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Why is accreditation important for a business school?

Here's what getting an accreditation involves and why itís important.
BY Bond University |   01-06-2018

In a global employment marketplace where you could be competing against graduates from one of some 13,000+ business schools worldwide, how can you make sure that your degree will stand out from the crowd?

Every employer and recruitment consultant will tell you that all business degrees are not created equal. When they’re faced with an inbox full of job applications, you can bet that the ones they open first will be from applicants who have attended the best business schools.

What makes these schools the best is the independent recognition that they meet and exceed global industry standards … aka ‘accreditation’.

In the world of business education, the two most recognised accreditations are:

  • AACSB – The Association to Advance Collegiate Schools of Business is a US-based organisation that accredits colleges and universities worldwide that offer the best of everything – from the highest merited faculty and demanding business curricula through to the most outstanding career opportunities not offered by other schools. Only 5% of the world’s business schools have succeeded in achieving AACSB accreditation and only 15 universities in Australia.
     
  • EQUIS – The EFMD Quality Improvement System is managed by the European Foundation for Management Development (EFMD) and has been granted to less than 2% of business schools globally. The application process is extremely rigorous and incorporates all activities and sub-units of the institution including research, e-learning, provision for executive education and community outreach.
     

According to Bond Business School’s Business Director Makarand Parulkar, “Accreditation is not easy to come by. The process of earning AACSB accreditation can take between two and seven years, and EQUIS takes up to three years.

In fact, EFMD hold seminars around the world to help institutions understand the accreditation process. These seminars are regularly sold out but still there are only 176 business schools globally that have achieved EQUIS accreditation.”

Bond University is one of only eight business schools in Australia that holds dual AACSB and EQUIS accreditation. “Both of these accreditations involved a comprehensive application process incorporating the school’s curriculum, grading systems, teaching staff, facilities, resources and graduate outcomes, followed by an onsite visit by the respective review teams,” said Mr Parulkar.

AACSB-accredited institutions are further required to go through the Continuous Improvement Review process every five years, while EQUIS accreditation must be renewed every three or five years.

“It sounds like an onerous process – and it is,” said Mr Parulkar.

“But the on-going application and renewal process ensures that we are constantly examining our practices and making sure we meet the highest standards of global best practice.”

One of the less obvious benefits of attending an accredited university is that such institutions tend to attract higher calibre students and offer better career outcomes.

“EQUIS specifically demands a high degree of internationalisation and close interaction with the corporate world,” said Mr Parulkar.

“As such, you’ll benefit by meeting and building networks with academic achievers and future leaders from all over the world. Recruiters also know that the best graduates will be found in accredited schools, giving our students access to the best internships, work placements and graduate opportunities.”

For more information on studying on the Gold Coast, go to www.bond.edu.au or contact Rajiv Chadda from Bond University on rchadda@bond.edu.au.

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