A good way of checking the quality of a Business School is through the accreditations that it has received from various reputable organizations. The accreditation organizations evaluate the quality standards of a business school through various parameters. Some of them are – Teaching, Faculty, Infrastructure, Placements, Student Life and others.
The two Indian Accreditations that most B-schools look for are of AICTE and NBA. Among the international ones, the most sought after are those awarded by AACSB, AMBA, and EQUIS. In 2018, there were over 90 business schools worldwide that were accredited by all three international organizations.
AICTE or All India Council of Technical Education is the statutory body and a national-level council for technical education, under the Department of Higher Education, Ministry of Human Resource Development. The AICTE accredits postgraduate and graduate programs under specific categories at Indian institutions as per its charter.
The National Board of Accreditation (NBA), India was initially established by AICTE (All India Council of Technical Education) for periodic evaluations of technical institutions and program basis, according to specified norms and standards as recommended by the AICTE council. NBA in its present form came into existence as an autonomous body with the objective of Assurance of Quality and Relevance of Education, especially of the programs in professional and technical disciplines including management. Some of the NBA accredited B-schools are XLRI, TAPMI, Welingkar, Fore among others.
Association to Advance Collegiate Schools of Business (AACSB) accredits business schools offering graduate and undergraduate business programs. As of 2018, there are 820 business institutions in 53 countries and territories that have earned AACSB accreditation. In India, colleges having AACSB accreditation are XLRI, IIMC, ISB, NMIMS, IFIM, TAPMI and IMT.
Association of MBAs (AMBA) accredit MBA, DBA and master’s degree programs at over 240 business schools in over 70 countries. Along with MBAs, it also accredits Doctor of Business Administration (DBA) and Master of Business and Management (MBM) programs. By AMBA standards, for example, students admitted onto an AMBA-accredited program must have at least three years of work experience. Three quarters of a business school’s faculty must have a Master’s or Doctoral degree in a relevant discipline. Some of the Indian B-schools having AMBA accreditation are Great Lakes, IIMC, IIML, MDI, IMI,IIMI, IIML, NMIMS among others.
EQUIS is an international, not-for-profit, membership organisation of business schools and corporations, based in Brussels, Belgium, with offices in Asia and the Americas. It has nearly 900-member organizations from academia, business, public service and consultancy in 88 countries. It is recognized globally as an accreditation body for quality and impact assessment in management with established accreditation services for business schools and business school programs, corporate universities and online courses. In India, the B-schools with this accreditation are IIMA, IIMB, IIMC, XLRI, MDI and others.