GMAC to Collaborate with AACSB and EFMD on Research-Based Initiatives
GMAC enters into a memorandum of understanding with AACSB and EFMD to expand current understanding of the global GME market.
The Graduate Management Admission Council (GMAC) has signed a memorandum of understanding with the Association to Advance Collegiate Schools of Business (AACSB International) and the European Foundation for Management Development (EFMD), the world’s two largest business education networks connecting academia with business. The intent of the memorandum is to promote and enhance their research activities for the benefit of the business education industry, and to add value for their respective members.
Together, the three global organizations will increase information sharing and coordination by aligning data sets related to school, candidate, and application trends. These research-based initiatives will serve to facilitate more comprehensive analysis and reporting and expand the collective understanding of schools involved in the delivery of global graduate management education.
“One of our most pressing needs as an industry is a common platform for sharing and disseminating data for the benefit of all, and this effort will go a long way toward helping us achieve this important goal,” said Sangeet Chowfla, president and CEO, GMAC.
Sangeet Chowfla, president and CEO of GMAC (left), and Tom Robinson, CEO of AACSB International, sign the Memorandum of Understanding. Eric Cornuel, director general and CEO of EFMD, was not in attendance for the signing.
“This collaboration will create new research opportunities to advance business education worldwide and better serve the diverse needs of an ever-changing higher education ecosystem. By working together, we will make data and information about business education more transparent, standardized, and useful to students, employers, and business school leaders worldwide,” said Tom Robinson, CEO of AACSB International.
Professor Eric Cornuel, director general and CEO of EFMD, said, “As a joint venture between the three biggest management development organizations, with members all around the world, this memorandum of understanding will enable us to tackle the challenges and discuss the potential for industry-wide initiatives that exceed the membership bounds of any of the organizations alone.”
The three organizations plan to kick off their collaboration in mid-July with an initial joint project to establish common data definitions, which will then be presented to schools for feedback in the fall of 2016 before being finalized by year’s end.