The AACSB is a worldwide organization, boasting a network of 607 schools in 38 countries as of January 2011. Additionally, another 175 schools now maintain the specialized accreditation standards for accounting. Note that this represents only about 5 percent of the world's business schools, indicating the high standards demanded for accreditation. Once granted, accreditation must be maintained by a process of ongoing testing and evaluation.
Most business schools are part of a larger institution, which may already be accredited at some level. Specialized subunits, like business schools, frequently seek accreditation that reflects their specific focus. Any such collegiate business school may seek AACSB accreditation. The process begins with the school performing a self-evaluation. After that document has been evaluated, a peer-review team will be sent to the school to ensure that its curriculum and standards correspond to those of the AACSB. Business schools and accounting schools are evaluated by different criteria.
Business schools are judged on a total of 21 standards. The first five are concerned with what the Association calls "Strategic Management Standards," or how the school attends to its own business. Standards 6 through 15 are centered around students and faculty, or "Participants." The final set of six standards are called "Assurance of Learning Standards," and attempt to evaluate the quality of education received by the school's students.
The process is similar for schools that want their accounting programs accredited. The accreditation is derived from a different set of 15 standards, again divided into the same three categories. In most cases, schools offer both business and accounting degrees, and must satisfy both sets of criteria to be accredited. As with business schools, accounting schools are required to maintain their accreditation on a five-year review cycle.