The Importance of AACSB Accreditation for Business Schools
Last Updated November 19, 2021
The decision to pursue a master’s degree can enhance your career growth potential, providing the opportunity to acquire new knowledge, methodologies and skills targeted to your profession and overall capabilities as a leader. Additionally, continuing your education at the graduate level can demonstrate your commitment to your industry and current employer, as well as indicate your potential to future employers. In short, earning a respected master’s degree from an accredited institution can be a valuable career credential.
But when it comes to choosing an accredited institution for your education, what accreditation should you be looking for and why is it important?
For business schools and their degree programs, AACSB accreditation is the gold standard, accrediting the best business schools in the world.
What is AACSB Accreditation?
AACSB stands for the Association to Advance Collegiate Schools of Business. Founded in 1916 as an accrediting body of American business schools, today AACSB International is a global nonprofit and professional organization providing “quality assurance, business education intelligence, and learning and development services.”
In setting the principles and standards of accreditation, AACSB coordinates a meticulous application, peer review and consultation process to recognize the business schools that meet the accreditation standards and actively participate in continual improvement efforts in the areas of business education and leadership.
What are the Requirements of AACSB Accreditation?
Earning accreditation from AACSB is a multi-step, years-long process, with less than 5% of schools worldwide that offer business degree programs holding AACSB accreditation.
The process of securing AACSB accreditation is a rigorous one, and it is not a one-time, “lifetime appointment,” so to speak. AACSB regularly enhances the accreditation standards “in the spirit of continuous improvement”—an expectation for both the AACSB body and the schools it has accredited. Schools must apply to extend their accreditation through reaccreditation.
Michigan State University’s Eli Broad College of Business has been accredited by AACSB since 1953 and underwent a five-year continuous improvement review to achieve reaccreditation in 2021.
In explaining the reaccreditation process undertaken by Broad College, Robert Wiseman, Senior Associate Dean and Eli Broad Legacy Fellow of Management, stated: “Creating the 105-page accreditation report for the college was a two-year effort involving 45 administrators, faculty and staff. The report addressed 14 areas including student success, the quality of our faculty and engagement with the community. In the report, we showcased the Broad College’s efforts to reshape our curriculum to meet the new challenges facing business, enhance student experience and increase external funding of our research.”
Why is AACSB Accreditation Important?
This extensive effort undertaken by directors and faculty to ensure their school aligns with the accreditation standards speaks to the recognized value and high standards of AACSB accreditation—particularly to what earning the designation means for the quality of a business school and its programs, both in academia and the business community.
“While AACSB’s exacting accreditation standards set a high bar on expectations and performance, we strive to not only meet but exceed those standards,” said Sanjay Gupta, Dean of the Broad College of Business, regarding the importance of earning reaccreditation.
AACSB accreditation provides accountability to business schools through its defined set of principles and standards of accreditation. This is not only accountability to high academic standards of business education but in the commitment to “improving business practice” through “strategic management, learner success, and impactful thought leadership.” It is the stated purpose of AACSB accreditation.
What Does AACSB Accreditation Mean for Students?
For students, AACSB accreditation is an important indicator that a school is committed to constantly innovating in the development of future business practices and is equally committed to developing them as business leaders.
“It means something to be an AACSB accredited business school,” says Stephanie Bryant, AACSB executive vice president and chief accreditation officer. “It means there are quality standards. It means that the faculty have certain qualifications. You know going in, as a student, you’re going to get a certain level of quality.”
For companies and business organizations, they can expect “that the students who graduate from an AACSB school are going to be a different level, a different quality, both technically, and with soft skills…” continues Bryant. “I think the employers know they’re getting a higher quality.”
Employers can expect graduates of AACSB accredited programs to not only be educated in the current best business practices but also equipped to innovate for the future of their business.
AACSB provides a “hallmark of excellence” among business schools and is arguably the best accreditation business schools can earn.
Michigan State University’s online graduate programs make a earning your degree from the AACSB-accredited Eli Broad College of Business accessible, wherever your business may be.
