Indian B-schools have caught the fancy of renowned accreditation agency European Foundation for Management Development (EFMD), which is looking to provide accreditation to the country's top management institutes.
Representative of EFMD, which gives European Quality Improvement System (EQUIS) certification, has visited top 10 business schools of the country in the last 15-20 days, inviting them to apply for accreditation.
"We in Europe have been listening about the good business schools of India for the last few years. However, no Indian B-school has an accreditation with EQUIS when even Chinese and other top B-schools of Asia are accredited. So we decided to approach them," said EQUIS director Julio Urgel.
Formed by management institutes of Europe to review and improve the quality of B-schools, EFMD currently has 600 members in 65 countries. Of the all these, only 97 B-schools around the world have been given EQUIS accreditation.
Nine business schools of the 10 visited by him have shown positive response in registering with EQUIS, Urgel said, without divulging names of the institutes.
"The EQUIS accreditation process is intense and time consuming. We conduct school assessment in terms of programmes offered, research conducted and other activities," he added.
IIM-A has decided to apply for the EQUIS accreditation. Its director Bakul Dholakia said EQUIS accreditation would help the institute enhance its global positioning, provide greater market access and help form alliances with foreign institutes.