Memorial University’s Faculty of Business Administration has successfully renewed its international accreditation to hold its place among the top business schools in the world.
The faculty is among 65 business schools across the globe to extend accreditation by the Association to Advance Collegiate Schools of Business (AACSB) International, the longest serving global accrediting body for business schools that offer undergraduate and graduate programs in business and accounting.
There are 923 AACSB-accredited business schools in 60 countries and territories.
Preparing students for success
“Accreditation by AACSB is an important indicator that our programs are on par with any business program in the world,” said Dr. Isabelle Dostaler, dean of the faculty. “It is difficult to earn and maintain accreditation, and I would like to thank all of our staff and faculty members who have supported this process. Ultimately, AACSB accreditation ensures that our students are receiving a high quality education that prepares them for successful careers anywhere in the world.”
Memorial’s business faculty was first accredited in 2002 — the first business school in Atlantic Canada to achieve this distinction — and is currently one of 25 Canadian schools to hold AACSB accreditation. This is the third time its accreditation has been renewed.
President Vianne Timmons says the prestigious accreditation supports the university’s vision for the future as outlined in its strategic plan, Transforming Our Horizons.
“We’re proud to have one of the best business schools in the country at Memorial.”
“The business faculty’s focus on continuous improvement, real-world relevance and program excellence helps Memorial University to contribute to an economically prosperous and sustainable province,” said Dr. Timmons. “We’re proud to have one of the best business schools in the country at Memorial and to offer students a top quality business education that stands against the best in the world.”
New programs, centres and research activities
Since the faculty’s last renewal in 2017, it created two new graduate programs: a graduate diploma in business administration and Canada’s first master of business administration in social enterprise and entrepreneurship.
It also redesigned its undergraduate curricula for 2022 to include a bachelor of commerce and bachelor of commerce (co-operative) program.
In 2018 the faculty launched Canada’s first joint undergraduate degree in music and business administration in partnership with Memorial’s School of Music.
Also in 2018, the faculty created the Husky Centre of Excellence in Sales and Supply Chain Management. In 2016 it was a partner in developing the Memorial Centre for Entrepreneurship and the Centre for Social Enterprise.
The faculty earned its first Canada Research Chair (Tier 1) with social enterprise researcher Dr. John Schouten in 2018.
AACSB accreditation renewal involves a rigorous multi-year process of internal and peer review, continuous improvement and strategic planning.
This is the first renewal cycle focused on new accreditation standards that were launched in 2020, which emphasize diversity and inclusion as well as a principles-based, outcomes-focused approach to ensure relevance for business schools into the future.
The nine standards are organized into three categories: strategic management and innovation; learner success and thought leadership; and engagement and societal impact.
A peer review team conducted a virtual visit of the faculty in November 2021.
Dr. Dostaler says the team was impressed with the faculty’s increased intellectual research contributions since the last review and the university’s special obligation to the people of Newfoundland and Labrador, which is reflected in a unique vision and mission for the faculty.
“I’m particularly pleased that the peer review team recognized the emphasis we put on making a positive contribution to society.”
Its mission is to inspire students to be innovative and entrepreneurial and to guide them towards global success, to undertake scholarship that has local and global relevance, and to serve as a catalyst for the success of people and organizations in Newfoundland and Labrador and beyond.
Its vision is to be recognized for contributing to a prosperous, entrepreneurial, sustainable and socially equitable world.
“I’m particularly pleased that the peer review team recognized the emphasis we put on making a positive contribution to society,” said Dr. Dostaler. “This tells us that the work we are doing is supporting our strategic priorities of championing change, educating through experience, innovating through research and eliminating barriers through partnerships.”
Memorial’s business faculty has 2,830 undergraduate students, 151 graduate students and more than 10,000 alumni worldwide.