EFMD (European Foundation for Management Development), is an European international and non-profit organization headquartered in Brussels, Belgium. EFMD is a globally recognized organization that conducts accreditation processes for higher education institutions in the fields of economics and business. EFMD represents a network of over 900 institutions and 30,000 management professionals with experience in academia, the public sector and consulting companies, gathered with the aim to facilitate the development of socially responsible leaders and managers while merging the academic and business sectors. EFMD awards three types of accreditations: 1) European Quality Improvement System (EQUIS) to higher education institutions in the fields of economics and business, 2) European Program Accreditation System (EPAS) to individual study programmes, and 3) Corporate Learning Improvement Process (CLIP). They are guaranteed consistency in the application of international standards and a commitment to development and quality assurance.

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EPAS (EFMD Programme Accreditation System) is an international system of evaluation of study programmes at higher education institutions in the areas of management, economics and business that has been recognised worldwide by potential students, employers, the media and business partners. The EPAS accreditation system embraces all levels of study programmes, from undergraduate to doctoral levels conducted by one or more institutions, and represents a scheme for fundamental and rigorous quality assessment in delivering the study programme in all its segments. Principles of rigorous academic excellence, internationalisation, ethical and sustainable business operation as well as social relevance and practical applicability are the fundamental guidelines of quality assurance valued and rewarded by this accreditation.

By acquiring the EPAS accreditation, a study programme and the associated institution achieve international visibility and recognition of high quality educational content and teaching performance that are comparable to international universities and faculties with similar study programmes. EPAS accredited institutions harmonise their business operations, development and strategic aims to the internationally recognised standards and participate in the global academic community that interact sharing experiences and good practices  from different social, economic and cultural circumstances.

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Faculty of Economics & Business, University of Zagreb was awarded with the first EPAS accreditation for the English-taught study programme Bachelor Degree in Business (BDiB) in 2011, almost four years after the implementation of this study program. In the 2017, the same study program has successfuly undergone EPAS re-accreditation process, which has extended the accreditation untill 2022.

„Changes and improvements arising from the EPAS 'accreditation journey' have inspired innovative processes at the institutional level that generated the EPAS 'Network of Networks' – an internationally oriented ecosystem and collaboration platform for EPAS-accredited programmes. The strategic development of the BDiB programme paved the way for the entire institution to move forward, especially in the areas of students' and staff's international experience, imaginative pedagogy, enhanced educational experience (teaching and academic excellence, experiential learning, student-centred teaching, international and corporate study visits, internships), corporate input, wide range of assessment methods and a quality assurance framework.“  - Prof. Mario Spremić, PhD, BDiB Study Programme Director and EFMD Accreditations Leader at the Faculty of Economics & Business, University of Zagreb.
„The extension of the EPAS accreditation for the period of 5 years confirmed the permanence of the process of quality management that makes the Faculty of Economics & Business, University of Zagreb an equal, comparable, and competitive higher education institution in the international academic environment. By founding the BDiB study programme taught in English that was subsequently awarded the EPAS accreditation, the Faculty of Economics & Business, University of Zagreb has made an innovative step forward in national and regional contexts. Nevertheless, this is the continuation of the Faculty’s century old tradition in fostering academic excellence and social responsibility that dates since its very beginnings never losing sight of the value of the people who make up the institution.“ - Prof. Lajoš Žager, PhD, Dean in a mandate 2014/2018 and President of the Council for Continuity of Tradition and Development of the Faculty of Economics & Business, University of Zagreb.