In 1908 the Graduate School of Business Administration (GSBA) at Harvard University was established; it offered the world's first MBA program, with a faculty of 15 plus 33 regular students and 47 special students.

The University of Chicago Graduate School of Business first offered working professionals the Executive MBA (EMBA) program in 1940, and this type of program is offered by most business schools today.

In 1950 the first MBA degrees were awarded outside the United States by the University of Western Ontario in Canada followed in 1951 with the degree awarded by the University of Pretoria in South Africa. The Institute of Business Administration, Karachi in Pakistan was established in 1955 as the first Asian business school by the Wharton School of the University of Pennsylvania. In 1957, INSEAD became the first European business school to offer an MBA program.^{[citation needed]}

The MBA degree has been adopted by universities worldwide, and has been adopted and adapted by both developed and developing countries.

Accreditation

Business schools or MBA programs may be accredited by external bodies which provide students and employers with an independent view of their quality, and indicate that the school's educational curriculum meets specific quality standards. The three major accrediting bodies in the United States are Association to Advance Collegiate Schools of Business (AACSB), which accredits research universities, the Association of Collegiate Business Schools and Programs (ACBSP), which accredits junior colleges and teaching colleges, and the International Assembly for Collegiate Business Education (IACBE), all of which also accredit schools outside the US. The AACSB and the ACBSP are recognized accrediting agencies for business schools in the United States by the Council for Higher Education Accreditation (CHEA). MBA programs with specializations for students pursuing careers in healthcare management also eligible for accreditation by the Commission on the Accreditation of Healthcare Management Education (CAHME).

In the United States, a college or university must be accredited as a whole before it is eligible to have its MBA program accredited. Accrediting bodies that accredit institutions as a whole include the Council for Higher Education Accreditation (CHEA): Middle States Association of Colleges and Schools (MSA), New England Association of Schools and Colleges (NEASCSC), North Central Association of Colleges and Schools (NCA), Northwest Commission on Colleges and Universities (NWCCU), Southern Association of Colleges and Schools (SACS), and Western Association of Schools and Colleges (WASC).

Accreditation agencies outside the United States include the Association of MBAs (AMBA), a UK based organization that accredits MBA, DBA and MBM programs worldwide; the Council on Higher Education (CHE) in South Africa; the European Quality Improvement System (EQUIS) for mostly European and Asian schools; and the Foundation for International Business Administration Accreditation (FIBAA) in Europe.

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