Universitas Gadjah Mada
Faculty of Economics and Business

Faculty of Economics and Business Universitas Gadjah Mada (FEB UGM) has successfully maintained accreditation from the prestigious international business school accreditation body, The Association to Advance Collegiate Schools of Business (AACSB). This prestigious accreditation is the third consecutive time FEB UGM has achieved this. It first achieved certification in 2014 as the first business school in Indonesia accredited by AACSB. Then, FEB UGM managed to maintain the first accreditation in 2019 and the second in 2024.

Dean of FEB UGM, Prof. Dr. Didi Achjari, M.Com., Ak., C.A., said that the success of maintaining this international accreditation is proof of recognition that the educational process, human resources, infrastructure, and student achievements at FEB UGM have referred to "best practices" and are in line with leading campuses in various parts of the world. With the mission to Nurture Future-Ready Leaders in Economics and Business to Foster Sustainability, the Faculty is firmly committed to continue contributing to the development of education, research, and community service that broadly impact society. "FEB UGM has conducted two reaccreditations or accreditation extensions as part of a process that is continuously assessed for continuous improvement. With this reaccreditation achievement, we emphasize our commitment to continue to make improvements and improve the quality of education, research, and contribution to society at the national and global levels," he said on Wednesday (3/7) on the campus of FEB UGM.

Didi emphasized that the accreditation achieved is more than just obtaining a certificate. However, this accreditation is proof of improvement and quality improvement in various fields, especially in the tridharma of higher education. "The achievement of AACSB accreditation proves that the entire tridharma of higher education activities carried out by FEB UGM has a broad impact on society and the business world. This achievement aligns with the mission and vision of UGM to become a world-class university that is superior, innovative, and beneficial to society," he explained.

Didi said this recognition from AACSB is not only an achievement of FEB UGM. This prestigious accreditation is also the result of the hard work of the entire academic community (lecturers, students), professional staff, alumni, and partner support.

The achievement of AACSB accreditation obtained by FEB UGM in 2024 is even more special. The reason is that FEB UGM expanded the scope of study programs (study programs) accredited by AACSB International, including S1, S2, and S3 programs under the Department of Economics. That way, 13 study programs under the Department of Accounting, Department of Economics, and Department of Management, ranging from undergraduate, master, to doctoral levels, have received AACSB accreditation recognition. This shows the dedication of FEB UGM to providing high-quality education relevant to global needs.

Head of the Department of Economics, Dr. Rimawan Pradiptyo, said the success of AACSB accreditation for all Study Programs, both S1, S2, and S3, at the Department of Economics FEB UGM showed commitment to academic quality assurance that has been implemented so far. "This accreditation brings consequences for us to consistently uphold the two main principles of quality assurance, namely do what you say and say what you do and continuous improvement," he said.

Vice Dean of FEB UGM for Academic and Student Affairs, Bayu Sutikno, S.E., M.S.M., Ph.D., added that the AACSB International reaccreditation is also a sign of the quality of the entire learning process at FEB UGM on par with business schools in the world. "Only 6% of business schools in the world are accredited by AACSB. Therefore, the AACSB reaccreditation achieved by FEB UGM is extraordinary," he explained.

This AACSB International reaccreditation, said Bayu, opens up new and greater opportunities in developing educational programs. It not only enhances the reputation of FEB UGM but also provides a platform for opening up wider international exposure opportunities. In addition, this reaccreditation also expands the door for students and lecturers to gain international exposure experience, such as student exchange, double degree program, international summer course, joint research, visiting professor, and others. Until now, FEB UGM has established partnerships with more than 78 partner universities in various countries of the world.

Not only that, this reaccreditation also opens the door to developing courses that are innovative online learning at the international level, such as the Digital Accounting Transformation course organized by FEB UGM in collaboration with the Partnership of Asian Management Schools (PAMS). In addition, developing programs and courses that focus on sustainable issues, such as the ASEAN Master in Sustainability Management program with the University of Agder and AUN-BE, which offers a collaborative MBA program. This program brings together various academic and practical perspectives to address sustainability challenges.

Bayu explained that the achievement of the second AACSB International reaccreditation brought greater responsibility to the faculty to expand positive contributions to society. "The achievement of AACSB International accreditation is the fruit of the struggle of the entire academic community. This is not the end of the journey. Still, only part of the stage is to always provide the best quality of learning in producing future leaders who have sustainability insights and impact society," he explained.

Meanwhile, the Vice Dean of FEB for Finance, Assets, and Human Resources, Suyanto, S.E., M.B.A., Ph.D., explained that since being accredited in 2014, FEB has continued to improve the quality of the supporting ecosystem with sustainability and international standards. One of the efforts made is through the development of international standard facilities and infrastructure by providing laboratory facilities and online learning resources, including databases such as Bloomberg, CEIC, and Osiris, and the development of Learning Academic and Multimedia Production (LAMP) to develop various online learning models. Furthermore, the provision of facilities that are friendly to all groups including people with disabilities and applying the principles of Cleanliness, Health, Safety, and Environmental Sustainability (CSHE) in all campus activity processes.

FEB UGM, he continued, simplified business processes to make them more accessible, more efficient, and faster by utilizing information technology as an enabler, such as the establishment of LAMP units to prepare learning materials in the digital era and strengthening the Faculty of Economics and Business Information Systems Unit (SIFE) by developing applications and information systems. FEB UGM also allocates organizational resources focused on increasing the competence and capacity of lecturers and professional staff to provide the best service to students. According to national and international accreditation standards, lecturers' qualifications are improved by providing MOOC (massive online and open courses) based teaching/education grants, research grants in the form of independent, competitive, and collaborative grants, and community service grants in clinics by laboratories and fields of study. "In addition, capacity building for lecturers and professional staff is also provided through scholarships for further studies, training programs, development, and certification to improve competence," he said.

The AACSB International accreditation obtained by FEB UGM, said Deputy Dean of FEB UGM for Research, Community Service, Cooperation and Alumni, Gumilang Aryo Sahadewo, S.E., M.A., Ph.D., is a new opportunity to establish broader partnerships with various world-leading business schools as well as open 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 in the Partnership of Asian Management School (PAMS). FEB UGM also built the ASEAN Master in Sustainability program for ASEAN and Norwegian students in collaboration with the University of Agder. This program receives total funding from the Norwegian government.

The AACSB International accreditation, according to Gumilang, signifies a commitment to responsibility and higher achievements, particularly in the field of community service. FEB UGM is dedicated to encouraging its lecturers and researchers to produce impactful research and publications. Many of these have had a significant societal impact. For instance, Dr. Elan Satriawan's collaboration with the 2019 Nobel laureate in economics, Prof. Abhijit Banerjee (MIT), resulted in research published in the American Economic Review, a leading journal in the field. This research has provided valuable insights to the Government of Indonesia for the design of social protection programs, demonstrating FEB UGM's commitment to societal progress.

The acquisition of AACSB International reaccreditation in 2024 completes the achievement of recognition for the quality of education at FEB UGM. In 2024 FEB UGM also got the title of Superior accreditation from the Institute for Self-Accreditation of Business Management Economics and Accounting (LAMEMBA) for the first time. Previous accreditation was obtained from BAN-PT as recognition of AACSB international accreditation. This year, 12 study programs from undergraduate, master, doctoral, and professional programs at FEB UGM, accredited "spartanly" from January 2024 to April 2024, all obtained the highest predicate, namely Superior from LAMEMBA. So, for the first time, FEB UGM participated in national accreditation by LAMEMBA, which is not just a conversion or recognition of international accreditation, which coincides with AACSB accreditation.

The record achievement of superior accreditation from LAMEMBA (12 study programs) and AACSB international accreditation (13 study programs) simultaneously in 2024, is a testament to the collective effort of our community. We could not have achieved this without the unwavering support of our lecturers, students, professional staff, alumni, and partners. We also extend our heartfelt thanks to the UGM Head Office for their support. The Dean of FEB UGM expresses his deep gratitude for all parties' invaluable support and contribution to this remarkable achievement.

FEB UGM interprets the success of international reaccreditation and superior accreditation from LAMEMBA as an opportunity to increase contributions to the country and the world. Not only that, FEB UGM remains firmly committed to providing world-class higher education services to the nation's children from Sabang to Merauke, who have various economic backgrounds, research orientations, and publications that impact the wider community. Through AACSB international reaccreditation and LAMEMBA superior accreditation, FEB UGM is increasingly rooted and towering.

Reportase: Kurnia Ekaptiningrum

Sustainable Development Goals