The European Foundation for Management Development (EFMD) announced on April 6 a five-year reaccreditation of the Yonsei University School of Business (YSB) under the European Quality Evaluation System (EQUIS), a prestigious international stamp of approval of the school’s educational quality.
This is a renewal and extension of the original three-year accreditation earned in 2012 that made YSB the only Korean institution accredited by two international accrediting agencies—EQUIS and the Association to Advance Collegiate Schools of Business (AACSB)—and the Korea Association of Business Education Accreditation (KABEA). The EQUIS reaccreditation runs through March 30, 2025.
EQUIS is an international accreditation system administered by EFMD, a global institutional accreditation network for business and management education. Following strict standards, EQUIS evaluates institutions on ten criteria. These include strategy, education programs, quality of students and faculty, internationalization, and industry-academic cooperation. Reaccreditation is considered proof of constant development of high-quality business education.
Last year, from December 3rd to 5th, a reaccreditation inspection committee visited YSB to review relevant materials and inspect all aspects of YSB’s operations and programs through meetings with various groups, including faculty members, students, and alumni. The four-member team was led by Etheltroud Hanapi-Egger, principal, WU Vienna University of Economics and Business; its other members were Paolo Boccardelli, dean, LUISS Business School, Rome, Italy; Catherine Cassel, dean of the Birmingham Business School, U.K.; and Philippe Bonnet, vice president of Essilor International, France.
[Commemorative photo taken after the inspection (from the left): Professor Soonhong Min(associate dean of Yonsei Graduate School of Business), Philippe Bonnet, Paolo Boccardelli, Etheltroud Hanapi-Egger, Professor Kil-Soo Suh(YSB dean), Catherine Cassel, Professor Sunju Park(YSB associate dean), Professor Jaehoon Hahn(YSB associate dean)]
Professor Kil-Soo Suh, dean of YSB, said, “In order to achieve reaccreditation, we had to conduct a multifaceted analysis based on human and material foundations. The amount of careful preparation required was quite a burden. However, this process allowed us to thoroughly examine our current status and identify future directions through the eyes of outsiders. The reaccreditation process made us acknowledge our shortcomings. Accreditation goals aside, we will actively implement the suggestions proposed by the accreditation agency to further strengthen YSB as a business education and research institute.”