Accreditation Results 2018

I. ABEST21 Accreditation System

1. Purpose of the ABEST21 Accreditation

The mission of a business school is to nurture world-class management professionals who can compete in the age of advanced technology, social, economic, and cultural globalization, and accelerated communication. To achieve the mission, it is indispensable to develop an education system at an internationally recognized level, accompanied by educational quality assurance. Therefore, quality assurance by a third party has been requested for ensuring not only the educational quality that the school is expected to provide, but also educational quality enhancement to the stakeholders of the school.
In order to respond to these needs, ABEST21 was founded on July 1, 2005, as an accreditation institution aiming to assure not only the educational quality but also educational quality enhancement expected from the school. ABEST21 is involved in not only the quality assurance of education but in building the education system which will be the base for enhancement of education quality in response to the change of environment.
In the age of globalization, business schools are responsible for nurturing capable management professionals who can contribute to world peace and prosperity, and the quality of business education is indispensable for achieving this aim. ABEST21 as an accreditation institution has to support business schools in realizing their mission by assessing the quality of their educational and research activities in a fair and objective manner. And we have to recognize our role for supporting the establishment of education system which provides enhancement of educational quality through promotion of PDCA cycle operation toward the future.
Thus ABEST21 Quality Assurance System aims to assess the system of management education quality enhancement in response to the changes of educational and research environment, in addition to education quality assurance.
On Tuesday, March 5, 2018, ABEST21 held the Accreditation Committee and the Peer Review Committee at Shinagawa Season Terrace Conference and accredited 8 schools as follows:

A: Professional Graduate School of Business in Japan

“Management”

• Department of Business Administration, SBI Graduate School, Japan

B: Management Accreditation in Asia

1. Program-based Accreditation System

“Master Program in Management”

• Faculty of Economics, Universitas Andalas, Indonesia
• Faculty of Economics and Business, Universitas Indonesia, Indonesia
• Faculty of Economics and Business, Universitas Kristen Satya Wacana, Indonesia
• Faculty of Business and Economics, Universitas Surabaya, Indonesia

“Master Program in Applied Economics”

• Faculty of Economics and Business, Universitas Padjadjaran, Indonesia

“Master Program in Accounting”

• Faculty of Economics and Business, Universitas Padjadjaran, Indonesia

2. Academic unit-based Accreditation System

• School of Business and Management, Institut Teknologi Bandung, Indonesia

2. The ABEST21 Peer Review System

The ABEST21 Peer Review System consists of three components.

1) Accreditation Committee

Chair

• Sudarso Kaderi Wiryono
  Dean, School of Business and Management, Institut Teknologi Bandung, Indonesia

Vice Chair

• Yasunaga Wakabayashi
  Dean, Graduate School of Management, Kyoto University, Japan
• Mohd Ridzuan Darun
  Dean, Faculty of Industrial Management, Universiti Malaysia Pahang, Malaysia
• Takeshi Hibiya
  Advisor, Fuji Xerox Co., Ltd., Japan

Members

• Candra Fajri Ananda
  Professor, Faculty of Economics and Business, Universitas Brawijaya, Indonesia
• Mutsuhiro Arinobu
  Executive Director, RIKEN, Japan
• Ilker Baybars
  Dean and CEO Emeritus, Carnegie Mellon University-Qatar
  Deputy Dean Emeritus, Tepper School of Business, Carnegie Mellon University, USA
• Ming Yu Cheng
  Professor, Faculty of Accountancy & Management, Universiti Tunku Abdul Rahman, Malaysia
• AAhad Osman Gani
  Dean, Graduate School of Management, International Islamic University Malaysia, Malaysia
• Jun Kanai
  Former President, Toshiba Human Resources Development Corporation, Japan
• Mika Kumahira
  President, Atech Kumahira Co., Ltd., Japan
• Katsufumi Mizuno
  Patent Attorney and President, Hikari Patent Office, Japan
• Hisatsugu Kitajima
  General Manager, Corporate Human Resources Division
  Sony Corporate Services (Japan) Corporation, Japan
• Tadashi Okamura
  Honorary Advisor, Toshiba Corporation, Japan
• Robert S. Sullivan
  Dean, Rady School of Management, University of California San Diego, USA
• Oleg Vikhanskiy
  Dean, Lomonosov Moscow State University Business School, Lomonosov Moscow State University, Russia

2) Peer Review Committee

Chair

• Mohd Ridzuan Darun
  Dean, Faculty of Industrial Management, Universiti Malaysia Pahang, Malaysia

Vice Chair

• Qinhai Ma
  Dean, School of Business Administration, Northeastern University, China
• Ari Kuncoro
  Dean, Faculty of Economics and Business, Universitas Indonesia, Indonesia
• Yasunaga Wakabayashi
  Dean, Graduate School of Management, Kyoto University, Japan
• Azlan Amran
  Dean, Graduate School of Business, Universiti Sains Malaysia, Malaysia

Members

• Ir. Noer Azam Achsani
  Dean, School of Business, Institut Pertanian Bogor, Indonesia
• Shigeru Asaba
  Dean, Graduate School of Business and Finance, Waseda University, Japan
• Siriwut Buranapin
  Dean, Faculty of Business Administration, Chiang Mai University, Thailand
• Yudi Azis
  Dean, Faculty of Economics and Business, Universitas Padjadjaran, Indonesia
• Hiroshi Fujiwara
  Dean, Department of Business Administration, SBI Graduate School, Japan
• AAhad Osman Gani
  Dean, Graduate School of Management, International Islamic University Malaysia, Malaysia
• Kazuo Ichijo
  Dean, Graduate School of International Corporate Strategy, Hitotsubashi University, Japan
• Chiaki Iwai
  Dean, Graduate School of International Management, Aoyama Gakuin University, Japan
• Abdul Rahman Kadir
  Dean, Faculty of Economics and Business, Universitas Hasanuddin, Indonesia
• Ali Khatibi
  Dean, Graduate School of Management, Management & Science University, Malaysia
• Nurkholis
  Dean, Faculty of Economics and Business, Universitas Brawijaya, Indonesia
• Nor’Azam Mastuki
  Dean, Arshad Ayub Graduate Business School, Universiti Teknologi MARA, Malaysia
• Vichayanan Rattanawiboonsom
  Dean, Faculty of Business, Economics and Communications, Naresuan University, Thailand
• Arumugam Seetharaman
  Dean for Academic Affairs, S P Jain School of Global Management, Singapore
• Zeljko Sevic
  Dean, Othman Yeop Abdullah Graduate School of Business, Universiti Utara Malaysia, Malaysia
• Suharnomo
  Dean, Faculty of Economics and Business, Universitas Diponegoro, Indonesia
• Eko Suwardi
  Dean, Faculty of Economics and Business, Universitas Gadjah Mada, Indonesia
• Sudarso Kaderi Wiryono
  Dean, School of Business and Management, Institut Teknologi Bandung, Indonesia
• Hua Xu
  Program Chair, MBA Program in International Business, Graduate School of Business
  Sciences, University of Tsukuba, Japan
• Zulkornain bin Yusop
  CEO & President, Putra Business School, Malaysia
• Mohd Zaher Mohd Zain
  Dean, Graduate School of Business, Universiti Kebangsaan, Malaysia

3) Peer Review Team

• Dr. Agus Fredy Maradona
  Master of Management, Universitas Pendidikan Nasional, Indonesia
• Prof. Dr. Ali Khatibi
  Graduate School of Management, Management & Science University, Malaysia
• Dr. Anis Chariri
  Faculty of Economics and Business, Universitas Diponegoro, Indonesia
• Principal Director Arfah Salleh, Ph.D.
  Human Governance Institute INC., Malaysia
• Dean Prof. Dr. Arumugam Seetharaman
  S P Jain School of Global Management, Singapore
• Dean Dr. Azlan Arman
  Graduate School of Business, Universiti Sains Malaysia, Malaysia
• Prof. Dr. Badri Munir Sukoco
  Faculty of Economics and Business, Universitas Airlangga, Indonesia
• Dr. Bernardinus Maria Purwanto
  Faculty of Economics and Business, Universitas Gadjah Mada, Indonesia
• Dr. Budiono
  Faculty of Economics and Business, Universias Padjadjaran, Indonesia
• Dr. Bukhshtaber Natalia
  Lomonosov Moscow State University Business School, Lomonosov Moscow State University, Russia
• Prof. Dr. Candra Fajri Ananda
  Faculty of Economics and Business, Universitas Brawijaya, Indonesia
• Prof. Dr. Christantius Dwiatmadja
  Faculty of Economics and Business, Universitas Kristen Satya Wacana, Indonesia
• Dr. Danaipong Chetchotsak
  College of Graduate Study in Management, Khon Kaen University, Thailand
• Dr. David Methé
  Institute of Business and Accounting, Kwansei Gakuin University, Japan
• Prof. Dr. David Paul Elia Saerang
  Faculty of Economics and Business, Universitas Sam Ratulangi, Indonesia
• Dr. Devika Nadarajah
  Putra Business School, Universiti Putra Malaysia, Malaysia
• Dr. Dodi Wirawan Irawanto
  Faculty of Economics and Business, Universitas Brawijaya, Indonesia
• Dean Dodie Tricahyono, Ph.D.
  School of Economics and Business, Universitas Telkom, Indonesia
• Prof. Dr. Eko Ganis Sukoharsono
  Faculty of Economics and Business, Universitas Brawijaya, Indonesia
• Dr. Fathyah Hashim
  Graduate School of Business, Universiti Sains Malaysia, Malaysia
• Prof. Dr. Gagaring Pagalung
  Faculty of Economics and Business, Universitas Hasanuddin, Indonesia
• Dr. Gunalan Nadarajah
  Othman Yeop Abdullah Graduate School of Business, Universiti Utara Malaysia, Malaysia
• Dr. Harryadin Mahardika
  Faculty of Economics and Business, Universitas Indonesia
• Dr. Harryanto bin Nyoto
  Faculty of Economics and Business, Universitas Hasanuddin, Indonesia
• Dr. Hen Kai Wah
  Faculty of Accountancy and Management, Universiti Tunk Abdul Rahman, Malaysia
• Prof. Hideki Ishikawa
  Department of Business Administration, SBI Graduate School, Japan
• Prof. Dr. Hirotaka Kawano
  Graduate School of Management, Kyoto University, Japan
• Prof. Hiroshi Takamori, Ph.D.
  School of Accounting, LEC Graduate University, Japan
• Prof. Dr. Huang Lin
  Graduate School of Business Administration, Kobe University, Japan
• Prof. Dr. Ibrahim Kamal Abdul Rahman
  Universiti Kuala Lumpur Business School, Universiti Kuala Lumpur, Malaysia
• Dr. Ida Binti MD Yasin
  Purta Business School, Universiti Putra Malaysia, Malaysia
• Dr. Idqan Fahmi
  School of Business, Institut Pertanian Bogor, Indonesia
• Dr. Irwan Trinugroho
  Faculty of Economics and Business, Universitas Sebelas Maret, Indonesia
• Dr. Irina Petrovskaya
  Lomonosov Moscow State University Business School, Lomonosov Moscow State University, Russia
• Dr. Jaafar Pyeman
  Arshad Ayub Graduate Business School, Universiti Teknologi MARA, Malaysia
• Prof. Hirotaka Kawano
  Graduate School of Management, Kyoto University, Japan
• Dr. Prof. Lizar Alfansi
  Faculty of Economics and Business, Universitas Bengkulu, Indonesia
• Dr. Masyhuri Hamidi
  Faculty of Economics, Universitas Andalas, Indonesia
• Prof. Dr. Ming Yu Cheng
  Faculty of Accountancy and Management, Universiti Tunku Abdul Rahman, Malaysia
• Dean Dr. Mohd Ridzuan Darun
  Faculty of Industrial Management, Universiti Malaysia Pahang, Malaysia
• Dr. Mohd Zaher Mohd Zain
  Graduate School of Business, Universiti Kebangsaan Malaysia, Malaysia
• Dr. Nisful Laila
  Faculty of Economics and Business, Universitas Airlangga, Indonesia
• Dr. Noorihsan Bin Mohamad
  Faculty of Economics and Management Sciences, International Islamic University Malaysia, Malaysia
• Dean Dr. Norazam Bin Mastuki
  Arshad Ayub Graduate Business School, Universiti Teknologi MARA, Malaysia
• Dr. Noryati Ahmad
  Arshad Ayub Graduate Business School, Universiti Teknologi MARA, Malaysia
• Dr. Pichayalak Pichayakul
  Faculty of Business Administration, Chiang Mai University, Thailand
• Dr. Popy Rufaidah
  Faculty of Economics and Business, Universitas Padjadjaran, Indonesia
• Dr. Putu Anom Mahadwartha
  Faculty of Business and Economics, Universitas Surabaya, Indonesia
• Dean Prof. Dr. Qinahi Ma
  School of Business Administration, Northeastern University, China
• Dr. Rapeeporn Srijumpa
  Graduate School of Commerce, Burapha University, Thailand
• Dr. Remy Magnier Watanabe
  MBA Program in International Business, Graduate School of Business Sciences,
  University of Tsukuba. Japan
• Prof. Emeritus Dr. Richard Taggart Murphy
  University of Tsukuba. Japan
• Dr. Reza Nasution
  School of Business and Management, Institut Teknologi Bandung, Indonesia
• Dr. Sahid Susilo Nugroho
  Faculty of Economics and Business, Universitas Gadjah Mada, Indoensia
• Prof. Dr. Shahizan Bin Hassan
  Othman Yeop Abdullah Graduate School of Business, Universiti Utara Malaysia, Malaysia
• Dean Dr. Sia Bee Chuan
  Faculty of Accountancy and Management, Universiti Tunk Abdul Rahman, Malaysia
• Prof. Shigeki Sadato
  Institute of Business and Accounting, Kwansei Gakuin University, Japan
• Dean Dr. Siriwut Buranapin
  Faculty of Business Administration, Chiang Mai University, Thailand
• Dr. Siti Zahela Sahak
  Arshad Ayub Graduate Business School, Universiti Teknologi MARA, Malaysia
• Dr. Sri Gunawan
  Faculty of Economics and Business, Universitas Airlangga, Indonesia
• Dean Prof. Dr. Sudarso Kaderi Wiryono
  School of Business and Management, Institut Teknologi Bandung, Indonesia
• Dean Dr. Suharnomo
  Faculty of Economics and Business, Universitas Diponegoro, Indonesia
• Dr. Sujinda Chemsripong
  Faculty of Business, Economics and Communications, Naresuan University, Thailand
• Prof. Takao Shigeta
  Department of Business Administration, SBI Graduate School, Japan
• Prof. Dr.Takayuki Asada
  Faculty of Business Administration, Ritsumeikan University, Japan
• Prof. Tatsuyuki Negoro
  Graduate School of Business and Finance, Waseda University, Japan
• Dean Prof. Dr. Taufiq Marwa Rahmat
  Faculty of Economics, Universitas Sriwijaya, Indonesia
• Dr. Tee Keng Kok
  School of Business, Monash University Malaysia Sdn. Bhd., Malaysia
• Dr. Tengku Ezni Balqiah
  Faculty of Economics and Business, Universitas Indonesia, Indonesia
• Prof. Dr. Utomo Sarjono Putro
  School of Business and Management, Institut teknologi Bandung, Indonesia
• Prof. Dr. Ujang Sumarwan
  School of Business, Institut Pertanian Bogor, Indonesia
• Dean Dr. Yudi Azis
  Faculty of Economics and Business, Universitas Padjadjaran, Indonesia
• Prof. Dr. Yutaka Kakeda
  School of Cultural and Creative Studies, Aoyama Gakuin University, Japan
• Dr. Zabeda Bt. Abdul Hamid
  Graduate School of Management, IIUM Academy, Malaysia
• Dean Prof. Dr. Yasunaga Wakabayashi
  Graduate School of Management, Kyoto University, Japan
• Dr. Yasmine Nasution
  Faculty of Economics and Business, Universitas Indonesia, Indonesia

3. The ABEST21 Accreditation Process

Step A: Applying to the ABEST21 Accreditation.

• Step A1: Application for the “ABEST21 School Membership”
  The School has to become a full-school member of ABEST21 when it applies for the ABEST21 Accreditation.
• Step A2: Application for the “ABEST21 Accreditation Eligibility”
  When the School applies for ABEST21 Accreditation, it has to obtain a qualification for the ABEST21 Accreditation Application. The School submits the completed Accreditation Eligibility
  Application to the ABEST21.
• Step A3: Submission of the “ABEST21 Accreditation Application”
  The School submits the ABEST21 Accreditation Application to the ABEST21. Upon receiving the application, the School has to prepare to submit the “Quality Improvement Plan” immediately.

Step B: Reviewing the “Quality Improvement Plan (QIP)”

The School submits its QIP. If the QIP is successful, the School will proceed to preparation of Self-Check/Self-Evaluation Report, and the unsuccessful School will resubmit the QIP.

Step C: Reviewing the “Self-Check/Self-Evaluation Report (SCR)”

The School submits its SCR. In preparing the Report, the School conducts the self-check based on the basic and detailed perspectives of the accreditation standards with the support of the advisory team.

• Step C2: “Desk Review” and “Peer Review Visit”
  The Peer Review Committee entrusts the Peer Review Team (PRT) of the School with the review of the Self-Check/Self-Evaluation Report. The PRT conducts the Desk Review and the Peer Review Visit.
• Step C3: Informal announcement of the Draft of the PRT Review Report
  The PRT informally announces the Draft of the PRT Review Report to the School, providing an opportunity for the School to give its comments or objections. If any objection
  is raised by the School, the Peer Review Team shall conduct a factual survey and coordinate the statement.
• Step C4: Ratification by the PRT Review Report
  Based on the coordination of opinions between the School and the PRT, the PRT reports the Draft to the Peer Review Committee. The Committee reviews it and decides on the recommendation to the Accreditation Committee.
• Step C5: Ratification of the ABEST21 Accreditation
  The Accreditation Committee shall examine the Draft Recommendation for accreditation submitted by the Peer Review Committee and deicide by vote whether to submit it to the Board of Trustees.
  Based on the recommendation of the Accreditation Committee, the Board of Trustees reviews the recommendation and finalizes the accreditation. The accreditation result is reported to the stakeholders after the ratification by the Board of Trustees.

Step D: Reviewing the Kaizen Report

• Step D1: Submission of the Kaizen Report
  The accredited School submits the Kaizen Report for the previous school year by the end of June every year. The Report clarifies the progress achieved in resolving the Kaizen issues based on the action
  plans analyzed in the SCR.
• Step D2: Reviewing the Kaizen Report
  ABEST21 will have the School’s Peer Review Team review the Kaizen Report and its correspondence with the action plan, and prepare the Kaizen Review Report. The Peer Review Committee entrusts the Peer Review
  Team (PRT) of the School with the review of the Kaizen Report. PRT conducts document review and peer review visit and informally announces the draft of the recommendation to the School, providing an opportunity for the School to give its comments
  or objections. If any objection is raised by the School, the Peer Review Team shall conduct a factual survey and coordinate the statement.
• Step D3: Informal Announcement of the Draft of the Kaizen Review Report to the School
  The PRT submits the Kaizen Review Report to the Peer Review Committee. The Peer Review Committee examines the coordinated Draft Recommendation based on the
  feasibility of the action plan and the effectiveness of the quality maintenance and improvement of education. The result is reported to the stakeholders.
• Step D4: Ratification of the Kaizen Report
  The PRT submits the Kaizen Review Report to the Peer Review Committee. The Peer Review Committee examines the coordinated Draft Recommendation based on the feasibility of the action plan and the effectiveness of the quality maintenance and improvement of education. The result is reported to the Accreditation Committee.
  Accreditation Committee shall examine the Draft Recommendation submitted by the Peer Review Committee and decide whether to submit it to the Board of Trustees. And, based on the recommendation of the Accreditation Committee, the Board of Trustees reviews the recommendation and ratifies the report. The Kaizen Review Report is reported to the stakeholders after the ratification
  by the Board of Trustees.

4. ABEST21 Management Accreditation Standards
CHAPTER ONE: MISSION STATEMENT

Standard 1-MISSION STATEMENT

“Any School which applies for management accreditation by ABEST21 (hereinafter called “the School”) must define a mission statement for its educational and research activities that provides a framework for how decisions are made by the School’s management.

• “The School must stipulate a mission statement.”
• “The School must develop its mission statement with the aim of nurturing highly skilled professionals in management who are able to play an active role in the arena of a globalized competition.”
• “The School’s mission statement must be a statement that reflects the views of its stakeholders.”
• “The School must publish itsmission statement in brochures, such as its School code, student admission materials, syllabi, and program outlines, and post its mission and goals on the School’s website.”
• “The School’s mission statement must be a statement which
  includes developing expert knowledge, fundamental knowledge and sophisticated expertise in the realm of management.”

Standard 2-MISSION IMPERATIVES

“The School’s mission statement must imply nurturing highly skilled professionals in management and bear part of the larger mission of the parent university.”

• “The School’s mission statement must imply nurturing highly skilled management
  professionals who plays an active role in the globalized competition.”
• “The School’s mission statement must bear part of the larger mission of the parent university.”
• “The School’s mission statement must be a statement
  which includes developing expert knowledge, fundamental knowledge and sophisticated expertise in the realm of management.”
• “The School’s mission statement must be a statement that indicates the support of the students’ career development.”
• “The School’s mission statement must be a statement that indicates contribution to the development of the educational and research activities of its faculty members.”

Standard 3-OBJECTIVES FOR CONTINUOUS IMPROVEMENT

“The School must review its mission statement periodically based on the defined processes which ensure continuous improvement of its mission statement in response to the changes in its educational and research environment.”

• “The School must have systematic decision-making processes for reviewing its mission statement.”
• “The School must review its mission statement periodically based on the defined processes.”
• “The School must form an operational control framework to gather and file relevant information and data in order to review its mission statement on a regular basis.”
• “The School must establish the framework for seeking the opinions of stakeholders on reviewing its mission statement continuously.”

Standard 4-FINANCIAL STRATEGIES

“The School must have both short-term and long-term financial strategies to raise necessary funds to realize its mission statement.”

• “The School must have a financial basis necessary for realizing its mission statement.”
• “The School must develop financial strategies for raising the funds necessary for realizing its mission statement.”
• “The School must take appropriate action to secure adequate budgets necessary for realizing its mission statement.”

CHAPTER TWO: EDUCATIONAL PROGRAMS

Standard 5-LEARNING GOALS

“The School must define its learning goals which imply innovation and discovery, global engagement, and diffusion of technology for realizing its mission statement.”

• “The School must define its learning goals for its educational programs.”
• “The School must publish its learning goals in brochures, such as its School code, student admission materials, syllabi, and program outlines, and publicize them to its students.”
• “The School must provide academic assistance to students in choosing the courses in line with their learning objectives, in accordance with the course registration guidelines defined by the School.”
• “The School must build a system to enhance communication among students, faculty,
  and staff, and provide academic assistance to students to help them achieve their goals.”

Standard 6-MANAGEMENT OF CURRICULA

“The School must design its curriculum systematically to realize its mission statement.”

• “In designing its curriculum, the School must include core courses to provide a foundation necessary for management education and research.”
• “In designing its curriculum, the School must aim at helping students acquire expertise, advanced professional skills, advanced levels of scholarship, high ethical standards, and a broad international perspective which are necessary
  for management professionals.”
• “In designing its curriculum, the School must pay attention to combining theory and practice effectively in line with its mission statement and following the current trends in management education and
  research.”
• “The School must set a process to review its curriculum systematically and update its curriculum periodically.”
• “The School must design a system which enables its students to take related courses in other departments at the same university and at other universities, a credit transfer system with other schools, and a system to allow students to receive academic credit by completing an internship program.”
• “The School must utilize appropriate educational methods, including case studies, site surveys, debates, discussions, and question and answer sessions between faculty members and students and / or among students.”
• “When the School provides distance education, it must aim to maximize its educational effect by utilizing various media.”

Standard 7-EDUCATIONAL LEVEL

“The School must set the quality level of educational content so as to enable students to achieve their learning goals.”

• “The School must provide an environment and a guidance system that is conducive to learning and teaching in order
  to maintain the quality level of educational content.”
• “The School must secure adequate classroom hours necessary for completing one credit of each course in order to maintain the quality level of educational content.”
• “The School must design adequate time schedules and set a limit to the number of credits which students can take to assure students’ learning efficiency in order to maintain the quality level of educational content.”
• “The School must establish clearly defined standards for calculating grades and for evaluating the academic performance of its students, state them in its School code, and inform the students of them in order to maintain the quality level of educational content.”
• “The School must take measures that ensure that the completion of the program and the academic performance of students are evaluated fairly, and that grades are calculated in an objective and standardized way in order to maintain the
  quality level of educational content.”
• “The School must set a quota on the number of students registered to a course in accordance with its educational methods, the availability and condition of its facilities, and other educational considerations in order to maintain the quality level of educational content.”
• “The School must provide adequate registration guidance, learning guidance and academic and career guidance to respond to the needs of diversified student body including foreign students in order to maintain the quality level of educational content.”
• “The School’s faculty members should share information about students’ course records, attendance rates for each program, total credits earned and academic grades, and develop initiatives to improve students’ learning in order to maintain the quality level of educational content.”
• “In case of providing shortened programs, the School must ensure that the educational methods and time schedules enable the students to achieve its learning goals in order to maintain quality level of education.”
• “The School must provide sufficient support for the students taking distance education programs in order to maintain the quality level of educational content.”

Standard 8-MEASURES TO IMPROVE EDUCATIONAL QUALITY

“The School must improve its educational program quality in a systematic manner to realize its mission statement.”

• “The School must review its learning outcome systematically and periodically in order to improve its educational program quality.”
• “The School must prepare syllabi which state its educational goals, course contents, course plans, educational methods, class materials, faculty office hours, and standards for evaluating academic performance, and disclose the syllabi.”
• “The School must review the contents and practices of its syllabi in a systematic manner.”
• “The School must review its curriculum quality by both examining students’ course records, total credits earned, academic grades and career options, and reviewing opinions from stakeholders.”
• “The School must do periodic self-check/self-evaluations and publicize the results.”
• “The School must conduct faculty development/staff development in a systematic manner in order to improve its educational program quality.”
• “The School should establish a system for awarding faculty members who achieve distinguished teaching and research results in order to ensure
  high quality of education and research.”

CHAPTER THREE: STUDENTS

Standard 9-STUDENT PROFILEY

“The School must specify the target student population and profile of its students to realize its mission statement.”

• “The School must specify the target student population and profile of its students.”
• “The School must make efforts to secure students with target profiles through its selection processes.”
• “The School must provide opportunities for the candidates to take entrance examinations in a fair and unbiased way.”
• “The School must update its target student profile periodically to meet the requirements of the School’s admission policy.”
• “The School must take measures to attract a diverse student body that possesses a variety of backgrounds and values to meet the needs of globalization.”

Standard 10-STUDENT ADMISSION

“The School must clearly stipulate its admission policy in its selection processes.”

• “The School’s admission policy must be a policy to accept students with target profiles.”
• “The School must clearly articulate its admission policy and selection criteria in brochures such as student admission materials and show them to all prospective candidates.”
• “The School must evaluate the scholastic abilities and aptitudes of candidates in a consistent and objective fashion through its selection processes.”
• “The School must match the actual number of student enrollment with the required enrollment through its selection processes.”
• “The School must review the needs of its target student profile periodically to secure the necessary number of students.”

Standard 11-STUDENT SUPPORT

“The School must have appropriate student support systems that help students concentrate on their academic work.”

• “The School must take various measures to provide financial support to students who need it.”
• “The
  School must have administrative offices which collect and process relevant information and provide consultation for the students concerning academic guidance and career development.”
• “The School must establish support systems to provide academic counseling and any other support that students require.”
• “The School must provide appropriate academic support and lifestyle support to international students and disabled students.”

Standard 12-STUDENT INCENTIVE

“The School must take measures to enhance the academic progression of its students to realize its mission statement.”

• “The School must have a system that rewards students who achieve excellent academic results.”
• “The
  School must have a system for providing academic support to the students who face difficulties with continuing their studies.”
• “The School must hold orientation programs at the time students enter the School, before the new academic year begins, or when the curriculum is updated, to provide incentives for students to achieve high standards of academic work.”

CHAPTER FOUR: FACULTY

Standard 13-FACULTY SUFFICIENCY

“The School must maintain an adequate faculty organization to realize its mission statement.”

• “The School must have a number of participating faculty members that is adequate for its educational programs.”
• “The School must maintain a sufficient number of full-time Professors and/or Associate Professors for the courses in the educational programs.”
• “The School must secure adequate number of practically qualified faculty members.”
• “The School must ensure that the ratio of full-time and part-time faculty members in its faculty organization is appropriate.”
• “The School must maintain faculty diversity in terms of age and gender.”
• “The School must maintain faculty diversity to meet the needs in the age of globalization.”

Standard 14 –FACULTY QUALIFICATIONSY

“The School must hire faculty members who possess intellectual qualifications, relevant expertise and teaching skills necessary for realizing its mission statement.”

• “The School must maintain qualified participating faculty members for each of the majors it offers in accordance with the following criteria:
  • Faculty members recognized as possessing outstanding accomplishments in research or education;
  • Faculty members recognized as possessing outstanding skills
    in their field of study;
  • Faculty members recognized as possessing outstanding knowledge and experience in their field of study.”
• “The School must set rules and standards for recruiting and promotion of faculty members.”
• “The School must have a promotion system for faculty members and evaluate each faculty member fairly and objectively through this system.”
• “The School must periodically assess its faculty members by reviewing their
  educational and research performance during the last five years.”
• “The School must disclose information about the educational and research performance of participating faculty members during the previous five years.”
• “The School must evaluate academic performance of professional faculty members periodically, and assign the courses which they teach appropriately.”

Standard 15-FACULTY SUPPORT

“The School must have an educational and research environment necessary for promoting educational and research activities of its faculty members.”

• “The School must limit the number of courses its faculty members teach so that faculty members can secure time to develop their educational and research activities.”
• “The School must have a support system to secure the research funds necessary for promoting faculty members’ educational and research activities.”
• “The School must have a support system including administrative and technical support staff necessary for promoting faculty members’ educational and research activities.”
• “The School must take appropriate steps to vitalize its educational programs so as to promote the educational and research activities of its faculty.”

Standard 16-RESPONSIBILITIES OF FACULTY MEMBERS

“The School must ensure that the faculty members strive to communicate with its stakeholders and that their research and teaching activities are aimed at achieving the School’s mission statement.”

• “The School must ensure systematically that the faculty members continuously develop and improve their course contents, materials used in their courses, and teaching methods based on the results of the self-check/self-evaluation and the student evaluation.”
• “The School must ensure systematically that the faculty members strive to teach cutting-edge expertise and specialized knowledge in their respective fields of study in order to achieve the learning goals.”
• “The School must ensure systematically that the faculty members set office hours and actively communicate with the students through e-mail in order to help them to achieve their learning goals.”

CHAPTER FIVE: SUPPORTING STAFF AND INFRASTRUCTURE

Standard 17-EDUCATIONAL RESPONSIBILITIES OF STAFF

“The School must have an appropriate administrative system to support educational and research activities of its faculty members in order to realize its mission statement.”

• “The School must institute management systems, including faculty meetings and executive committees, to discuss administrative issues and to make and enforce the decisions required to achieve its mission statement.”
• “The School must institute administrative systems which are in an appropriate
  proportion to its size and status.”
• “The School must institute administrative systems which are able to respond to the needs of globalization.”
• “The School must institute administrative systems that adequately support
  the educational and research activities of its faculty members.”

Standard 18-INFRASTRUCTURE SUPPORT

“The School must maintain educational and research facilities and other infrastructure needed to achieve its mission statement.”

• “The School must maintain an appropriate number and quality of its facilities, such as classrooms, seminar rooms, and study rooms, in order to enhance the efficiency of its educational programs.”
• “The School must provide an office for faculty members to prepare for class, especially an individual office for each full-time member.”
• “The School must systematically maintain a collection of books, academic journals, and audiovisual materials necessary for the educational and research activities of both students and faculty.”
• “The School must effectively utilize and maintain facilities and equipment appropriate for its educational and research activities and the delivery of its educational programs.”
• “The School must provide study environments which enable students to engage in self-study, and encourage students to make use of these environments.”

II. The Peer Review Team Comprehensive Evaluation

1. PRT Quality Assurance Evaluation

1) The School’s Mission Statement

Recently, Master of Management Faculty of Economics and Business Universitas Indonesia (MM-FEBUI) redefines its mission in order to align it with the faculty’s and university’s mission statement. The review process of the mission statement is conducted every four years with the objective to match the graduate profiles with current and future industry needs.
The new mission of MM-FEBUI is to provide an industry-linked and globally connected business and management education for future leaders. The new mission of MM-FEBUI proves a strong alignment with broader missions of both the Faculty of Economics and Business and Universitas Indonesia.

Mission of Universitas Indonesia

To provide wide and equal access, and quality teaching and learning;
To achieve quality in the three pillars of Higher Education (“Tridharma Perguruan Tinggi”) relevant to national and global challenges;
To produce graduates of high intellectual and moral standards with the ability to compete globally;
and To create an academic climate of excellence which supports the achievement of the university’s vision.

Mission of Faculty of Economics and Business

To contribute to the development of knowledge in economics and business; Developing leaders with a sense of social responsibility and able to face global environmental change.

Mission of Master of Management

To provide an industry-linked and globally connected business and management education for future leaders.

2) The School’s Educational System

Curriculum

Master of Management Faculty of Economics and Business Universitas Indonesia (MM-FEBUI) competency-based curriculum is split into two different types of learning experiences: The Core Curriculum and The Elective Curriculum. The Core Curriculum constitutes the first semester of study and establishes a foundation in the fundamental practices of business including finance, marketing, business law, operation, strategy, and more. All students must participate in the same set of classes. The Elective Curriculum participants will enjoy the opportunity – for depth and breadth – to gain more concentrated expertise in the industries, as well as functions, and skills of their own interest.
In achieving its mission, MM-FEBUI develops a curriculum that is adaptive to market needs and provides a balance between interpersonal skills and business managerial skills to ensure that the graduates are ready to be professionals who are competitive not only nationally but also regionally and globally.
MM-FEBUI curriculum in a semester consists of 14 sessions, each with 50 minutes classroom sessions per credit hour, which is compliant with the university standards. Most courses are valued at 3 credits, which means that the duration of each class is 150 minutes (50 minutes x 3 credits). Each session consists of two parts, 75 minutes each. The first part is Participant. Centered Learning (PCL) session, which is an interactive discussion session whereby a lecturer asks questions to stimulate students to answer and discuss an issue. The second part is active lecturing sessions whereby the lecturers present teaching materials for the day’s topic. In this part, the lecturer will also summarize the discussion session and relate them to the teaching materials.
MM-FEBUI has been constantly ensuring academic quality. There is a system of academic quality assurance through various mechanisms, e.g. the Internal Evaluation Semester (“Evaluasi Internal Semesteran” / EVISEM), Self-Evaluation of Study Program (“Evaluasi Program Studi Berbasis Evaluasi Diri” / EPSBED), Student Evaluation of Teaching (“Evaluasi Dosen Oleh Mahasiswa” / EDOM), Focus Group Discussion (FGD), Annual Report, and Accreditation. MM-FEBUI also periodically evaluates the curriculum together with the Department of Management, Academic Quality Assurance Unit FEB UI (“Unit Penjaminan Mutu Akademik” / UPMA), faculty, practitioners (industry and associations), alumni, and alumni employers.

Industry-Linked Programs: Actuarial Management Specialization Program

The Actuarial Management Specialization Program at the MM-FEBUI was re-opened in 2013, as a result of the partnership with Prudential Indonesia. The strategic partnership is motivated by the growing needs for actuaries in the Indonesian insurance industry and because MM-FEBUI is one of the best business schools in Indonesia. The program at the MM-FEBUI is designed to develop future professional, leaders and managers in embracing global business perspective with integrity, vision, determination and social responsibility.
The re-opened actuarial study program at MM-FEBUI is a part-time two-year program. The program has been accredited by Society of Actuaries of Indonesia / “Persatuan Aktuaris Indonesia” (PAI), and the program’s graduates could be exempted from up to 7 PAI exams, subject to meeting the certain minimum requirement. This program at the same time enriches the teaching and learning process that will ensure that the graduate study program of MM-FEBUI provides impartial knowledge of theory and its application in the business world.

Bourse Game Laboratory

MM-FEBUI is the only business school in Indonesia supported by Bourse Game Laboratory which is sponsored by PT. Bank CIMB Niaga Tbk. Laboratories students can directly simulate foreign currency trading (Foreign Exchange Trading Simulation). This collaboration provides a positive impact because it gives an opportunity to all students to apply knowledge in Treasury Management that they receive in the classroom. Their knowledge is expanded by real simulation of foreign exchange trading. Moreover, some of the lectures also benefit from the bourse game.
In the assessment for international accreditation pursued by MM-FEBUI, Bourse Game Laboratory gives added value to the program. The PRT sees a very strong relationship between the Program and the industry, in this case PT. CIMB Niaga Tbk. The PRT considers that the study program had the full support of the industry in developing the curriculum and has been adapted to the needs of the market so that the graduates of MM-FEB UI will have high competitiveness.

Students

To ensure student input quality, MM-FEBUI has imposed a rigorous, staged, transparent, and standardized student selection process with quality above faculty standard. MM-FEBUI also formed a partnership with international business schools to deliver a Dual Degree program, students and faculty exchange and joint research.
Students of MM-FEBUI come from various universities in various areas, both local and overseas. In addition, the students’ employment backgrounds are also very diverse. This diversity can enrich the knowledge of students. MM-FEBUI implements monitoring and sustainable academic evaluation systems by accelerating study period, improving quality of graduates, and reducing the percentage of students who drop out from the study. MM-FEB UI has the Student Committee as a student organization to realize the creation of an academic community that is healthy and beneficial to society, as a place for students to be able to exchange the new ideas.

Learning methods

Since 2006, MM-FEBUI has been applying the method of Participant Centered Learning (PCL), which encourages students’ independent learning, critical thinking, creativity, and ability to to express their opinions while respecting the opinions of others. On March 9, 2013, MM-FEBUI was awarded the Excellence in Practice Award for PCL’s program by The Alliance on Business Education and Scholarship for Tomorrow, A 21st century Organization (ABEST21).
In addition to regular lectures, MM-FEBUI also routinely organizes public lectures inviting guest speakers, some of them coming from abroad. Some guest speakers are leading academic figures who come from reputable business schools and international organizations, including Prof. Janice Belace (The Wharton School), Dr. Richard Jackson; researchers from the Center for Strategic and International Studies (CSIS), Madame Christine Lagarde (IMF Managing Director), Dr. Catherine De Fontenay, Dr. Mark Crosby, and Dr. Geoff Martin (MBS). In order to enhance students’ soft skills, MM-FEBUI also constantly organizes various extracurricular activities which include training, mentoring, public lectures, career and self-development workshops.
Furthermore, MM-FEBUI also designed a Mentoring program which is mandatory for students without work experience who are mostly enrolled in the daytime class. Mentoring program is meant to facilitate students to “befriend” successful people from the business sector, government and public sector and experienced community figures. One mentor takes approximately five students for one year. During the mentoring program, students can receive different assignments by mentor based on their mutual agreement.

Global Network

In line with its vision and mission, MM-FEBUI develops cooperation and collaboration with various institutions in Indonesia as well as overseas. International cooperation has been successfully established with the following institutions:

• L’Institut d’Administration des Entreprises / L’IAE de Grenoble, Université Piere Mendes, France
• Sungkyunkwan University, Korea.

This cooperation aimed to enhance the international experience of the students as the competition in finding the best professionals is currently not only at national level but increasingly at the international level.
MM-FEBUI is a member of the Global Network for Advanced Management (GNAM). Founded in 2012, the network consists of 28 business schools worldwide that collaborate in academic exchange and research. A common motivation of these member schools is to position their students, faculty, staff, alumni and other constituencies so that they can deepen their understanding of differences and commonalities in their economies and increase their effectiveness.
MM-FEBUI has successfully hosted Global Network Week 2015 on March 16 to 21. In 2016, MM-FEBUI held Global Network Week with the theme “Local Start-up, Local Heroes”, joined by the students of MM-FEBUI and students from 28 business schools who are members of GNAM with a total number of participants reaching up to 40-70 people.

Extracurricular Credit

The School provides extra-curricular activities for the students – events that are related to particular interests outside the regular curriculum or program of courses. Extracurricular credits are given to all students who get involved in extracurricular activities.
This program is formulated to develop the students’ soft skills and personal learning. Especially, graduate students desire to be more creative and able to contribute to the community. The School is crafting the extracurricular activities which are tailored to meet these needs.
Credit point is given according to the level of efforts, the scope of work and the range of qualification level. The highest point can be given for extraordinary achievement that is publicly acknowledged as well as activities that require students to be involved at the international level (25 points). The part-time students (evening class) are required to fulfill the extracurricular credit up to 100 points. The full-time students need to accomplish 215 points of extracurricular credit.

3) The School’s Educational Degree Programs

Master of Management Faculty of Economics and Business Universitas Indonesia (MM-FEBUI) is a postgraduate program under the Faculty of Economics and Business that offers education at Master’s level. MM-FEBUI offers five regular programs and four specialized programs.

Regular program

The regular programs are based on functional management, including:

1. Master of Management in Finance
Major aims to prepare managers in the field of finance who require a broad array of skills and knowledge such as analytical skills, technical competencies in finance, as well as conceptual capabilities. These skills and knowledge are required to manage the finance function within companies in such a way that secures profitability, business sustainability in the long run as well as dealing with a variety of risks.
2. Master of Management in Operation
Major is intended for students who aspire to be a manager in the field of production/operations. Subjects covered in this major include quantitative analytical tools in operations decision making coupled with qualitative approach and utilization of up to date information technology to aid decision analysis and organization’s operations.
3. Master of Management in Marketing
Major aims to prepare managers in the field of marketing. In order to accomplish this, students are provided with various courses that are relevant for marketing managers, so students can coordinate all marketing activities, both within the national context as well as international context.
4. Master of Management in Human Resource
Major aims to prepare students to become managers who possess competencies to manage human resource as a strategic resource for a company.
5. Master of Management in General Management
Major aims to offer an overall vision of business and set of skills in General Management to students of various academic and professional backgrounds.

Specialized programsm

Additionally, MM-FEBUI also offers specialized concentration programs, which are:

1. Master of Management in Capital Market
The program aims to prepare professional managers for a career in the capital market industry. This program is a specialized program that prepares managers who possess capital market technical skills and managerial skills.
2. Master of Management in Risk Management
This program aims to prepare professional managers for a career in the banking industry. This program equips its students with technical skills in banking risk management as well as managerial skills.
3. Master of Management in Islamic Finance
This program aims to produce graduates who are competent in the field of Islamic finance at Masters level in accordance with the needs of the Islamic financial industry. Graduates are expected to work in the middle to the top-level management positions of various Islamic financial institutions or become entrepreneurs who are able to apply Sharia business practices.
4. Master of Management in Actuarial Studies
The program aims to prepare professional managers for a career in actuarial fields. This is a specialized program that prepares managers who possess mathematical talent in understanding, measuring and managing the risks, managerial skills, and other skills to untangle the most complex and difficult problems facing the commercial world.

Dual Degree

The school offers a Dual-Degree Program (MM-MBA), a collaboration between MM-FEBUI and L’Institut d’Administration des Entreprises / L’IAE de Grenoble, Université Piere Mendes France and also offers a Dual-Degree Program (MM-MBA), a collaboration between MM-FEBUI and Sungkyunkwan University, as can be seen from Table 1.

Table 1 University Partners

The integrated curriculum of MM-MBA is designed to provide graduates with competitive global framework of leadership, analytical skills, and business fundamentals. It serves as a “Learning Laboratory” where students apply the theories and knowledge in 18 courses for 24 months. Six courses will be delivered by the faculty members of L’IAE de Grenoble and the remaining will be delivered by MM-FEBUI faculty members.
It is set to find a unique approach to problem-solving including case discussion, decision making, leadership, field project and observation, plan execution and individual study including an internship in an international company either in Indonesia or overseas. The students will be given modules and are encouraged to finish their study on time.

Curriculum

Curriculum in each program consists of core subjects, compulsory concentration subjects, and elective subjects. Core subjects consist of initial knowledge and basic tools for business analysis and decision making. As a professional that will have a managerial position, in the middle or top level, students have to learn that an organization especially business organization is an integrated system that encompasses different aspects such as human resource and organization, marketing, operations, finance, business ethics, and strategic issues. Therefore in their future work the students need to have the ability to see how their decision on one aspect of organization influences other aspects.
To become a professional in a more specialized program, students will be provided with a deeper knowledge. In each program, students should take 2-3 compulsory subjects and elective program subjects. Compulsory subjects are subjects that are important for students to be a professional. Elective subjects provide additional knowledge to support basic knowledge acquired in the core and compulsory subjects. Each student can choose different elective subjects depending on their interest. For elective program subjects, students can choose between 2-6 subjects that are provided by each program. However, for a specialized program, there is no elective program subject as the subjects in this program are compulsory for students to take.
Courses for all types of concentrations are delivered in a distinctive method, the Participant Centered Learning (PCL) which is believed to be effective in developing graduates consistent with the mission of MM-FEBUI. PCL fosters 360 degrees knowledge transfer among classroom participants. The traditional way of classroom activities that revolve around lecturers is replaced with an all-embracing knowledge exploration that is not limited to the lecturer’s capacity. Rather, the learning process makes the best use of text books, journal articles, recent headlines, personal experiences, the internet, video cases, etc. as sources of knowledge to achieve a sound understanding of the course. Student’s roles are elevated as they are regarded as the center of any classroom activity, hence more efforts must be exerted by all class participants to achieve standards set by this method.
Programs that are based on functional management are usually analyzed and developed after the School has a discussion with the association and faculty members, both academic and professional. Currently, discussions with association and faculty members have not resulted in a new program but led to updating the curriculum through introducing new elective subjects. For example, after the economic crisis, there was a need to have merger and acquisitions as an elective subject.
Programs that are based on job specialization are usually developed based on discussion and requests from the industry and regulator or the government. For example, Master of Management in Risk Management was developed after having a discussion with the Central Bank (“Bank Indonesia” / BI). The Central Bank introduced regulations requiring the banks to employ risk officers, so there is a potential need to educate graduates with risk management knowledge.
A program proposal is developed and presented to the association, industry, or regulator. After the proposal is agreed upon, the program proposal (feasibility study) is presented to the Faculty of Economics and Business Universitas Indonesia. This process can be seen in the following figure 1.

4) The School’s Scope of Accreditation

International accreditation demonstrates international recognition of the best practices of quality assurance and the various aspects of academic support implemented by Master of Management Faculty of Economics and Business Universitas Indonesia (MM-FEBUI).
MM-FEBUI intends to maintain international accreditation from ABEST21 (The Alliance on Business Education and Scholarship for Tomorrow, a 21st Century Organization) – International Accreditation Agency based in Tokyo, Japan. ABEST21 aims to promote the quality of education at business schools around the world by calling for mutually beneficial cooperation between its members.
MM-FEBUI offers two types of degrees, MM and MM-MBA, whereas the MBA degree is the second degree granted by the partner university. The single degree program consists of daytime classes and evening classes in which students can take one of the following concentrations: Finance Management, Operation Management, Marketing Management and Human Resources Management, and General Management. The evening classes also offer specialized concentration programs, which are MM in Capital Market, MM in Risk Management, MM in Islamic Finance, and MM in Actuarial Studies.
MM-FEBUI is one of the programs under Faculty of Economics and Business Universitas Indonesia. The other programs are Bachelor Degree/Undergraduate and Graduate of Management/“PPIM”.

5) The Peer Review Team

6) The Peer Review Schedule

7) The ABEST21 Peer Review Result

(1) Comprehensive Review

“ABEST21 certifies that the School’s educational and research activities generally satisfy accreditation standards. The School’s KAIZEN plans are good and quality maintenance and prospects for the improvement of education and research are promising and good.”
Overall, this document includes various improvement programs that are outlined in the action plan, with an implementation schedule that needs to be monitored carefully and continuously, so that all the programs can run and achieve the mission statement that has been set. The involvement of lecturers, administrative staff and various parties/stakeholders must be motivated continuously to improve the quality of education.

(2) The Period of Quality Assurance

Accreditation commences April 1, 2018 for a five-year period. After the accreditation, the School must implement the yearly plan according to its action plan, and respond to the expectations of the social stakeholders. Therefore, the School is required to submit the progress report (KAIZEN Report) by the end of June at the 3rd year after being accredited.

2. Good Practice in Management Education

“Global Network Advanced Education”
The program that is developed and followed by many students, not only UI students but also students from various countries.

3. Matter to be noted

• The learning process of PCL (Participant-Centered Learning) must be supported by the skills and capabilities of the lecturers and students.
• The School’s funding mostly comes from the tuition fees; sources of funding need to be diversified.
• Maintenance costs need to be planned well, so that the available facilities can function well to support the achievement of the School’s mission.
• The problem of bureaucracy and flexibility in budgeting must be addressed immediately, so it will not be an impediment to the learning process.
• Cooperation with industries should be continuously improved.
• Diversification of the student body ensuring the variety of backgrounds and cultures should be continuously enhanced.
• Promoting research and publications of the faculty members will help to support better learning.