Abbreviation EFMD Headquarters Brussels, Belgium | Formation 1972 | |
Motto Acting as a catalyst to promote and enhance excellence in management development internationally Type Not-for-profit organization Purpose Educational accreditation | ||
The European Foundation for Management Development (EFMD) is an international not-for-profit association, based in Brussels, Belgium. Europe's largest network association in the field of management development, it has over 800 member organizations from academia, business, public service and consultancy in 80 countries (as of November 2014). EFMD provides a forum for networking in management development.
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EFMD operates the European Quality Improvement System (EQUIS), which is one of the leading international systems of quality assessment, improvement, and accreditation of higher education institutions in management and business administration. It is comparable to its American equivalent Association to Advance Collegiate Schools of Business and provides a forum for information, research, networking and debate on innovation and best practice in management development.
The foundation also runs the EPAS accreditation system as well as the EFMD Deans Across Frontiers development programme (EDAF) and the Business School Impact Survey (BSIS).
Types of accreditation
While the EQUIS certification process, which is valid for an entire school (or faculty), is the main type of accreditation EFMD offers, there are a variety of other accreditations available. With EPAS it is possible for business schools to have certain degree programs accredited rather than the entire school. This variant somewhat resembles the AMBA (Association of MBAs) accreditation, as the London-based Association accredits the school's entire portfolio of MBA programs, but does not accredit the entire business school. EFMD also offers an accreditation for technology-enhanced learning (CEL) and for corporate learning (CLIP).
Triple Accreditation
In business and management education, acquiring multiple accreditation by EQUIS, AACSB and AMBA is often considered the "gold standard" because a business school must go to through a rigorous certification process by each of the three accreditation bodies. Schools that acquire all three are often referred to as having a Triple accreditation or Triple Crown accreditation.
EFMD activities
EFMD is the European partner in the China Europe International Business School (CEIBS), a joint venture with Shanghai Jiaotong University established as the first international business school with autonomous status in 1994 under an agreement between the European Commission and the Chinese Ministry of Foreign Trade and Economic Cooperation. EFMD is also founding partner of the Global Foundation for Management Education (GFME), which is a joint venture with the US-based Association to Advance Collegiate Schools of Business (AACSB International).
In 2009, EFMD received an EU grant worth €2.2m for a project that aims to improve the efficiency of Cuban companies by providing training to senior managers. This project, called Consolidating and Strengthening Cuban Managerial Capabilities, is to be implemented under the leadership of EFMD together with ESADE, a business school in Barcelona, and the Cuban Ministry of Higher Education.