Higher education is always governed by certain guidelines, either formulated by respective countries, or governing councils. Management education, being one of the distinctive fields of professional study, too is overseen and endorsed by professional bodies. At the global level, you have accrediting agencies; while in India, B-Schools are recognized and approved by organizations such as AICTE, AIU, and statutory body of the University Grants Commission. Therefore, it is prerogative of every management institute to obtain such certificate of accreditation.
The reason why accreditation plays a significant role in image makeover is that it gets a stamp of approval on one hand; as well it shows the respective B-Schools in good light. Aspirants would certainly favor an institute with accreditation. Plus, companies too consider B-Schools with accreditation favorably during campus or board interviews. As a result, the students from such accredited institutes would command value in corporate world. Just for the record, accredited B-Schools have generally come higher in ranking, placement offer, and public image.
Just as we start counting the B-Schools that have earned the accreditation through resourcefulness and transformational teaching, elite institutes instantly come to our mind. Not far behind are some of the emerging B-Schools. International Institute of Business Studies-IIBS too has this distinction through superlative achievement in teaching, summer placement, industry interaction, and final placement to its MBA graduates.