Education plays the key role in the development of any nation. It is the fundamental enabler of the knowledge economy which lays the foundation for a continuous and equitable growth of any country. The continued strong growth of the Indian knowledge economy demands a high supply of quality graduates to cater to its growing and complex needs.
Quality Education imparts in-depth knowledge and understanding so as to elevate the students to new frontiers of knowledge in different walks of life. A professional degree is an important prerequisite for success in the business world. It is very difficult to get an entry point in the business world without proper professional education.
India has one of the largest higher education systems in the world, with 903 University, 39050 Colleges and 10011 Stand Alone Institutions with Gross Enrolment Ratio (GER) of 25.8%, which is calculated for 18-23 years of age group. The enrolment for Higher Education is 36.6 million which includes enrolment of 57840 in MBA, 25305 in PGDM and 3431 in PGPM . Is the business world ready to accommodate all these and many more who walk out after several other courses into the job market?
In order to mark its presence in the global market, India needs to produce professionals with absolute global business lookout. The corporate world is very competitive and demands quality. How many of the students passing out with MBA Degrees are ready to prepare for the rigours and the challenge of the corporate world?
Important factors to prepare yourself for the corporate world
One of the most important factors replying to the above question is the Institute from where you are completing your MBA. There are various parameters that should be considered while selecting a B-School. Few of these parameters are Teaching Pedagogy, Faculty Resources, Infrastructure, Location of the Institute, Alumni strength etc. Accreditation is also one of the key parameters which helps in the selection criteria of a B-School. Accreditation is now becoming the most dominant form of quality assurance indicators for management institutions across the globe.
Accreditation is a process of quality assurance and improvement, whereby a programme in an approved Institution is critically appraised to verify that the Institution or the programme continues to meet and/or exceed the Norms and Standards prescribed by the regulator from time to time. It is a kind of recognition which indicates that a programme or Institution fulfils certain standards.
Accreditation has a direct impact on improvement and development of any B-School. It is a quality based standard process used by higher education systems to scrutinise colleges, universities and higher education programs for quality assurance and quality improvement.
Main parameters for accreditation
There are mainly two types of parameters for accreditation namely (a) institutional and (b) programmatic.
Institutional accreditation includes the review on the quality assurance of complete educational institutions including Academic and Non-Academic factors, while Programmatic accreditation reviews only a particular program within institutions.
Presently, there are various accredited bodies at national and international levels. The Premium Business Schools are very keen to have international accreditation. The acceptability of international accreditation agencies is very high among 1st Tier B-schools in India.
National Assessment and Accreditation Council (NAAC) and National Board of Accreditation (NBA) are the two prominent Govt Accredited Besides in India. NAAC is applicable for the Accreditation of the entire Institute or University whereas NBA is for a particular Program.
Similarly, The Association to Advance Collegiate Schools of Business (AACSB), The Association of MBAs (AMBA), The European Quality Improvement System (EQUIS) , South Asian Quality Assurance System (SAQS) , The Accreditation Council for Business Schools and Programs (ACBSP) are International Accredited Bodies.
Accreditation helps in improving the Quality of Education which ultimately enhances the Brand Value of any B-School. Today, students and parents are expecting to have a good placement after MBA which is possible from B- Schools having Excellent Quality of Education. Accreditation always helps these institutes to deliver Quality Education which can be possible through continuous improvement in Teaching Pedagogy, Alumni Strength, and Excellent Placement Records.
Benefits & Significance of Accreditation
· Institutions came to know its strength, weakness, threat and opportunities through its review process.
· Helps in identifying the internal areas of planning and resource allocation.
· Collegiality on the Campus
· Help in generating fund from various funding agencies
· An institution starts applying various innovative and modern teaching pedagogy.
· Help to attract prospective recruiters on the basis of reliable information on the quality of education.
Demonstrates accountability to the public.
Demonstrates the commitment to excellence.
Strengthens consumer confidence.
Facilitates continuous Quality Improvement.
Improves staff morale.
Recognizes the achievements/innovations.
Facilitates information sharing.
Gives Institutions a new sense of direction and identity.
Provides society with reliable information on the quality of education offered.
Promotes Intra and Inter-Institutions interactions.
