Most traditional universities and colleges have their business study programs accredited by the Association to Advance Collegiate Schools of Business (AACSB). The AACSB was adopted in 1919. The process to become accredited begins with a peer review, meaning that individuals at other universities evaluate its eligibility. The list of standards for AACSB accreditation includes ensuring qualified faculty, ensuring adequate faculty participation in class instruction, and ensuring that faculty contributes intellectually to their discipline by publishing in academic journals. Also required is sufficient student retention and adequate student evaluation methods.
The Accreditation Council for Business Schools and Programs (ACBSP) was founded in 1988 to provide accreditation to institutions that emphasize teaching excellence over intellectual contribution. That is, the criteria for faculty research and publication is relaxed to allow faculty to focus on teaching. This allows practicing experts to teach in addition to Ph.Ds. The ACBSP met a demand for the growing correspondence and online institutions offering business degrees. University of Phoenix's online business programs, for example, is accredited by the ACBSP.
Because of the specific nature of accounting, including the laws and self-governing boards that impose rules, there is a special accreditation for those that major in the business field of accounting. Both the AACSB and the ACBSP offer accounting accreditation. Schools must first be accredited for their business programs, and then may apply for the accounting accreditation. The process to become accredited is similar to becoming accredited for a business program. But because the profession is driven by ethical, legal and peer requirements, the accreditation for self-evaluation and peer evaluation is more rigorous.
In the United States, there is accreditation for specialized programs. The Higher Learning Commission offers institutional accreditation for the entire university or college. Approval is based on five criteria: mission and integrity; preparation for the future; effective teaching; knowledge seeking and sharing; and engagement and service-interested parties -- or constituents, meaning students, future employers and society.