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Jeffrey D. Allred, Deseret News
FILE - Utah Valley University students walk between classes on campus in Orem Wednesday, Jan. 21, 2015. Utah Valley University’s Woodbury School of Business has received an extension of its accreditation from the Association to Advance Collegiate Schools of Business International through 2022.

OREM — Utah Valley University’s Woodbury School of Business has received an extension of its accreditation from the Association to Advance Collegiate Schools of Business International through 2022.

Founded in 1916, the association is the longest-serving global accrediting body for business schools that offers undergraduate, master's and doctoral degrees in business and accounting.

“We are proud of this recognition,” UVU President Matthew S. Holland said in a statement. “It is a direct result of our business school’s serious approach to preparing graduates for a competitive marketplace and success throughout their career.”

The distinction has been earned by fewer than 800 business schools in 53 countries and territories. That’s less than 5 percent of the world's business schools.

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“AACSB is the thought leader in worldwide business education. To be recognized by them is a mark of distinction and a tribute to the faculty, staff and industry partners who are focused on our students’ success,” Norman Wright, dean of the Woodbury School of Business, said in the statement.

Achieving accreditation is a process of rigorous internal review and meaningful peer review. During this multiyear process, schools focus on developing and implementing a plan to align with the associations’s accreditation standards. These standards require excellence in areas relating to strategic management and innovation; student, faculty and staff as active participants; learning and teaching; and academic and professional engagement.