AACSB, EQUIS and AMBA are International accreditations for business studies all over the world.
When you are looking to pursue any business degree in a business school or in a University and you do your research, you may observe that the top institutions proudly advertise certain International Accreditations they hold to assure the students that they provide high-quality education. It is important to understand what these accreditations are and if they are genuine.
What is an Accreditation?
An Accreditation is a prescribed and autonomous authentication process that a Business Institution meets the recognized education quality standards and guidelines. There are independent international bodies that certify, evaluate or rate the institution based on the teaching, infrastructure, facilities offered to students, management services, the employability rate of the student, faculty, and student satisfaction.
Why there is a need for Accreditation for MBA Business Schools?
International Accreditation is a sign of the world-class quality of education. A University with an International Accreditation means that the University has achieved the highest standards to educate the students. An MBA School is generally holding accreditation for three to five years and then it can be renewed by paying a fee.
A student must look for a University with an International Accreditation to ensure he/she gets the best quality education. This opens up infinite job possibilities for the students once they complete business and management courses in such Universities as the student meets top-class teaching faculty and business people during the study via networking events, clubs and societies as a part of the curriculum. The students who are graduated from these Universities will be equipped with real-time industry skills acquired from projects and placements at top most companies which will, in turn, land them onto their dream jobs in their dream companies. It ensures a rewarding career and consistent growth with ever-changing advancements in the Business field.
AACSB, EQUIS and AMBA are considered to be the top most accrediting bodies all over the world.
AACSB stands for Association to Advance Collegiate Schools of Business and it is a non-profit organization that connects students, education institutes and businesses. AACSB has been established in the year 1916, the longest standing and self-governing body in the field of Business on various study levels such as Bachelors, Masters and Research programs. Any business or accounting institute can apply for this accreditation by first establishing that it meets the AACSB eligibility criteria. In the evaluation process, AACSB assesses how well the institute meets the standards and if it is satisfactory, the institution will earn this accreditation. The accreditation will be constantly reviewed process every five years.
The prime focus of AACSB is on the mission, strategic management, student support systems, teaching staff, teaching leadership, and communal impact. There are two types of accreditations by AACSB, namely Business and Accounting. Currently, there are 756 business schools that have this accreditation amongst which 186 have accreditation for accounting programs as well. About 75% of institutions with this accreditation are present in the United States.
EQUIS stands for European Quality Improvement System. EQUIS assesses and accredits Undergraduate, Post-graduate, and doctorate business courses. The organization evaluates based on governance, ethics, responsibility, sustainability, courses offered, policy, teaching faculty, students, e-learning methods, research, community outreach, global recognition, corporate tie-ups, etc. The goal of EQUIS to balance the quality of the education and also the professional employability after the course. Therefore, the emphasis is more on pedagogics and innovations. The UK has 26 business schools with this particular accreditation and has the highest number. In India, there are only 5 business schools accredited by EQUIS.
AMBA stands for Association of MBAs and AMBA accredits post-graduate business programs all over the globe. AMBA bridges the gap between the aspirants, business graduates, Universities, and potential employers. Additionally, AMBA accredits Doctor of Business Administration (DBA) and Master of Business & Management (MBM). AMBA’s aim is to accredit Universities or business schools basing on their effect, employability rates, and education outcomes. AMBA certifies based on the course curriculum, teaching faculty, strategy, and student interaction. There 11 business schools in India that are AMBA accredited. AMBA currently accredits 275 Business Institutes in 75 countries.
The Universities or Business schools that have all the above three accreditations are called Triple Crown Institutions. There are only 102 Business schools in the entire world that hold all the three accreditations where 60 percent are in Europe. India has 2 triple-crowned Business Schools, namely, IIM Kolkata and IIM Indore.