It was the year after the Challenger disaster, and we were hit especially hard in my school, where space missions were part of the curriculum.

FORBES: Space Shuttles and Motorcycles

Bob Reid, AACSB's chief accreditation officer and a former dean at James Madison University's business school, says the group now assesses schools in the context of their individual missions, rather than against a common standard.

WSJ: B-School Accrediting Body Retools Its Standards