The worldwide Association to Advance Collegiate Schools of Business (AACSB), the leading accrediting agency for business schools worldwide, has announced the release of a new set of accreditation standards to provide leadership for this new era in management education.
The new accreditation standards are reduced from 21 to 15, making them more focused, flexible and relevant, stressing on three key areas of innovation, impact and engagement. AACSB accredited business schools in India are only Indian School of Business (ISB) (Andhra Pradesh) and TA Pai Management Institute (Karnataka).
To help business schools redefine the future of management education and meet the needs of business and society in the changing environment, the new standards of accreditation were approved on April 8 at the AACSB international conference and annual meeting in Chicago, US.
The decision was taken after critical examination of the market needs and reconsidering definitions of excellence and the role of accreditation.
Chair of the AACSB board of directors and dean of the Erivan K Haub School of Business at Saint Joseph’s University, Joseph DiAngelo, said, “Business schools are undergoing unprecedented changes. To remain current, leaders within the industry have to stand back and evaluate where management education needs to go. The changes will keep business schools at the heart of global commerce.”
Designed to give business schools the flexibility to innovate to meet the rapidly changing needs of the employer and student markets — while still holding institutions to the highest standards of quality — the new standards will provide a new benchmark for excellence.
“The new environment calls for schools to focus on their distinctive mission and value proposition. Students, employers, and society as a whole expect a great deal from business schools and in this context of constant change, the new accreditation standards will not only validate quality management education and research, but also help business schools provide the leadership, skills and knowledge necessary to serve the communities,” said Richard Sorensen, dean of the Pamplin College of Business at Virginia Tech.