From Looking Up To Looking In: Rethinking Business School Strategies In Latin America

In a world where universities and educational institutions of varying quality proliferate, rankings and accreditations have become crucial tools for distinguishing high-quality programs from others. However, evaluating these programs solely through the lens of these aspects without considering other locally or regionally significant factors can lead to a narrow perspective on business education globally — and a convergence trap.

This approach may result in an excessive focus on programs that increasingly resemble one another, overlooking creative and innovative initiatives that could become trends in the near future.

This phenomenon is particularly relevant in emerging markets. In Latin America, few universities are either featured in the world’s top rankings or have achieved international accreditations such as the “Triple Crown.” These international accreditations also play a crucial role in enhancing a business school’s visibility and credibility. In a nutshell — and at the risk of oversimplification — AACSB focuses on assurance of learning and faculty quality, while EQUIS emphasizes internationalization and industry connections. AMBA specializes in MBA accreditation, ensuring its impact on graduate employability. Additionally, these rankings and accreditations serve as key benchmarks for measuring the quality of business schools in the region.

CHALLENGES & STRATEGIC CHOICES

This does not mean that there are no interesting proposals in the region. Rather, it highlights the fact that only a handful of institutions have the necessary resources to meet the internationalization and research criteria required by these accreditation bodies.

Universities in Latin America are implementing innovative strategies to respond to these trends. For example, executive education is evolving with hybrid and digital methodologies, while sustainability and social responsibility are gaining prominence, often with more credibility than in developed markets. License to operate is a real discussion in many emerging economies, not just a fad. Applied research and industry collaboration are enabling a direct impact on society and organizational competitiveness. Schools in Latin America have developed distinctive strategies to differentiate themselves and define their approach to competing with institutions that are way ahead in these rankings.

Schools have understood that having a distinctive strategy is essential for this process. Some institutions in the region have prioritized research excellence focusing on this aspect over others. Notable examples include Universidad de los Andes in Colombia, Insper and Fundação Getulio Vargas in Brazil; and IAE Business School in Argentina. Others have pursued massification strategies, leveraging economies of scale while maintaining high quality and protecting their reputation — most notably Tecnológico de Monterrey. Meanwhile, schools like Universidad EAFIT — the school I have the privilege to lead — and others with similar backgrounds have capitalized on their connections with organizations and relevancy. Each path presents different challenges and strategic choices, but are all legitimate, and, if I may say so, “accreditable” and “rankable.” However, the key lies in the ability to differentiate from one another.

ENHANCING VISIBILITY 

Nonetheless, schools outside the international accreditations and rankings radar are leading the race in virtualization, and have achieved scale and numbers that are unattainable for institutions that flaunt their crowns (including the university I lead). In Colombia, Universidad Nacional Abierta y a Distancia, which has never attended a Triple Crown event, has around 150,000 students enrolled in formal virtual programs. Similar trends are observed in Universidad Abierta y a Distancia in Mexico, which had over 110,000 active students in 2022. Dismissing these phenomena, simply because they are not part of aspirational rankings or accreditations, would limit our understanding of the evolving landscape of business education.

The conundrum for schools in Latin America — and in emerging markets in general — lies precisely in maintaining one eye on international quality standards, while also understanding local competition, particularly institutions that are leading the race in scale and virtualization, and that could easily start playing the quality game, leaving the others behind. This also applies to universities in developed markets that focus only on Global South institutions that mirror their own, overlooking other emerging trends that could reshape the business education landscape where they least expected.

Beyond rankings and accreditations, Latin American business schools can enhance their international visibility by participating in registers such as Times Higher Education’s. Not only because they gain exposure, but mainly because these platforms foster meaningful conversations. Participating in these initiatives, not only facilitates global recognition but also enables institutions to build collaborative networks, attract international students, and improve employer perceptions. The key to leveraging this opportunity is understanding that the same networks, international students, and employer perceptions, function differently for schools in different contexts. In an increasingly interconnected world, inclusion in these registers can serve as a catalyst for positioning Latin American business schools on a globally competitive stage.

LEADING VERSUS FALLING BEHIND

Without a doubt, rankings and accreditations play a central role in shaping the perception of business school quality. But institutions must complement their strategy with a holistic vision that embraces educational innovation, internationalization, and a differentiated value proposition. What works in the Global North might not work in emerging markets — but valuable lessons can still be learned. At the same time, Latin American schools also have much to teach institutions at the top of these rankings.

Additionally, don’t forget to analyze local trends with a strategic eye. Both perspectives can help you define a competitive strategy for local and international positioning while maintaining a sought-after differentiating strategy.

In a constantly evolving world, the ability to adapt to new dynamics and create real impact will define which schools lead the future of business education and which ones fall behind.

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Cristina Velez Valencia is the Dean of Universidad EAFIT in Colombia. Benjamin Stevenin is Director of Business School Solutions and Partnerships at Times Higher Education.