Accreditation

AACSB

Road to International Accreditation

Securing an international accreditation involves a structured and committed process, which the Indian schools should learn to adopt.

There are few bodies to accredit B-schools globally. One is European and the other is US-based AACSB International. AACSB has become international after the globalisation process and its mission is to advance quality management education world-wide through accreditation and top leadership. With its mission statement, AACSB International is committed to its role as a global leader in the advancement of management educa¬tion. This global mindset is an integral and pervasive element in each end statement and is reflected in all organisational functions and actions. AACSB ensures quality management education by providing the world's most prestigious B-school accreditation. AACSB is an association of educational institutions, businesses and other organisations dedicated to the advancement of business education globally.

Organised in 1916, AACSB International is the premier accrediting agency of bachelor's, master's and doctoral degree programmes in business administration and accounting. Today, AACSB has accredited 551 B-schools, out of which 457 are US schools, while 94 are from 30 other countries. AACSB also gives accreditation for accounting programmes, of which 167 programmes are accredited. AACSB International accreditation is an invaluable, external recognition of a school's voluntary commitment to overall high-quality and continuous improvement through a peer review process and self-assessment. Accreditation by AACSB means:
a) a hallmark of earned excellence globally;
b) a voluntary commitment to quality and continuous improvement; and
c) rigorous and comprehensive peer review and self-assessment.

The four stakeholders of B-schools who will be benefited by the AACSB accreditation are students, employers, management and faculty. Accreditation helps the students to get access to best institutional resources globally; raises the possibilities of their achieving success; and helps to get them good employment opportunities. In the case of employers, it helps them to be selective of campus visits; assists in recruitment of the best talent that will make a positive difference in the company; allows employers to narrow options of recruitment; and provides decision-making criteria for selecting B-schools for their pipeline of talented managers.

The management benefits because accreditation supports the achievement of goals and missions of the B-schools; attracts top employers, good students and best faculty; strengthens the system by validating the high standards of the schools; and sets themselves to improve the quality of education and working process.

As far as the faculty is concerned, accreditation helps it to get recognition among the peers; supports the individual goals for success, as a professional teacher and scholars; and helps to validate the high standards set by them.

AACSB accreditation assures the B-schools to manage resources to achieve a vibrant and relevant mission; advances management knowledge through faculty scholarship; provides quality teaching and current curriculum; cultivates meaningful interaction between students and a qualified faculty; produces graduates who have achieved specific learning goals; and makes a statement to external stakeholders about commitment to quality and continuous improvement.
AACSB standards are focussed on:
• mission statement;
• mission appropriateness and commitment to advance knowledge in management education;
• student mission;
• continuous improvement objectives; and
• financial objectives.

Accreditation Process
To initiate accreditation process, the first step of the institution is to become a member of AACSB by filing specific application form. After becoming a member of AACSB, the applicant institution should file an eligibility application to begin the process. A Pre-Accreditation Committee examines the eligibility application and looks at the criteria of the eligibility and accepts the institution as eligible for accreditation process. While communicating the acceptance of eligibility, the applicant institution also gets a mentor appointed by the PreAccreditation Committee.

The mentor visits the applicant and assists the school to respond to any concern raised by the eligibility application and reviews how the applicant satisfies each standard to assist in preparation of gap analysis that the applicant will use as a basis for the accreditation plan. The applicant prepares the accreditation plan and sends it to the approval of the Pre-Accreditation Committee, which is reviewed by the committee and approved for further action. On hearing from the Pre-Accreditation Committee, the applicant institution implements the accreditation plan.

The Pre-Accreditation Committee forwards the accreditation plan and strategic plan of the institution to the Initial Accreditation Committee for its approval. The applicant starts implementing the accreditation plan and strategic plan after approval of the Initial Accreditation Committee. A Peer Review Team Chair is appointed to monitor the progress of the applicant's Self-Evaluation Report prepared for the final accreditation process. On the appointment of other members of the Peer Review Team, the team visits the applicant institution and recommends the accreditation.

The process of accreditation is mission-driven and evidence-based. The strategic plan clearly indicates the direction of the institution and helps to build up the institution. The quality standards on academically qualified faculty and professionally qualified faculty help the institution to maintain high level of quality in teaching and learning process. The academically qualified faculty should have a PhD in the relevant area and one should be continuously engaged in the contribution of the knowledge. Similarly, the professionally qualified faculty should have reasonable years of experience in the industry and continue to contribute to the professional society. The standards of assurance learning emphasise on the setting of learning objectives and process of evaluating attainability of learning objectives. It also deals with the curriculum development and evaluation process.