By Eric Cornuel
The evolving role of accreditation in management education reflects a deeper transformation in the relationship between the state, business, and civil society. Accreditation bodies, particularly those operating as international non-profit organisations, have emerged as mediators that bridge public, private, and academic interests. Their mission extends beyond institutional evaluation; they embody the third sector’s contribution to social balance by promoting cooperation, accountability, and shared value among all stakeholders in higher education.
The Third Sector as a Catalyst of Social Balance
The “third sector” refers to organisations that operate outside the domains of the state and the market, typically in the realm of civil society and non-profit activity. Traditionally, it has been associated with social justice, empowerment, innovation, and the promotion of citizenship. However, its role extends further — it acts as a catalyst that coordinates the contributions of the state and business to maximise their societal impact.
In the English-speaking world, the term “third sector” carries the connotation of mediation — entities that are neither governmental nor commercial, but act as intermediaries reconciling conflicting interests. Rather than representing a static category of “non-state” institutions, the third sector dynamically interacts with both public and private systems, fostering cooperation and enabling each to perform more effectively for the common good.
Accreditation in management education provides an illustrative case of how the third sector operates in practice. As governments have reduced their direct oversight of higher education, accreditation agencies — many of them international and non-profit — have assumed a vital coordinating role, ensuring that management education remains accountable to social, economic, and ethical standards.
The Rise of Academic Accreditation
Over the past three decades, accreditation has become central to how business schools define their strategies and communicate their value. Since its creation in 1997, the EQUIS accreditation system has grown from 126 accredited institutions in 2010 to 218 across 51 countries by 2023. This expansion mirrors a broader global movement towards non-state quality assurance mechanisms.
Historically, academic legitimacy depended on state recognition — “approved by the state” was the ultimate mark of credibility. Today, however, globalisation and the internationalisation of education have eroded this paradigm. Business schools now prioritise international accreditations (EQUIS, AACSB, AMBA), seeing them as both strategic assets and symbols of excellence that transcend national borders.
The proliferation of accreditation agencies parallels the broader spread of certification systems across industries — from ISO standards to hospital or library certifications. This shift reveals a reallocation of authority: where once the state defined institutional legitimacy, that role is now increasingly exercised by non-state, not-for-profit actors.
The Retreat of the State
This transformation aligns with the trend identified by political economist Susan Strange in The Retreat of the State (1996). She observed that globalisation and corporate expansion had weakened states’ capacity to set the rules of economic and social life. Private corporations, professional organisations, and transnational networks began to dictate standards once determined by governments — from accounting norms to financial regulation.
As public authority contracts, both public and private institutions seek validation from external evaluators, many of them not-for-profit. In Europe, even state universities now pursue international accreditation, acknowledging that legitimacy increasingly depends on independent quality assurance rather than ministerial endorsement. This represents a fundamental reordering of authority: power once monopolised by governments is now shared with non-state actors capable of defining norms, standards, and expectations.
Management Education in a Changing Social Order
Business education sits at the intersection of this transformation. Since its inception, management education has been viewed ambivalently — criticised for serving corporate interests rather than the public good. Traditionally, faculties of literature, law, or medicine were associated with culture and civic welfare, while business schools were seen as institutions aligned with commerce and profit.
The globalisation of markets and the growing influence of corporations further blurred the line between education and business. As the state retreated, one might have expected business schools to become more dependent on corporate influence, shaping curricula to align exclusively with market needs. This dynamic would have deepened the subordination of management education to economic power.
However, this did not occur. Instead, accreditation agencies — operating within the third sector — emerged as neutral intermediaries that established consensus-based quality frameworks. Their work mitigated the risk of corporate dominance by ensuring that management education remained balanced among public interest, academic integrity, and business relevance.
The Mediation Role of Accreditation Agencies
Over the last two decades, accreditation agencies have transformed management education by promoting collaboration rather than confrontation among stakeholders. They have become key mediators among universities, corporations, governments, and students.
In France, for instance, business schools traditionally managed by public chambers of commerce (such as ESCP and EM Lyon) have restructured under hybrid models involving both public and private stakeholders. Yet their accreditation processes remain overseen by non-profit international bodies, ensuring impartial standards regardless of ownership or funding source.
These agencies have built legitimacy through transparency, inclusivity, and dialogue. Their evaluations involve academics, practitioners, students, and policymakers, ensuring that multiple perspectives are integrated into quality criteria. Far from acting as bureaucratic authorities, they function as facilitators who align diverse expectations under shared goals — academic excellence, ethical responsibility, and societal impact.
By doing so, accreditation organisations embody the essential qualities of the third sector: they are neither regulators nor market competitors but intermediaries who enable cooperation and trust. Their work contributes not only to the credibility of individual schools but also to the broader transparency and integrity of global management education.
A Model for Cross-Sector Cooperation
The impact of accreditation goes beyond academia. It demonstrates how third-sector organisations can create structures that balance state authority and market power. Through their frameworks, they ensure that education — and by extension, other social systems — operates according to values of fairness, responsibility, and inclusiveness.
In this sense, the accreditation process represents a governance model based on mutual accountability rather than hierarchical control. It helps redefine corporate social responsibility by encouraging companies to engage constructively with education and by reminding public institutions of their duty to serve not only efficiency but also equity.
Accreditation bodies thus contribute to a global public good: they safeguard the quality of education while reinforcing social cohesion in a world where both states and markets struggle to maintain legitimacy.
Accreditation in management education exemplifies the broader social role of the third sector. It operates not merely as a technical mechanism for evaluation but as a moral and institutional bridge between public purpose and private initiative. By fostering standards that reflect shared values rather than unilateral power, accreditation agencies create the conditions under which both the state and the market can realise their potential for the benefit of society.
In a time marked by the retreat of state authority and the dominance of market logic, these non-profit institutions remind us that legitimacy arises from collaboration, transparency, and trust. Their work underscores a central lesson for contemporary governance: that the vitality of modern societies depends not only on the efficiency of their markets or the strength of their states, but also on the creativity, independence, and mediating power of their civil institutions.
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About the author
Eric Cornuel has been President of EFMD Global since 2000. An alumnus of Sciences Po Paris and HEC Paris, he earned his PhD from Paris Dauphine University. His influence extends to co-founding and governing various international organisations, such as PRME, CEIBS, GRLI, HigherEd, and ITP. Celebrated with awards like the Magnolia Award and the Légion d’honneur, his publications include ‘Business School Leadership and Crisis Exit Planning’, released by Cambridge University Press. Eric holds fellowships at esteemed institutes and has been honoured with Doctorate Honoris Causas from Koźmiński University and ESCP Business School.
