Head of the class
Rick Cosier becomes chair of AACSB International board

Rick Cosier, Dean and Leeds Professor of Management at the Krannert School

KM: What do you see as the key topics facing AACSB today?

RC: Certainly globalization is a major issue. At AACSB, we are seeking to expand membership, and most of that expansion in the future will come from business schools outside the United States. There are less than 100 AACSB-accredited schools outside of the U.S.

Another key issue related to that is how to maintain quality. It will be especially vital to keep a high standard of quality, accredited membership with the growth that will take place over the next few years.

KM: What are the main areas of potential growth in terms of globalization?

RC: For at least the next two or three years, Asia will be the focus for growth in membership. There are several countries on that continent that have accredited schools, and many others are interested. To reflect that, AACSB has gained approval to open an office in Singapore as part of the association’s Asian Initiative.

Beyond that, Africa is a continent to watch. As countries like Zambia, Zaire, Nigeria, and Kenya overcome problems such as government corruption, ethnic violence, and poor management, they will become more-involved players in the world economy. As a result, they will need to train their future business leaders. Currently, American University in Cairo is the only AACSB-accredited school in Africa, but I believe that will change.

Krannert dean and AACSB chair Rick Cosier with (left to right) Martin Thame (MBA ’09), Gerald Sims (BSM ’09), and Amanda Thompson (MBA ’05, PhD ’10).

KM: What has the Krannert School done to keep up with the trend toward globalization?

RC: We’ve developed several exciting programs in past few years, most of which are oriented toward providing opportunities for students to study abroad and learn about doing business outside the United States. For example, we’ve had a very successful program and partnership with Tsinghua University in Beijing that just finished its third year.

We’re also closing in on our first decade of involvement with the GISMA Business School in Hannover, Germany, which has been a tremendous success for all parties. We recently entered into an agreement with Leibniz University, a distinguished institution in Hannover, which will help us sustain our GISMA partnership and allow us to explore new programming opportunities. We also have had long-term relationships with universities in Hungary and the Netherlands in connection with our highly successful International Master’s Degree through our Krannert Executive Education Programs.

KM: Both students and companies spend large amounts of money on management education. What does AACSB do to ensure that both are getting a good return on investment?

RC: I think the focus on quality is really the key here. We have an assurance of learning initiative that is aimed at doing what we can to make sure that there is a positive learning experience going on in the classroom which hopefully will translate to better-educated and qualified hires for recruiters.

Assurance of learning is an important component of the AACSB accreditation process. Seven of the 21 standards deal with assurance of learning, including making sure that learning goals should link to the mission of the school and that they should be defined for each program within the school.

KM: Some wonder what kinds of research are being done in business schools. How does AACSB help to ensure that b-school research is relevant?

RC: Within the last two years, AACSB has commissioned a report on the impact of research from business schools. The project task force gathered input from about 1,000 business school professors, deans, and directors to recommend ways to increase the overall value and visibility of business school research.

The result was a fairly controversial report that suggests that the accreditation body should look at the impact of research when doing an accreditation report, and also that the research that is being done at a particular institution should match the mission of that institution. Once we have defined a framework for those missions, we will be better able to improve the efficiency and effectiveness of our research.

KM: How can you get business leaders more involved with AACSB?

RC: Involving business leaders with AACSB has been a very big challenge for at least 30 or 40 years. It’s an issue that needs a lot of attention and has not been successfully solved.

We need to provide a reason for businesses to become involved with the association. I believe the link will have to do largely with the human resources that companies are recruiting out of business schools and a viewpoint that corporate leaders can add value to the AACSB accreditation process.

Krannert among 27 business schools reaccredited by association The Krannert School was reaccredited in May by AACSB International — The Association to Advance Collegiate Schools of Business. The accreditation was announced at the association’s annual conference in Honolulu. “The accreditation is the ultimate stamp of approval for business schools around the world,” says Krannert Dean Rick Cosier. “I believe this successful accreditation is a testimonial to the high quality of Krannert programs, faculty, and students. I am extremely pleased that Krannert has passed this rigorous review with flying colors.” The 555-member association accredits about 10 percent of business schools worldwide, and Krannert is one of only 24 schools in the United States and 27 internationally to be reaccredited in 2008. The process requires business schools to produce annual reports, information, and a five-year review. Other business school deans visit campuses as part of the accreditation process. Accredited schools also must develop and implement a plan to meet 21 standards that require a high-quality teaching environment, a commitment to continuous improvement, and curricula responsive to the needs of business.

KM: You’ve been involved in AACSB’s Peace through Commerce Task Force. What was the goal of that group?

RC: The underlying premise there is that prosperity will lead to a more peaceful world. Terrorists are less likely to emerge in a country where there is widespread prosperity and economic success. If you accept the premise that a rising tide lifts all boats, then our purpose was to find a way to help lift the water level globally.

If that happens, it will lead to a situation around the world that will be much more fair and equitable in regard to economic competition, and that will lead to a more peaceful and tranquil world. It is uplifting to think that what we teach in our business school classrooms every day can play a part in making the world a better and safer place.

KM: What is AACSB doing to make sure that ethics and integrity are integrated into management education?

RC: The focus on ethics and integrity goes back at least 30 years with AACSB, and it has maintained a high emphasis since that period of time. There is a requirement for all teams during accreditation visits to make sure that ethics are included somewhere in the educational experiences of the students. All of the deans are encouraged to make sure that integrity is a high value for students, faculty, and staff in their programs.

KM: What is the Krannert School doing along these lines?

RC: I believe a business school must be built around ethics and integrity. As a result, we co-sponsor the Purdue Series on Corporate Citizenship and Ethics with the College of Education. Through the series, we bring in speakers to talk about ethics and social responsibility. We’ve had (former Poland President and Nobel Laureate) Lech Walesa, (Ben & Jerry’s co-founder) Jerry Greenfield, and former Senator Paul Sarbanes (co-author of the Sarbanes-Oxley Act) in the past, just to name a few. When Walesa spoke at Purdue, he said, “Ethics should serve as the grounds for all solutions we impose in this era.” I think those words are important to keep in mind.

Outside speakers provide an excellent opportunity for students to learn firsthand about ethics applied to business and politics. We also monitor the curricula to make sure that ethics are included in the business functional courses, and we offer specialized courses in ethics that are very popular.

KM: How has the AACSB accreditation process changed over the past 15 or 20 years?

RC: It has definitely been an evolutionary process. Up until the early 1990s, it was largely driven by a set of standards and quantitative metrics that had to be met — kind of a hurdle process, if you will. You measured quantitative items like faculty size compared to the number of students enrolled in the business school.

In the early ’90s, there was a shift to a more mission-focused viewpoint that involved the need for an inclusive strategic plan at each business school that actually drove the decisions that were being made. Also there was a focus on continuous improvement that was associated with the strategic planning movement.

Then in the early 2000s, a blue-ribbon commission decided that we needed to be even more mission-driven and have a visit process with more of a consultancy approach. The time period of the accreditation visit was shortened from 10 years to five years. The idea was to have a more holistic approach to looking at accreditation. And, as we’ve mentioned earlier, the globalization movement became very apparent during the early part of this decade and has become part of the accreditation process.

"Globalization is a major issue at AACSB. We are seeking to expand membership, and most of that expansion will come from business schools outside the United States."

KM: When was the last time the Krannert School went through the process?

RC: I’m proud to report that Krannert was one of 24 schools in the U.S. and 27 schools internationally to be reaccredited in 2008. Our visit team was very complimentary of the school’s programs, and that’s a great credit to our faculty, staff, students, and alumni.

KM: What does AACSB accreditation symbolize for an institution?

RC: It is still the gold standard for quality. It symbolizes that a high set of expectations has been met or exceeded by a business school. It signifies that the school has a strategic planning process, continuous improvement programs, a focus on the needs for high quality in general, and a superior faculty and student body.

KM: Finally, based on your observations and conversations with your peer deans, will business schools look different in 10 or 20 years than they do today?

RC: Looking out more toward 20 years, I think there will be significant differences in business schools. Technology is having an impact on the delivery of learning already, and that will be more pronounced as we get out in the 15-to-20-year range. Distance learning will be refined and improved to a point where it will be widespread, even more than it is today.

The virtual classroom may be a reality in that time span. There will be less of a residential campus, certainly at the graduate-school level. I do think, though, that undergraduate education may still be largely residential even out 20 years from now.

I also see a potential shift in faculty composition. There may be a specialized faculty cadre for doing research, and another specialized group of instructional faculty who do the creation and coordinate the delivery of the learning experience on a widespread platform to students anywhere in the world. Regardless of how the education is delivered, though, it will be incumbent upon AACSB to ensure that the educational experience remains at the highest quality.

More About Dean Rick Cosier

Rick Cosier has been with Krannert since 1999. Under his leadership, the school has remained widely recognized as a leading business school and is highly rated by publications such as U.S.News & World Report and BusinessWeek. Cosier has accomplished several huge fundraising initiatives for Krannert, including fully funding Jerry S. Rawls Hall and financing a renovation of the Krannert Building.

Cosier holds a PhD in business administration from the University of Iowa, an MBA in personnel management and industrial relations from Loyola University (Chicago), and a BS in packaging technology from Michigan State University. He also served as the first director of Purdue’s Burton D. Morgan Center for Entrepreneurship.

(Clockwise from top right): Dean Rick Cosier with Krannert students Erica Anthony (PhD ’11), Muhammad Alhusami (MSHRM ’09), and Lauren Bennett (BSM ’10).