4-28-03
SCHOOL OF BUSINESS ACHIEVES GLOBAL
STANDARD
OF EXCELLENCE BY EARNING AACSB ACCREDITATION
AACSB International, which sets the global standard for business schools, has awarded accreditation to Penn State Erie's School of Business.
This makes Penn State Erie the first and only institution to earn this distinction of excellence in the Erie region.
Less than 18 percent of the nation's colleges and universities have achieved accreditation from AACSB International (the Association to Advance Collegiate Schools of Business).
View the School of Business Web site
"This achievement reflects the high quality of teaching, research, and outreach activities that our faculty and staff consistently deliver to Erie and the tri-state region," said Dr. John Magenau, director of the School of Business. "After a rigorous review and improvement process, we have now joined the ranks of the world's top-tier business schools. The company we keep includes business schools at Northwestern, Harvard, Stanford, Penn State University Park, the London School of Business, and other elite programs in the United States and abroad."
College officials made the announcement today at a news conference also attended by leading business figures. On hand were Edward P. "Ted" Junker, retired vice chairman of PNC Bank Corporation and a Penn State trustee; Nancy Andersen, GE Transportation Systems quality leader; and Kurt Buseck, president of Full Circle Investments.
"AACSB accreditation is widely recognized as the hallmark of excellence in management education," said Junker. "It clearly communicates that we have a world-class business resource in Erie."
"This is wonderful news, and I congratulate Dr. Magenau and the entire School of Business faculty and staff," said Campus Executive Officer and Dean Dr. Jack Burke. "The tremendous amount of work involved to meet the standards required by AACSB has required extraordinary time and energy. Their commitment to continuous improvement has inspired everyone at the college."
Burke noted that residents of the tri-state area will no longer need to travel to Pittsburgh, Cleveland, or Buffalo to obtain their degree at an AACSB-accredited school. For instance, he noted, students can now pursue an MBA with global credentials at conveniently scheduled classes in Erie.
To achieve AACSB International accreditation, business programs must satisfy the expectations of a wide range of quality standards, all of which are mission-linked, relating to curriculum, faculty resources, admissions, degree requirements, library and computer facilities, financial resources, and intellectual contributions. During the accreditation, the school was visited by a team of business school deans who are leaders in the fields of business and education.
All programs in the School of Business at Penn State Erie received AACSB accreditation, including nine bachelor's degrees: accounting; business economics; business, liberal arts and sciences; economics; finance; international business; management; management information systems; and marketing. At the graduate level, the school's two master's programs earned accreditation: business administration and project management.
Major Investments and Improvements
At the beginning of its AACSB candidacy, the School of Business developed a strategic plan to implement new programs, support faculty research, and expand outreach efforts. Since 1996 it has added majors in marketing, international business, and finance, added technology equipment in all School of Business classrooms, and created a dedicated computer lab for management information systems instruction.
During its five-year review process, the School of Business also made plans to move into a new $30 million Research and Economic Development Center, which is now in the final stages of design. The school will share space in the 160,000-square-foot building with the School of Engineering and Engineering Technology, a move that will enhance opportunities for entrepreneurial education. Construction of the center will begin later this year and completion is anticipated in 2005.
In addition to adding programs and equipment, several new teaching initiatives have been implemented, including a first-year seminar, strengthened advising programs, adoption of teaching portfolios, an international festival, a business and engineering learning environment, establishment of an Entrepreneurship Advisory Board, and a Business Bridge program for second-year business students choosing majors.
Penn State Erie's School of Business was one of two academic units University-wide to receive the Provost's Special Recognition Award for Collaborative Instructional Activities in 2000. Funds from this award supported additional teaching seminars and the Business Bridge retreat, a teaching enhancement that has been presented at two AACSB International conferences.
Faculty Excellence
The intellectual contributions of the forty members of the School of Business faculty are particularly important to the accreditation process, according to Magenau.
"Our mission calls for research that is relevant to business practices," said Magenau. "The school's internationally recognized faculty research in technology, e-business, project management, leadership, quality and service, reverse auctions, e-commerce, international standards, and student use of credit cards contributes to the economic development of the region and the academic strength of the school."
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Contact: Ed Blaguszewski
814-898-6159 (O)
E-mail: daw40@psu.edu