Introduction
Accreditation means recognition given to institutions that fully meet specific educational quality standards by an agency or organization. In the US, the relevant agencies are conducting a review of the quality of education at all levels, including primary, secondary, colleges, and universities. Agencies set basic standards that reflect the qualifications of sound educational programs. Then they develop procedures aimed at determining whether institutions and programs meet specific standards. Accreditation provides performance standards that help motivate educational institutions to improve their programs. It also includes accountability for institutional education policy and creates mechanisms to ensure professionalism, such as medicine and law. In addition, it helps prospective students identify high-quality institutions, making it easier for students to transfer from one institution to another. Accreditation is also one of the tools used to determine which institutions and programs are eligible for public and private funding.
The accreditation process for any agency consists of five key categories, each with several subordinate functions. First, the agency must establish conditions or standards for academic excellence in consultation with an accredited educational institution. The second phase involves the development of procedures that allow institutions to conduct themselves in-depth self-assessment to assist in determining whether they meet the approved accreditation standards or not. If they do not meet the set criteria, institutions should return to the drawing board and make the necessary changes and improvements to meet the required requirements. Depending on the level of compliance, this may need the institution to invest more time and resources in it. Thirdly, the agency conducts an audit to determine whether the institution meets the set standards. This includes assessing the institution’s resources and resources, both physical and personal. This is done until the agency is fully convinced that the institution meets its minimum requirements. Tests are performed by agency specialists, who are usually equipped with specific accreditation requirements. Fourth, the agency then issued a permit to the facility after ensuring that the required requirements were met. It then publishes a list of institutions that meet the agency’s exact needs and are authorized, including the accreditation period. Finally, the agency will periodically review these institutions to determine whether they still maintain quality education standards. This is to ensure that institutions do not compromise the quality of education. All accredited institutions apply these testing procedures or procedures, and certain conditions vary from agency to agency. This paper comprehensively analyzes AACSB and IACBE accrediting institutions.
Literature Review
Accreditation is a voluntary institution initiated by the institution. It requires robust self-assessment and independent, peer-reviewed peer-to-peer education. Accreditation emphasizes quality assurance and commitment to continuous quality improvement. Authorized colleges and universities with Business School degree programs can apply and get formal accreditation from one or more authorized accrediting bodies. Many other countries do not have accreditation programs such as those used in the US and instead rely heavily on government agencies to monitor their quality and education standards. In Canada, provincial government officials work closely with private educational institutions to monitor the quality of universities, colleges, and schools from time to time (Lineros & Runyan, 2020).
The word accreditation is derived from the Latin root “cred,” meaning to believe or trust (Lineros & Runyan, 2020). Institutions value accreditation because they represent the institution’s commitment to transparency, which allows an external party to ensure that the institution does what it is supposed to do and make the results available to the public. External stakeholders appreciate authorization because it means they can “hope” that the institution does what it is supposed to do.
Over the past few years, higher education has undermined the trust that it once held in the community (Lindstrom, 2017). A congressional report of the authorities, the Department of Education’s investigation into the use of Federal Financial Aid, and more recently, “college admission scandal” – to name a few. How can the institution regain public trust with all the latest news headlines? With a robust accreditation process for both the institution and the programs, institutions can begin to show the public that they are open to scrutiny and are willing to do what is needed to regain public trust.
Many factors involving business schools should be considered by students when selecting a program that matches their interests and future ambitions. Students must evaluate the application criteria, curricular subjects and concepts, and potential job opportunities after graduation (Hadidi, 2018). Students should investigate the program’s specific school in addition to the program itself. The AACSB, the ACBSP, or the IACBE can all accredit quality business schools programs.
Accreditation denotes the calibre of a college or university: Accreditation makes a big difference in higher education, and only a small number of schools may get institutional accreditation. This is because recognized agencies and councils have specified requirements that the qualifying program and its education must achieve to qualify. Colleges and colleges that a good body has recognized provide a quality education that will prepare students for life after graduation (Gaston, 2018). A frequent review is one of the authorization criteria: Accredited programs must adhere to the accreditation standards that have been authorized. The accreditation body or council will regularly inspect the school and timetable to ensure that criteria are met. Accreditation of schools, colleges, and universities is a continuous process.
Decreasing accredited searches assists students in selecting the best Business School degree: As Business School students investigate possible degree programs, screening any institutions and universities that do not have accreditation might help narrow the alternatives accessible. Searching just for programs recognized by an accredited agency, such as the AACSB, may also assist in narrowing the list (Gaston, 2018). Furthermore, accreditation facilitates the financial aid procedure because the federal government considers the state of institutional accreditation when awarding financial aid. Accreditation testing assists students in avoiding poor-quality programs: investigating school accreditation can prevent students from enrolling in a program that may not satisfy industry requirements and may even include literary forgery.
AACSB
In the field of Business, the AACSB ranks as the number one business accreditation organization. The acquisition of accreditation is considered an indication of meeting a higher level of education than the accredited Business Schools. Accreditation is promoted as allowing Business College to attract more support, better intelligence, and better students (Lineros & Runyan, 2020). The AACSB accreditation screening process should start as soon as possible. For instance, in West Georgia, the period of change of standards soon after the initial accreditation of the Richards College of Business has provided both a starting point for the process of interpreting the new standards and the convenience of five years for defining use and refinement (Boršič, 2016). Two years were spent developing the policy, evaluating participants, and reviewing the curriculum. The three years were spent on transforming and revising the curriculum. While the first one may not have been so short – making survey documents took a few months – the latest process is a long process because it needed to change the unit’s perception of the content of the study.
The AACSB promotes outstanding management schooling globally through accreditation, and thought leadership among other various learning services. One of the things The AACSB acknowledges are the institutions that support its core values and, work towards the common goal of attaining global education. Also, AACSB recognizes institutes that rally together in its community-based idea of leading business schools through its standards and accreditation processes (Boršič, 2016). With relevance to this, the AACSB is focused on continual value improvement through engaging in management education and innovation. The association was created in 1916, and its initial guidelines for degree programs in business management were set in 1919 (Boršič, 2016). To accommodate the special demands of the accounting profession, the AACSB set new criteria for undergraduate and graduate accounting programs in 1980. The organization regularly examines its accrediting criteria and procedures to identify opportunities to enhance compliance, maintain value for money, and increase value. In 1991 and 2003, the organization approved a significant evaluation of business standards. In April 2013, the Association adopted these guidelines for the Advance Collegiate Schools of Business Accreditation Council (Boršič, 2016). The accreditation requirements and processes are reviewed yearly by the Accreditation Policy Committee and the Board of Directors of the AACSB.
An integral business program that provides degrees in business management or accounting may request to be checked for accreditation by the AACSB (Ewell, 2008). A business institution’s accreditation must first be verified. During the first accreditation process, the institution is evaluated on how well it satisfies the accrediting requirements of the AACSB through peer review and peer review. With the following accreditation from the AACSB, the business school is subjected to periodic peer assessment of its strategic development to maintain its accreditation. The AACSB is a non-profit organization that promotes and advances higher education in business management and accounting through business schools, accounting programs, enterprises, and other organizations.
AACSB and Programs was founded by a coalition of 150 schools with business plans that the Association did not accredit to AACSB International and emphasized teaching beyond academic research. To quote from the purpose statement contained in the latest ACBSP Standards, “ACBSP views research as a tool to aid enhanced teaching. Institutes are motivated to pursue a realistic and a positive balance between research and learning. As a result, Business School programs offered by non-research universities left untouched by AACSB International can meet ACBSP, which include a business curriculum that integrates accounting and training in accounting, finance, management, marketing, and law, economics, ethics, and globalization (Lineros & Runyan, 2020).
Unlike the AACSB International, ACBSP approves two-year business degree programs and Business Schools programs and other master’s programs and doctoral degrees in business (Ewell, 2008). Also, the association certifies business and accounting for all levels; bachelor’s, master’s, and doctoral degrees. ACBSP is a new organization created in 1989 to provide accreditation for business programs at all levels and Business School programs (Ewell, 2008).
IACBE
The IACBE is a non-profit organization that accepts educational credentials to accredit business schools and programs. The organization was created in 1997 and provides certification in business and business-related programs. Accreditation is given to institutions that offer the top online Business Administration degrees (George, 2018).
The IACBE’s accreditation process necessitates that the business education system makes preparations for a detailed study that showcases adherence with the IACBE’s “Accreditation Guidelines,” which serve as accreditation performance standards (George, 2018). An impartial panel of experienced peer reviewers should also visit a business education unit on-site. The self-study of the business unit, the report of the visiting team’s findings, and the business unit’s replies to the information are then examined by the IACBE Commission Board, which evaluates the state of the institution’s business plans.
Accreditation from the IACBE is a method for trainees, families, the corporate sector, and other educational authorities to ensure that the business education system adheres to the correct specifications and continues to pursue industry standards in business education. Furthermore, recognized institutions have proven a commitment to ongoing improvement, excellence in business education, and higher educational quality (George, 2018). Accreditation indicates that the processes of the degree in the business department are robust enough to be deemed high-quality programs and that the business education unit is successful
Analysis
Accreditation requires standards that define the framework for business education and training, which includes critical skills in formal writing, verbal communication, information management, and global diplomatic, organizational, legal, technological, and social factors, as well as global financial theories, organizational theory, and informed solid evidence judgment. Whereas the curricular guidelines for Business School programs from AACSB International are not significantly different from those of other accrediting organizations, the AACSB Consortium is expected to place a greater emphasis on work in the area of business management, which is typically performed at business schools affiliated with significantly more prestigious academic institutions (Lineros & Runyan, 2020).
The accreditation by the AACSB International, ACBSP, and IACBE indicates that the Business School program voluntarily submits to a formal organizational testing program and meets or exceeds certain levels of education and training in the field of business management. It provides credibility and may enhance the reputation of the department or school where the Business School program is offered. It is one of the things that applicants should consider when researching Business School programs. It may also be a factor considered by some employers. AACSB International is an old and well-recognized accreditation body, and older Business School programs offered by major research institutes and public universities are more likely to be accredited by AACSB International (Lineros & Runyan, 2020). Small colleges and universities are more likely to have Business School-accredited Business School programs by IACBE. There is nothing special about the accreditation offered by the three organizations: while each has its philosophy and method of validating Business School programs, there is a general agreement on what constitutes basic student training in the Business School program.
The IACBE accreditation process incorporates continuous quality development, provides social openness, and is based on principles that reflect ethics and commitment, strategic planning, business curriculum, professional qualifications, student learning outcomes, institutional processes, and innovation in the business curriculum. International Accreditation Council for Business Schools is the newest of the three major organizations that provide accreditation for Business School programs and other types of business programs. When it was established in 1997, its stated purpose was to give certification to business plans based on the theme that prioritizes school policy and student performance within those programs (Lindstrom, 2017). As stated in the IACBE Objective, “IACBE’s vision is to be a leader in policy-based empowerment and business education and education.” In addition to Business School degree programs, IACBE accepts business related programs for bachelor’s, master’s, and doctoral degree levels in a business that offers institutions with a bachelor’s degree and a degree in business, but not in programs that only provide related degrees (Gaston, 2018). The purpose of the IACBE curriculum, as stated in the latest IACBE Authorization Process Manual, is based on the following principle: “The curriculum in business plans reflects the institutional policy and its business unit of education, and is in line with the current, acceptable business. practices and expectations of experts in the education and business community. ”
The IACBE is the newest three major accrediting agency for Business School programs. IACBE also approves other business and business degree programs, such as master’s degrees and doctoral programs. Each of the three authorized organizations operates independently and has its own rules for examining the eligibility and accreditation of specific Business School programs offered by regionally accredited colleges and universities (George, 2018). Public colleges, four-year schools, and US universities can apply for and earn institutional certification from one of the US Department of Education’s seven regional accrediting commissions. This regional accrediting system allows tertiary institutions to self-regulate to ensure that member schools meet or exceed the minimum institutional and academic integrity requirements. Accreditation is granted to the institution as a whole, not to a specific program offered by that school. Since 1916, the AACSB International has been accrediting Business School and other business degree programs in the United States and across the world (Hadidi, 2018). A professional organization oversees a comprehensive program that assesses Business School programs based on qualifications, curriculum objectives, and overall educational aims.
Summary
In summary, accreditation provides performance standards that help motivate educational institutions to improve their programs. It also includes accountability for institutional education policy and creates mechanisms to ensure professionalism, such as medicine and law. In addition, it helps prospective students identify high-quality institutions, making it easier for students to transfer from one institution to another. Accreditation is also one of the tools used to determine which institutions and programs are eligible for public and private funding. The accreditation by the AACSB International, ACBSP, and IACBE indicates that the Business School program voluntarily submits to a formal organizational testing program and meets or exceeds certain levels of education and training in the field of business management. It provides credibility and may enhance the reputation of the department or school where the Business School program is offered. It is one of the things that applicants should consider when researching Business School programs. It may also be a factor considered by some employers. AACSB International is an old and well-recognized accreditation body, and older Business School programs offered by major research institutes and public universities are more likely to be accredited by AACSB International. Small colleges and universities are more likely to have Business School-accredited Business School programs by IACBE. There is nothing special about the accreditation offered by the three organizations: while each has its philosophy and method of validating Business School programs, there is a general agreement on what constitutes basic student training in the Business School program.
References
Boršič, D. (2016). AACSB business accreditation: Third ISER update.
Ewell, P. T. (2008). U.S. accreditation and the future of quality assurance: A tenth-anniversary report from the council for higher education accreditation.
Gaston, P. L. (2018). Higher education accreditation: How it’s changing, why it must. Stylus Publishing, LLC.
George, B. (2018). Choosing the right kind of accreditation for a business school: A comparison between AACSB, ACBSP, and IACBE. Journal of Research in Higher Education, 2(2), 45-61. https://doi.org/10.24193/jrhe.2018.2.3
Hadidi, R. (2018). The 2013 AACSB business accreditation standards and its three thematic areas of innovation, impact, and engagement, new incentives to obtain and maintain accreditation. Journal of Academy of Business and Economics, 14(4), 17-24. https://doi.org/10.18374/jabe-14-4.2
Lindstrom, P. (2017). Business school accreditation—Lessons learned. Erfolgreiche Universitätsverwaltung, 239-252. https://doi.org/10.1007/978-3-658-16125-5_16
Lineros, J., & Runyan, B. (2020). AACSB standards nine and A5: Requirements and resources. https://doi.org/10.26226/morressier.5f0c7d3058e581e69b05d1b6
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