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La Trobe Business School

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LBS is AACSB accredited – What does that mean?

AACSB accredited

What is AACSB?

AACSB International – The Association to Advance Collegiate Schools of Business (AACSB) is a global nonprofit association and the world’s largest business education alliance that connects educators, students, and business. Its vision is to transform business education for global prosperity and create the next generation of great leaders.

AACSB International was founded in 1916 in the US, initially named the Association of Collegiate Schools of Business (ACSB), and currently provides quality assurance, business education intelligence, and professional development services to over 1,500 member organisations and more than 785 accredited business schools worldwide (AACSB, 2019).

AACSB International’s mission is to foster engagement, accelerate innovation, and amplify impact in business education. This mission is aligned with the AACSB accreditation standards for business schools. AACSB strives to continuously improve engagement among business, faculty, institutions, and students, so that business education is aligned with business practice (AACSB Business Standards).

The accreditation process

The AACSB accreditation evaluation is extremely rigorous. There are fifteen standards, built around the three themes of engagement, innovation, and impact, organised into four categories:

  1. Strategic management and innovation: This category includes a clear articulated and distinctive mission; producing high-quality intellectual contributions that impact the theory, practice, and teaching of business and management; and financial strategies to provide resources appropriate to, and sufficient for, achieving its mission and action items.
  2. Participants (students, faculty, and professional staff): This category includes policies and procedures for student admissions, academic progression and supporting career development. In addition, well-documented and well-communicated processes to manage and support faculty members over the progression of their careers and deploys sufficient professional staff to ensure quality outcomes.
  3. Learning and teaching: This category includes well-documented, systematic processes for determining and revising degree program learning goals; designing, delivering, and improving degree program curricula to achieve learning goals. In addition, curriculum content is appropriate to general expectations for the degree program type and learning goals, and the degree program structure and design are appropriate to the level of the degree program and ensure achievement of high-quality learning outcomes.
  4. Academic and professional engagement: This category includes curricula that facilitates student academic and professional engagement appropriate to the degree program type and learning goals, executive education that complements teaching and learning in degree programs and intellectual contributions and lastly, strategically deploying faculty who collectively and individually demonstrate significant academic and professional engagement that sustains the intellectual capital necessary to support high-quality outcomes consistent with the school’s mission and strategies.

Once a school receives the AACSB accreditation, it must undergo re-evaluation every five years.

The world’s highest standard of excellence

AACSB-accredited schools have been proven to provide the best in business education worldwide and are recognised worldwide by top employers and other universities (Best Business Schools, 2019).

“We’re proud that our commitment to excellence has been recognised through accreditation by AACSB International – the highest standard of achievement for business schools worldwide. Only 5% of business schools in the world have earned AACSB accreditation and being recognised as the highest standard of excellence in business education confirms LBS’ place among the world’s leading business schools.

For students this accreditation means they can be confident LBS has the resources, credentials and commitment to prepare them to succeed in a diverse range of fields including accounting, finance, business and commerce. And it reflects our dedication to providing a progressive education that sets students up for career success.”

Professor Jane Hamilton, Dean and Head of La Trobe Business School
AACSB member


LBS Rises through the Global Ranks

The first half of 2019 has not only seen LBS receiving its Association to Advance Collegiate Schools of Business (AACSB) accreditation but also saw us soar in some of the most important global rankings.

According to Times Higher Education (known for their THE World University Rankings) there are at least 20,000 higher education institutions in the world. Being ranked by university or subject in the top 1000 means belonging to the top 5% in the world (THE, 2018).

ARWU

The Academic Ranking of World Universities (ARWU) by ShanghaiRanking Consultancy is “the most widely used annual ranking of the world’s research universities” (The Economist cited in Downing & Ganotice Jr, 2017, p. 97).

Last week, ARWU ranked La Trobe Business School in the top 45 for Hospitality and Tourism Management (2019), in the top 400 for Business Administration (2019) and in the top 500 for Economics (2019) worldwide.

Hospitality and Tourism Management

LBS’ Bachelor of Business (Tourism and Hospitality) program has been developed over the last 15 years to meet the needs of graduate student employability, industry standards and university requirements.

Besides AACSB, the Hospitality and Tourism Management program is also accredited by the European Foundation for Management Development (EFMD) through the prestigious EFMD Programme Accreditation System (EPAS). Moreover, it has three other qualifications embedded: Responsible Service of Alcohol (RSA), Responsible Service of Food (RSF, also known as Principles of Hygiene) and Galileo certification by Travelport – a leading industry-based travel agent group.

Business Newsroom asked Paul Strickland (Program Director – Tourism, Hospitality and Event Management) about the outstanding ARWU result for Hospitality and Tourism Management:

In the first year, students have a Work Integrated Learning (WIL) component in which they are trained and gain work experience at Mantra Bell City in Preston. This generally leads to employment in the hospitality sector immediately. Students then progress through second year and the 3rd year capstone subjects is Tourism and Hospitality Simulation where students form teams and simulate operating a hotel at senior management level.

The program also supports industry networking events, volunteering and career progression opportunities such as international study tours, exchanges and short programs. The New Colombo Plan funding has been a successful enhancement to assist students to achieve their goals and internationalise the program.

Also our research is embedded into the program. Numerous research books and texts have been developed by staff members and used in teaching globally. All these types of activities, working with industry and quality of research have contributed to our international rankings.

Paul Strickland (Program Director – Tourism, Hospitality and Event Management)

ARWU Methodology

In order to be ranked by ARWU, the university must have Nobel Laureates, Highly Cited Researchers or papers published in Nature or Science. Amount of papers indexed by Science Citation Index-Expanded (SCIE) and Social Science Citation Index (SSCI) are also included together with per capita academic performance. This leads to a total of 1200 universities of which the best 500 are being published.

Academic Ranking of World Universities (ARWU) 2019 Hospitality & Tourism Management

QS World University Rankings

The QS World University Rankings, compiled by QS Quacquarelli Symonds, announced last week that La Trobe Business School’s Online MBA climbed 12 places to being number 32 in the world & number 3 in Australia in the QS Distance Online MBA Rankings (2019).

Dr Geraldine Kennett (La Trobe MBA Director) was interviewed by MBA News where she mentioned:

The strong improvement in the ranking over the last 12 months reflects an overhaul of the program and aligning more strongly to industry via its partners, including the Australian Ballet, National Gallery of Victoria, NORTH Link and the Melbourne Innovation Centre.

The MBA also underwent a comprehensive refresh recently and provides not only more relevant content, but also a range of options for delivery such as of face to face class options for online students so they have the opportunity to be part of the on-campus experience, meet colleagues and engage with lecturers.

Dr Geraldine Kennett (La Trobe MBA Director)

QS Methodology

Instead of focusing mainly on research outputs like ARWU, QS World University Rankings puts emphasis on a university’s reputation, from both an academic and employer perspective. They use six indicators: academic reputation, employer reputation, student-to-faculty ratio, citations per faculty, international faculty ratio and international student ratio (Downing & Ganotice Jr, 2017).

QS Online MBA Rankings 2019

Find out more information about our Bachelor of Business (Tourism & Hospitality) or La Trobe MBA.

References:
- Downing, K. & Ganotice Jr, F.A. (2017). World University Rankings and the Future of Higher Education. IGI Global. 
- MBA News (2019). Australian Online MBAs Score Global Top 50 Rankings in 2019. [link]

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