This month two of Hong Kong's business schools obtained accreditation from the Association to Advance Collegiate Schools of Business (AACSB).
The University of Hong Kong (HKU) earned its accreditation for its faculty of business and accounting, alongside Baptist University's (HKBU) school of business.
The AACSB is an association consisting of almost 1,200 educational institutions, businesses and other organisations in 74 countries and territories.
Of all the business schools across the world, only about 5 per cent, or 593 schools in 37 countries, have obtained the accreditation.
Hong Kong's standing as a centre of business education excellence is buoyed by the two accreditations, bringing the number of local universities accredited to six, with Chinese University, City University, Polytechnic University and the University of Science and Technology having already received the accreditation.
HKU is the first in the city to receive the accreditation for both its business and accounting programmes.
"AACSB accreditation represents the highest achievement for an educational institution that awards business degrees," says John Fernandes, president and CEO of AACSB International.
"We congratulate [HKU] on being the first school in Hong Kong to attain the award for both business and accounting, an endeavour achieved by only 173 business schools across the world."
To achieve the accreditation, business schools need to undertake several years of continuous development and assessment. During that time, the school implements a plan to meet the 21 demanding standards set out by the AACSB.
These standards require evidence of a high quality teaching environment, a commitment to continuous improvement and curricula responsive to the needs of business.
Of HKBUs accreditation, Jerry Trapnell, executive vice-president and chief accreditation officer of the AACSB, says, "[The university] has not only met specific standards of excellence, but has also made a commitment to continuing improvement to ensure that the university will continue to deliver high quality education to its students."