Choosing the right business school for your bachelor’s or master’s degree can be a herculean task when you don’t know what to look for. With an ever-increasing number of business schools coming up each year, it can get difficult not to get pulled into the charms of an institution that doesn’t provide you with the quality of education you are looking for.
If you are unable to receive high-quality education, your future prospects in terms of jobs can also be compromised, leaving you with a degree that isn’t recognized across the country. This is not the ideal scenario for any student who has spent thousands of dollars and an uncountable number of hours in completing that degree.
If you are looking to avoid such a situation, it is recommended that you look at the accreditation of the program that you are applying to, which will clarify any doubts about the course’s legitimacy.
What Is Accreditation?
Before we get to the ACBSP vs AACSB debate, it is important to understand what exactly is accreditation. In literal terms, accreditation is the process through which something is recognized as being qualified to perform a specific function. Accreditation is one of the very important processes that allow the student to know how his or her higher educational institution has fared in front of a peer-reviewed board.
There are multiple criteria that are taken into consideration when an institution is being assessed in the accreditation process. Of these, the more important ones are admissions, the reputation of faculty, quality of programs offered and other such factors. In order for an institution – or a specific program – to be accredited, it has to pass a strict review carried out by members of the faculty and experts from the field. For example, a review board for business programs will include personnel that has showcased a level of success in the field.
The two most popular accreditation authorities – with regards to business schools – are discussed in some detail in the ensuing paragraphs. After looking at the differences between the two associations for accreditation, you will be better equipped to pick a program that is accredited in the manner that you prefer.
Association to Advance Collegiate Schools of Business (AACSB)
There are two different types of accreditation – institutional and specialized. Before talking about ACBSP vs AACSB, it is important to understand the difference between the two types of accreditation. The former is where an entire university or college is accredited, as is the case with AACSB or the Association to Advance Collegiate Schools of Business. Specialized accreditation will be discussed in the next section, where specific programs of an institution receive accreditation.
The AACSB was set up as a quality assurance measure to ensure that some quality was maintained when it came to the functioning of business schools and the education that they imparted. This is a global body, whose different features are discussed in greater detail below.
History
Originally set up in 1916 as the “American Association of Collegiate Schools of Business”, the AACSB is one of the oldest bodies in the world that look into the accreditation of institutions to ensure quality. With institutions like Harvard University, Yale University, Columbia University, University of California at Berkeley and others as the founders, this board carries out accreditation in 90 countries across the world.
Number of Institutions
The AACSB has accredited almost 800 programs and institutions across 90 countries. Some examples of universities only offering on-campus MBA programs are Harvard University, Stanford University, University of California, Berkeley, University of Pennsylvania, Massachusetts Institute of Technology (MIT) and so on. There are also some universities with hybrid or online courses, for example, Duke University, Carnegie Mellon University, University of Illinois, Indiana University and the University of North Carolina, amongst others.
Accreditation Costs
The accreditation costs associated with AACSB are relatively higher, with the initial process costing the institution close to $30,000. There is also a yearly fee – close to $6,000 or business institutions and under $4,000 for those offering only accounting programs – and additional improvement review cost – over $5,500.
Accreditation Council for Business Schools and Programs (ACBSP)
When compared to the AACSB, the Accreditation Council for Business Schools and Programs – or the ACBSP – is relatively newer. This council for accreditation is more inclusive than the former, as it not just accredits institutions but also specific business-related programs across levels. While AACSB does not take part in the accreditation of associate degrees, ACBSP has a much wider scope that includes two-year associate degrees in addition to regular bachelor’s, master’s and doctoral programs. A big difference between ACBSP vs AACSB is that the former is less research based in its outlook. Instead of putting additional emphasis on the quality of research, this board concentrates on the teaching aspects.
History
This council was set up in 1988 to offer a more inclusive platform for accreditation. The ACBSP does not look at overall institutions to provide the accreditation. Instead, it looks at the program as an individual entity and gives recognition to two-year courses run at community colleges across the country.
Number of Institutions
While the ACBSP is only available in 50 countries – almost half of the number of countries where AACSB is accepted – it has given accreditation to close to 3,000 different programs. If you are looking for some of these institutions that offer an on-campus MBA — Ferris State University, Texas Lutheran University, La Roche College, Hood College and Florida A&M are all recognized by the ACBSP. When it comes to institutions offering online and hybrid courses, Ohio Dominican University, Texas A&M University – Central Texas, Chadron State College and Colorado Technical University are some examples.
Accreditation Costs
The accreditation costs associated with ACBSP accreditation are also much lower. While membership stands at about $2,000 per year, the initial fee for application is $2,500. Including all miscellaneous costs, the total figure comes out to over $15,000 for the complete process.
Wrap-Up
The course that you choose to apply for should be recognized by the right authorities in order for it to be helpful for you in the long run. While the bigger universities receive accreditation by the AACSB, associate courses and others usually receive ACBSP accreditation.