. Goal of the AACSB is to become world’s finest and leading authority on business education. Highest quality of education is encouraged by AACSB. Its membership is increasing more and more, worldwide. Its own data is produced by AACSB on global business education and it also develops corresponding reports as well. To investigate challenges and ideas about the development of management education, ASCSB and European Foundation for Management Development created organization, GFME (Global Foundation for Management Education). This is all to keep highest quality of standard on business education.
How AACSB Accreditation Works?
School that offers degree-granting programs in business or accounting and with membership of AACSB is some basics requirements of AACSB Accreditation. Other is application for accreditation should be submitted and if schools meets their requirements then application will be evaluated by AACSB.
The school will work with mentors, committees and AACSB staffers to create a Standards Alignment Plan. Once it meets its alignment plan and about two years before its on-site review, the school is assigned a Peer Review Team chief. The chief works with school administrators to craft a schedule for the evaluation visit and directs the school in developing a Self-Evaluation Report. In the self-evaluation process, the school prepares a detailed review of its academic program and outlines how it compares to AACSB standards. The peer review team will assess the Self-Evaluation Report before visiting the school for the on-site evaluation. After the Peer Review Team visits the school, it will develop a report to recommend accreditation, deferral or no accreditation. Review committees and the AACSB board of directors make the final decision about accreditation.