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When a Delhi-based business school (B-school) wanted to appoint a consultant to "reinvent" itself, it was startled that for this self-improvement exercise, it would have to cough up a crore of rupees to the one it planned to appoint.
The B-school instead decided to go for an international accreditation. "It has worked out better. While we certainly spend money on getting accredited, in the bargain, we not only learn of our shortcomings and improve upon them but also enter the league of international B-schools by means of a global accreditation," said the director of the institute.
In the past few years, several B-schools have followed this trend. Interestingly, one accreditation is not enough. B-schools now want the triple crown - Association to Advance Collegiate Schools of Business (AACSB), Association of MBAs (AMBA) and European Quality Improvement System (EQUIS).
In India, five business schools are accredited to AMBA - IIM-Kozhikode; IIM-Lucknow; IMI, Delhi; Management Development Institute, Gurgaon; and SP Jain Institute of Management and Research, Mumbai. Two B-schools have received AACSB accreditation - TA Pai Management Institute and the Indian School of Business. Two have received EQUIS accreditation - IIM-Bangalore and IIM-Ahmedabad.
To Pritam Singh, director, International Management Institute, having all the three crowns is important. "We already have the AMBA, SAQS and NBA accreditation. We have now applied for an AACSB accreditation. Our object is to have the three crowns," Singh said.
A clear advantage of jumping on the accreditation bandwagon that many B-schools see is international recognition, status and exposure. "We chose to go in for an EQUIS accreditation because this is an accreditation through which agencies outside India - our stakeholders, our partners, our potential partners - know, recognise and understand. It works like an anchor. We show up on that page," said Professor Devnath Tirupati, dean (academic) and director in-charge, IIM-Bangalore.
IIM-Bangalore says the institute is thinking about an AMBA or AACSB accreditation and it may decide to go in for one or more. "Probably more people in the US know about AACSB and they look for it as their universities and colleges look for AASCSB accreditation just like how in Europe, they look for EQUIS accreditation. Basically, accreditation is to make our presence known outside and get acceptance," added Tirupati.
The IIM-Calcutta, which received its AMBA accreditation last week, has also applied for an AACSB accreditation. Its peer, IIM-Bangalore holds an EQUIS accreditation and is thinking of going in for an AACSB or an AMBA accreditation.
Given the accrediting bodies assess a B-school on various parameters, including infrastructure, faculty, students, placements, innovation, research, teaching effectiveness and executive education among others, the gains accreditation accrues an institution explains the rush among B-schools to seek one.
"An international accreditation gives us recognition that we are doing fundamentally well. It allows you to know your strengths and weaknesses and assess where you stand vis-à-vis your peer institutes. It puts you in the international league of B-schools," said Saibal Chattopadhyay, director, IIM-Calcutta.
Of the 15,000 business schools in the world, approximately 4,000 are in India. However, only 0.50 per cent of these have received accreditation from an international body.
To B-schools, tangible benefits of an international accreditation are many. From being able to attract global faculty and students on campus, the B-schools say they can also create price differentiation (higher fee) and justify the same.
"Many international students and faculty members, looking at India as a study or work destination, refer to these accreditations. A B-school can attract international students and faculty by means of such accreditation. Also, it helps their international ranking," said Singh.
Tirupati, however, differs. "Not that they (B-schools) will all get too many students from abroad because we have enough good students here, but we would certainly like diversity. In a way, we are a little different from countries that bring in foreign students mainly to make money to support themselves and their programmes. We look to foreign students to bring in diversity and add value to our programmes."
IIM-Bangalore, which received its EQUIS in 2010, has been re-accredited by EQUIS for the next three years.
"For many, India is still a mystery and they may have their own doubts. Accreditation helps us when we are looking at getting recognition through global rankings. An EQUIS or an AASCSB accreditation or an AMBA accreditation is an element which they (rankings) consider," said Tirupati.
"More important, it is to bring in students - we have many student exchange agreements with top universities across the world. Exchange students have a choice and if they ask themselves why they should come to IIM-B as opposed to choosing another school, then an EQUIS accreditation or an AASCSB accreditation or an AMBA accreditation could help answer some of their questions," he added.
To Indian School of Business, the second B-school in India to receive an AACSB accreditation, it has led the institute to revamp its curriculum and formulate standards for assurance of learning, which will help measure ISB's performance in teaching management. For example, ISB continuously assesses how well it performs in achieving the learning goals for its programmes - such as critical thinking and a global perspective in decision making. "Such regular measurements drive continuous programme improvement, which is a hallmark of any top quality institution," says Ajit Rangnekar, dean, ISB.
AACSB took more than four years to complete the accreditation process and it has helped ISB provide a direct assurance of quality to students, faculty and other international schools, as well as improve ISB's ability to attract international students. "The achievement further strengthens ISB's mission to put India on the world map of top quality management education by consolidating our global position," added Rangnekar.
MAKING PRESENCE FELT
HOW GLOBAL ACCREDITATION HELPS
- Students: Helps chose from an over-crowded market offering MBA qualification
- Institutes: Helps attract international students and faculty increasing diversity on campus
- Rankings: Allows better international ranking, credibility, status and exposure. Widens network
- Employers: International companies visit campus for placements
AMBA: 6 AACSB: 2 EQUIS: 2
