The UGM Faculty of Economics and Business (FEB UGM) has successfully maintained its accreditation status from the prestigious international business school accreditation body, The Association to Advance Collegiate Schools of Business (AACSB), marking the third consecutive time FEB UGM has achieved it.
FEB UGM first earned this accreditation in 2014, becoming the first business school in Indonesia to be AACSB accredited. Subsequently, FEB UGM successfully maintained its first reaccreditation in 2019 and the second in 2024.
The Dean of FEB UGM, Professor Didi Achjari, stated that the successful maintenance of this international accreditation is proof of recognition that the educational processes, human resources, infrastructure, and student achievements at FEB UGM adhere to “best practices” and are on par with leading universities worldwide.
With the mission to nurture future-ready leaders in economics and business to foster sustainability, FEB UGM is firmly committed to continuing its contribution to education, research, and community service that has a broad impact on society.
“FEB UGM has undergone two reaccreditations or extensions of accreditation as part of a continuous process for improvement. With this reaccreditation achievement, we reaffirm our commitment to ongoing improvement and enhancing the quality of education, research, and contributions to society at both national and global levels,” he said on Friday, Jul. 5, 2024, during a press conference at the FEB UGM campus.
Professor Achjari emphasized that the accreditation obtained is not merely a certificate. This accreditation is proof of the improvements and quality enhancements in various fields, particularly in the tri-dharma of higher education.
“The AACSB accreditation achievement proves that all the tri-dharma activities conducted by FEB UGM have a broad impact on society and the business world. This aligns with UGM’s mission and vision to become a world-class, excellent, and innovative university that benefits society,” the dean explained.
Professor Achjari mentioned that the AACSB recognition is an achievement for FEB UGM and the result of hard work from the academic community (lecturers, students), professional staff, alumni, and partner support.
The AACSB accreditation achievement obtained by FEB UGM in 2024 feels even more special.
FEB UGM has successfully expanded the scope of study programs accredited by AACSB International, including undergraduate, master’s, and doctoral programs under the Department of Economics.
Thus, 13 study programs, from undergraduate to doctoral levels, in the Departments of Accounting, Economics, and Management have received AACSB accreditation.
This demonstrates FEB UGM’s dedication to providing high-quality education relevant to global needs.
The Vice Dean of FEB UGM for Academic and Student Affairs, Dr. Bayu Sutikno, added that the AACSB International reaccreditation also marks the quality of the entire learning process at FEB UGM, comparable to business schools worldwide.
“Only 6 percent of business schools worldwide are AACSB accredited. Therefore, the AACSB reaccreditation achieved by FEB UGM shows an extraordinary achievement,” he explained.
Dr. Sutikno stated that this AACSB International reaccreditation opens up new, larger opportunities for developing educational programs, including providing broader international exposure.
Additionally, this reaccreditation opens more doors for students and lecturers to gain international experience, such as student exchanges, double degree programs, international summer courses, joint research, visiting professors, and more.
FEB UGM has partnered with over 78 university partners in various countries worldwide.
Moreover, this reaccreditation also opens opportunities to develop innovative online learning courses internationally, such as the Digital Accounting Transformation course organized by FEB UGM in collaboration with the Partnership of Asian Management Schools (PAMS).
Additionally, there are programs and courses on sustainability issues. For example, the ASEAN Master in Sustainability Management program, in collaboration with the University of Agder and AUN-BE, offers a collaborative MBA program.
This program brings together various academic and practical perspectives to address sustainability challenges.
Dr. Sutikno explained that achieving the second AACSB International reaccreditation brings greater responsibility for FEB UGM to expand its positive contributions to society.
“The AACSB International accreditation achievement is the result of the efforts of all academic community members. This is not the end of the journey but rather a step towards continuously providing the best quality education to produce future leaders with a sustainability perspective and impacting society,” he stated.
Meanwhile, Dr. Suyanto, the Vice Dean of FEB for Finance, Assets, and Human Resources, added that since being accredited in 2014, FEB has continuously strived to improve a sustainable and internationally standardized support ecosystem.
One effort is developing international standard facilities and infrastructure, providing laboratory facilities and online learning resources, including databases such as Bloomberg, CEIC, and Osiris, and developing the Learning Academic and Multimedia Production (LAMP) to create various online learning models.
Furthermore, it provides facilities that are friendly to all groups, including people with disabilities and applies Cleanliness, Health, Safety, and Environmental Sustainability (CSHE) principles in all campus activities.
He continued that FEB UGM simplifies business processes to make them more accessible, efficient, and faster by utilizing information technology as an enabler.
One example is forming the LAMP unit to prepare learning materials in the digital era and strengthening the Faculty of Economics and Business Information System Unit (SIFE) by developing applications and information systems.
FEB UGM also allocates organizational resources focused on improving the competence and capacity of lecturers and professional staff to provide the best service to students.
Lecturer qualifications according to national and international accreditation standards are enhanced by providing MOOC (massive online and open courses)-based teaching/education grants, independent, competitive, and collaborative research grants, and community service grants through clinics by laboratories and study fields.
“Additionally, capacity development for lecturers and professional staff is provided through scholarships for further studies, training programs, development, and certifications to enhance competencies,” Dr. Suyanto said.
The AACSB International accreditation obtained by FEB UGM, said Vice Dean of FEB UGM for Research, Community Service, Cooperation, and Alumni, Dr. Gumilang Aryo Sahadewo, provides new opportunities to establish broader partnerships with leading business schools worldwide and opens opportunities for student and lecturer exchanges, international conferences, joint research, and other collaborative initiatives.
For example, FEB UGM has built online learning collaborations with five international partner universities within the Partnership of Asian Management School (PAMS).
FEB UGM also developed the ASEAN Master in Sustainability program for ASEAN and Norwegian students in collaboration with the University of Agder. The Norwegian government fully funds this program.
The AACSB International reaccreditation achievement in 2024 completes the recognition of FEB UGM’s educational quality.
In 2024, FEB UGM also received the “Excellent” accreditation from the Institute of Accreditation for Economics, Management, Business, and Accounting Programs (LAMEMBA) for the first time.
Previously, the accreditation was obtained from BAN-PT in recognition of the international AACSB accreditation.
This year, 12 programs from undergraduate, master’s, doctoral, and professional levels at FEB UGM, which were accredited “spartan” from January 2024 to April 2024, all achieved the highest rating of “Excellent” from LAMEMBA.
This marks the first time FEB UGM participated in national accreditation by LAMEMBA, not just a conversion or recognition from international accreditation, alongside the AACSB accreditation.
The simultaneous achievement of excellent LAMEMBA accreditation (12 programs) and international AACSB accreditation (13 programs) in 2024 would not have been possible without the support of all parties, including lecturers, students, professional staff, alumni, and partners, as well as the support from the rector and the team at UGM’s Central Office.
The Dean of FEB UGM expressed gratitude for the support and contributions from everyone involved in this achievement.
FEB UGM interprets the success of international reaccreditation and excellent accreditation from LAMEMBA as an opportunity to enhance contributions to the nation and the world.
FEB UGM remains strongly committed to providing world-class higher education services to students from Sabang to Merauke with various economic backgrounds and focusing on impactful research and publications for a broader society.
Through AACSB international reaccreditation and LAMEMBA excellent accreditation, FEB UGM is increasingly rooted and soaring high.
Author: FEB UGM/Kurnia Ekaptiningrum
Post-editor: Lintang