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That's what I find so exciting about my upcoming year as the board chair for AACSB Interna- tional: the potential we have to make a difference by combining our unique strengths. I'm especially passionate about what we can achieve in four areas of concern: n building the capacity of busi- ness schools in emerging economies. n producing more academically qualified faculty. n offering more development opportunities for new deans. n providing undergraduates with more opportunities to study the liberal arts. Anyone who knows me knows I try to put a little fun into what we do as business educators. But I also believe that if we ignore these pend- ing issues, we put the quality of our graduates, and the value of busi- ness education, at risk. The good news is that AACSB members can work together to develop innovative approaches and create an environ- ment where the quality of business education keeps getting better. Inventor and businessman Charles F. Kettering famously said, "The world hates change, yet it is the only thing that has brought progress." That's why, every decade, AACSB must step back and analyze the industry to see if its standards are achieving the results that we intend. The world is changing around us—and, like it or not, we have to change right along with it. Getting Comfortable With Diversity As the industry continues to grow, AACSB is reaching schools in every corner of the world—its establish- ment of its Singapore office in 2009, for example, has allowed the organi- zation to focus more strategically on business education in Asia. Now, the organization is expanding its role in emerging economies in Asia, Latin America, Africa, and the Middle East. As we do so, we're encounter- ing schools with very different struc- tures, academic philosophies, faculty skill sets, and resource capabilities. It's true that many of these schools are on paths of continuous improvement to offer programs of consistent quality. But should the fact that their approaches are differ- ent from those we traditionally see in the West automatically disqualify them from membership in the global community of business schools? I don't think it should. There are many roads to quality, and as an association, we must be more open to evaluating and acknowledging different academic structures. That was the conclusion of a special AACSB board commit- tee after its latest review of the association's standards. Its mem- bers determined that, while our approaches are sound, they may no longer be enough to meet the world's needs. That realization drove the association's recent efforts to draft a second set of standards that would address the needs of business schools in emerg- ing economies. Its objective was not to create a standard that was considered equal to full accredita- tion, but to recognize these schools for satisfying their unique missions and offer them a benchmark on their way to full accreditation. But over the last year, members have expressed skepticism about expanding AACSB's offerings to include a second designation. Many saw it as "accreditation lite" and feared it would dilute AACSB's rigorous standards. While the organization continues to debate the viability of a secondary des- ignation, we've looked for other ways to help schools in emerging economies embrace continuous improvement and acknowledge their unique missions. AACSB recently announced its Emerging Economies Initiative, which focuses on advancing man- agement education in markets such as Latin America, the Middle East, and Central and Eastern Europe. Through the initiative, the asso- ciation will support these schools through a mentoring program, in which accredited schools will guide other schools interested in pursu- ing accreditation. The association already has organized an event in Abu Dhabi for schools in the region interested in accreditation and AACSB member services. In the future, AACSB also plans to develop seminars on capacity building through its Singapore office. These seminars will be tailored to schools in emerging markets such as Indone- sia, Vietnam, and Cambodia. As part of the initiative, AACSB also has established its Latin American and Caribbean Advisory Council, chaired by Fer- nando D'Alessio, director general of CENTRUM Católica in Peru. The council will guide AACSB's 48 September/October 2012 BizEd STOCKBROKERXTRA/GLOW IMAGES