Many students who are considering a degree in finance often wonder if there is a specific finance accreditation that they should be looking for as they compare and contrast programs in this subject area. Currently, there is no separate accrediting agency that is concerned solely with financial degree programs in the United States. Instead, colleges and universities have left the accrediting process up to several other, more general agencies that focus on the broader skills and techniques taught in business schools as a whole. Despite the lack of a specific agency for financial education, students should pay attention to the type of accrediting agency that has given their school a seal of approval.
The Association to Advance Collegiate Schools of Business International
The AACSB is widely considered the “gold standard” of business school accrediting around the world. The organization was formed by a handful of American colleges and universities in the 20th century, primarily in the Ivy League and among “Public Ivy” schools with state funding. The agency’s goal was clear: Review academic programs in business and make sure that they’re living up to the expected level of academic rigor, high admission standards, and prolific faculty research, that should be expected of a top-notch program. Thanks in no small part to the lofty standards of the AACSB, this seal of approval has been granted to just 5 percent of business schools around the world.
The AACSB accreditation is important for students who are looking for a financial career after they finish their undergraduate or graduate program. It’s considered the mark of a good program, and it boosts students’ chances of landing a dream job in the industry. Furthermore, the AACSB’s accrediting powers are recognized by academic employers. Anyone looking to teach financial skills to students in the future should pursue an AACSB degree if they wish to stand the best chance of being hired for the job.
The IACBE and ACBSP: Competition for Accrediting Business Programs
Some schools have not been accredited by the AACSB, but they still have at least one additional, professional mark of achievement. The ACBSP is the second-largest accrediting body for financial and business education programs, with schools bearing the agency’s seal of approval throughout the United States, Canada, Europe, and Asia. While not as prestigious as the AACSB, this seal of approval focuses more heavily on teaching methods and content. That means schools who have been accredited by the ACBSP may have stronger academic requirements and course-related student outcomes. The same is largely true of the IACBE, which focuses on accrediting smaller regional institutions in the United States. Both of these accreditations indicate a high-quality program for students in a financial course of study.
A Key Seal of Approval for Financial Programs Nationwide
When it comes to finding the best program for any business-related field, the first thing to understand is that a regional accrediting body is the most important. This body determines if a school can offer financial aid funds, or whether a student can transfer credits in and out to other institutions. Beyond that benchmark, however, students with an interest in financial services should make sure that their school has one of the three prominent business accreditations. While AACSB is the best one to look for, a finance accreditation from any of the three agencies will improve a program’s standing as students pursue further endeavors in this growing occupation.
