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:
- 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.
- 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.
- 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.
- 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