The Faculty of Management, Economics and Social Sciences (WiSo) of the University of Cologne has successfully completed its third reaccreditation in the prestigious European Quality Improvement System (EQUIS). The term of accreditation has been extended for another five years, the maximum possible duration.
EQUIS is a globally recognised international system for quality assessment, improvement and accreditation of higher education institutions in management and business administration. It is managed and run by the European Foundation for Management Development (EFMD) and its fundamental objective, linked to the mission of the EFMD, is to raise the standard of management education worldwide. Currently there are about 200 accredited institutions, with only five other German institutions carrying EQUIS accreditation.
Following receipt of a comprehensive self-assessment report, a group of peer reviewers from highly regarded private and public business schools across Europe conducted a series of online meetings with members of the WiSo over the course of four days in December 2022. The reviewers particularly emphasised the sense of togetherness at WiSo, which is also reflected in the newly developed WiSo values (PARTicipate – Plurality, Authenticity, Responsibility, Togetherness).
WiSo’s Dean, Professor Ulrich Thonemann, PhD, is delighted with the result. He remarked, “We are extremely pleased that the EFMD continues to value our hard work. We have come a long way since we embarked on our accreditation journey more than ten years ago and are looking forward to building on past successes to guarantee a bright future for WiSo. We would also like to thank all faculty members, professional services staff, student representatives, alumni, and colleagues from the world of practice for their contributions to the process.”
EQUIS accreditation does not simply constitute a programme review, but has a holistic focus on the entire institution, including its governance, infrastructure and research portfolio. Of particular relevance are the areas of Internationalization, Ethics, Responsibility & Sustainability (ERS), and Connections with the World of Practice. The EFMD thus only awards EQUIS accreditation to institutions that demonstrate high general quality in all dimensions of their activities and that actively foster student development in the areas of managerial and entrepreneurial skills, together with a strong sense of global responsibility.
The accreditation requirements give institutions of higher education a framework for establishing and maintaining comprehensive quality assurance systems. This creates a commitment to continuously reflect on practice within the institution, to identify areas for improvement and to strategically implement quality measures.