Why do you need an AACSB Accreditation?
Business Schools have always been competitive, but more so than ever, there is a need for institutions to advertise exceptional educational programs. Enrolling in a business degree is a major investment for all students. Not only in terms of costs, but the hours and the workload are a huge commitment for anyone. Students don’t want to waste their time on a qualification that won’t get them anywhere or assist in advancing their career. That’s why choosing a university with the relevant accreditations is absolutely essential.
Attending a university with an AACSB Accreditation ensures you’re not wasting your time. In actuality, graduates from AACSB business school are more likely to find a job upon graduation with better, more competitive salaries.
If you’re reading this blog, it’s likely you’ve already heard of the AACSB Accreditation. It’s the largest and most Internationally acclaimed accreditation in the world. Founded in 1916, AACSB International has remained the longest serving accrediting body for business schools offering undergraduate, master’s and doctoral degrees in business as well as accounting.
The AACSB is currently acquired by over 680 business schools in 45 countries and territories and earned by less than 5% of the world’s business programs.
Basic Summary of What an Accreditation Means:
An accreditation is a voluntary, nongovernmental process that assesses and reviews a University. It is usually performed by a country’s national or regional accrediting body. These agencies assess and review everything about the university, from its operating budgets to its student services. Most business schools will advertise some sort of accreditation. They’ll also probably explain how there’s is the best and/or most exclusive. In some cases that may be true (if they’re AACSB Accredited), but it is always important to read up on secondary sources to make sure their accreditation is not only valid but satisfactory.
How Do Schools Earn An AACSB Accreditation?
In order to achieve an AACSB Accreditation, universities have to undergo a rigorous comprehensive assessment. This involves a review of the school’s mission, faculty qualifications and curricula as well as in-depth self-evaluations and assessments by peers as well as third-party committees.
Earning an accreditation ensures that tertiary educations are providing students with learning material that is not only relevant to their field of study, but up-to-date. Essentially, it is preparing them to become effective and powerful leaders once they enter the corporate world.
Before applying for the AACSB Accreditation, Institutions must already be members of AACSB International. Schools can then submit an Eligibility (for business and/or account accreditation) as evidence of interest to then undergo the AACSB Accreditation process. In order to apply for the accounting accreditation, school must either have already earned the business accreditation, or apply to earn them simultaneously. A fee of $1000 USD will apply.
Once the application is submitted, it is reviewed by AACSB staff. A recommendation is then made to the Initial Accreditation Committee (IAC) or Accounting Accreditation Committee (AAC) chair regarding the acceptance of the application. Upon approval (confirmed via an official letter), a volunteer business school administrator is assigned to the school to act as a mentor ie. help and assist with the development of the required Self Evaluation Report. This means ensuring the applicant school is in current alignment with AACSB standards.
An Accreditation Staff Liaison is also assigned to school to serve as the primary contact within the AACSB for all accreditation related queries. Additional payments are also required to be made to the AACSB at this time. Once the school receives consent from their assigned mentor, the applicant is then able to submit the Initial Self Evaluation Report along with its Strategic plan to the IAC/AAC for review.
The IAC/AAC reviews the Initial Self Evaluation Report. This review will determine whether the accreditation has been accepted or denied. For more information on the steps taken for either outcome click here.
The AACSB reviews its accredited schools every five years to guarantee that their awarded universities are continuing their agreement to demonstrate engagement, innovation and impact to meet the standards. On many occasions a school will have to report back to their mentors and committees and the AACSB Board of Directors for final approval.
Why?
Companies have studied the differences between employees who have attended an AACSB accredited school and those who haven’t. The study showed that employees who were not educated by an AACSB accredited business school had lower performance rates than those who did.
This organisation now only sponsors those who have attended an AACSB accredited school. The competition amongst business school in Australia is growing rapidly. Give potential students a reason to choose your university over the next. Students who choose to enrol in an AACSB accredited school will know that they are devoting their time and money to a quality assured institution that cares about the future performance of their graduates.
Current List of Australian Universities That Have Acquired An AACSB Accreditation:
- University of New South Wales (uses REVIEW)
- University of Technology, Sydney (uses REVIEW)
- Queensland University of Technology (uses REVIEW)
- Bond University
- Curtin University
- Deakin University
- Griffith University
- Macquarie Graduate School of Management
- Monash Business School
- University of Adelaide
- University of Melbourne
- University of Newcastle
- University of Queensland
- University of Sydney
- University of Western Australia
How Can Academ Help You Achieve An AACSB Accreditation?
REVIEW is Academ’s most popular service for universities and other tertiary institutions. It is a criteria-based online student assessment solution formulated by program learning goals and graduate attributes to satisfy Assurance of Learning (AoL). REVIEW helps you achieve AACSB Accreditation and continuous improvement in student learning and achievement. Through systematic collection, review, and use of information about educational programs undertaken. Review gives you a central location to store all of your program data and feedback vital to AACSB accreditation.
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For more information on REVIEW and improving student learning disciplinary skills, contact us today.