Business College’s Business and Accounting Programs Are Reaccredited
April 03, 2013
Gilbert Yochum
Old Dominion University's College of Business and Public Administration (CBPA) recently received a five-year reaccreditation from the Association to Advance Collegiate Schools of Business (AACSB) for both its business and accounting programs. AACSB is the longest-serving global accrediting body for business schools that offer undergraduate, master's and doctoral degrees.
The peer review team (PRT) assigned by AACSB to conduct both the on- and off-site reviews of the CBPA's business and accounting programs was on campus in late February. In its report to AACSB's Business Accreditation and Accounting Accreditation committees, the PRT commended the CBPA for its strengths and unique features, such as the one-of-a-kind maritime and port management track in the M.B.A. program, and the diversity of its award-winning faculty and student body.
"The PRT conducted an extremely thorough review of our programs. It was gratifying to see the list of strengths and unique features, especially given the fact that a typical PRT report includes four or five, while our report included 14," said Dean Gilbert Yochum.
Other strengths highlighted by AACSB include recognition from the International Association of Marine Economists, which ranked ODU eighth in the world in the area of port research and second in the Western Hemisphere.
The business college offers one of only two undergraduate degrees in the country in maritime and supply chain management and supplements classroom instruction with a summer study abroad program featuring tours of the ports of Europe and East Asia. Several faculty members are accomplished researchers in the areas of supply chain management and maritime logistics. The director of the Maritime Institute, Wayne Talley, is an internationally renowned transportation economist.
The AACSB review team also highlighted the Gregory A. Lumsden Trading Room and Research Lab, which opened in 2012 to provide a hands-on research environment for a wide range of disciplines. The report further noted that several business faculty members have received national and international awards and recognitions.
In terms of best management practices, the PRT singled out the college's use of the "Balanced Scorecard" format for its strategic plan, a plan that also benefitted from a true "360-degree" input process from college administration, faculty, staff, students and the CBPA Executive Advisory Council.
The strong relationship the college enjoys with the local and regional business community - through nine separate advisory councils - was also noted. The connections to the business community have been enhanced through the annual State of the Region report and Economic Forecast, the report said.
"The college is extremely fortunate to have individuals who care so deeply about our students and our programs," Yochum said. "Through our advisory councils and our centers such as the E.V. Williams Center for Real Estate and Economic Development (CREED) and the Insurance Center, we are able to forge and maintain numerous strong, mutually beneficial relationships."
ODU's College of Business and Public Administration offers high-quality academic programs in accounting, business analytics, economics, finance, information systems, international business, management, marketing, and maritime and supply chain management.
Its mission is to prepare students, in a global context, both professional and ethically, for successful careers in business, government and nonprofit sectors, and to perform relevant basic, applied and educational research, all for the regional, national and global economic communities.
AACSB accreditation is the hallmark of excellence in business education and has been earned by fewer than 5 percent of the world's business programs. Today, there are 672 business schools in 42 countries and territories that maintain AACSB accreditation. Similarly, 168 institutions maintain an additional specialized AACSB accreditation for their accounting programs.
"It takes a great deal of commitment and determination to earn and maintain AACSB accreditation," said Robert D. Reid, executive vice president and chief accreditation officer of AACSB International. "Business schools must not only meet specific standards of excellence, but their deans, faculty and professional staff must make a commitment to ongoing continuous improvement to ensure that the institution will continue to deliver the highest quality of education to students."
To learn more about the College of Business and Public Administration at ODU visit www.bpa.odu.edu. Or to learn more about AACSB International accreditation, visit the accreditation section of the AACSB International website, http://www.aacsb.edu/accreditation/.