Hong Kong is in a great position to capitalize on its advanced education system, especially with the government planning to raise standards further through making the sector one of six it is focusing development efforts on. To compete with other business schools in Asia for talented staff and student, the Association to Advance Collegiate Schools of Business says the key is accreditation.Founded in 1916 in the United States, the AACSB is the largest global accrediting body. It recently opened its first Asian headquarters in Singapore.
Only 568 schools in 33 regions, about 5 percent of all business schools in the world, are accredited. These include the Hong Kong University of Science and Technology, Chinese University and City University.
"With China slowly opening up to market economy, business graduates are in demand. Hong Kong can select the best students in the region with its quality education system to maintain its leading position," said John Fernandes, president and chief executive.
"We hope to provide better infrastructure and expertise to assist member schools to further improve the standards of business education. The boom in Asia, especially China and India, caused a shortage of good scholars. Our accreditation can help lure staff to Asia."
To earn accreditation, institutions must submit a proposal stating the objectives of their programs, which will be reviewed by a panel of deans. The process takes three to five years.
"It takes only one program that is not up to par to stall the whole accreditation," said Fernandes. "Yet through connecting the school deans, they can learn from each other and come up with specific approach to advance business education in the region."
