Certified Evaluation and Accreditation Results forProfessional Graduate Business School

The Major in Finance,
the Graduate School of Finance, Accounting and Law,Waseda University

Basic Information of the Institution
Ownership: Private

Location: Tokyo, Japan

Accreditation Status
Year of the Review: 2013
Accreditation Status: accredited（Accreditation Period:April.01.2014 – March.31.2019）2

Certified Evaluation and Accreditation Results
for the Major in Finance,
the Graduate School of Finance, Accounting and Law, Waseda University

The Major in Finance (hereafter, MIF)in the Graduate School of Finance, Accountingand Law at Waseda University defines its unique purpose as “integrating high ideals
and practices to foster business leaders who possess human wisdom to makecontributions to larger society.” This purpose is based on the Waseda University’s
mission as stated in the first article of the school regulations.
Four points are stated as specific purposes of MIF’s education: (1) “cultivatingpersons of talent who can make contributions to larger society by working in thefinancial world” through a diverse and well-balanced educational system which teaches
finance theories at its core; (2) “fostering highly specialized professionals who can takeaction from a global perspective” and who possess specialized practical abilities; (3)“educating persons of talent who have rich cultural and human qualities which allow
them to make contributions to the harmonious co-existence of business and internationalsocieties” and who are also equipped with the vocational ethics requireMIF financial
professionals; and (4) “both fostering talented persons of promise and contributing tosociety” by swiftly incorporating the results of new research into its educational
programs.
It is commendable that the MIF has a strategy to differentiate itself from otherprofessional business schools. In particular, it specializes as a business school thatallows its students to strengthen their knowledge in the area of finance theories, as manybusiness leaders and mid-level managers in the Japanese finance world tend to lack it.
That is, it is a business school that specializes and plays a role in reinforcing students’
theoretical and practical knowledge in the areas of investment, risk management,
corporate finances, and so on.
It is also commendable that the MIF has several strategies to achieve its
purposes. For example, it has made efforts to re-educate persons of talent alreadyworking in finance-related industries by creating a campus in the area of Nihonbashi,Tokyo, which is the epicenter of business and to which a lot of students can easily
commute. As another example, it has established the Institute of Financial Studies
within the Center for Finance Research, which is constituted by researchers, including
all the full-time faculty members of the department. In addition, it has built a system
which aims at producing finance innovations that act as the key for collaboration
between and among industry, the academy, and government, and through which
students receive the fruits of cutting-edge as well as applied research that areincorporated into its educational program.
In terms of its education, the MIF appropriately defines its degree granting
policies (i.e. diploma policy) and requirements for program completion in order tofoster persons of talent as they are described above. It has also built its educational
program by setting finance theory and skills at the core, economics as the foundation,and accounting and law as the two supporting columns. It has organized its curriculumin a systematic and enriched manner, so that students can acquire knowledge related tofinance. Moreover, it has enhanced its educational effectiveness through connecting
finance theories and practice by utilizing a cyber-trading room equipped with high levelof information technology terminals (copying the real trading rooms of the financial
institutions).

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Furthermore, it is commendable that the MIF has devised measures that help
enhance educational effectiveness. For example, it has developed a system to improveeducation, including having requested teaching improvements for those faculty
members who were rated low in course evaluations by students. It also makes wide,
systematic use of teaching assistants. In addition, there is a tutorial program run by MIF
graduates.
There are several points to be considered for improvement, however. First,
although the MIF has organized its curriculum around the special area of finance, it isdesired that, as a professional business school, it considers the enrichment of subjects
related to strategy, organization, and marketing. Moreover, the MIF allows three paths
to complete the degree—by taking the subject classes (i.e., classes taught as lectures),by taking both subject classes and seminars, and by taking subject classes, seminars,
and “research-report”. It grants the degree of MBA to those who have completed thecoursework through one of these three means; however, the MIF needs to consider
whether it is valid to grant the same degree even though the students complete thedegree requirements through different processes.
Second, the MIF needs to further strengthen its internationalization of education,
which has in recent years become a strong demand. Although the department hasoffered classes such as one focusing on the finance of Islam as well as classes taught inEnglish, it is expected that the department will make more active efforts in this area. In
addition, regarding faculty development activities to improve educational content,
methods, and faculty qualities, it should make use of external training institutions andseminars to further strengthen its system to take initiatives for internationalization.
Third, there is an aging trend among the faculty. The MIF needs to consider
hiring plans for the future to make the faculty organization stable and sustainable.
Finally, the MIF does not state its unique purpose in its regulations, even though
the law requires it. Japan University Accreditation Association (JUAA) pointed out thismatter in its evaluation and accreditation results in 2008, when the department wasevaluated as a professional business school; however, this has not been yet corrected.
Thus JUAA expects that the unique purpose will be clearly stated in the school
regulations and/or the regulations (those similar to school regulations) that are
institutionally determined.
JUAA recognizes that the MIF has a curriculum that is diverse and rich, that it
employs excellent faculty and staff, and that its educational environment is at high level.
It expects that the department will make efforts to realize higher quality education andresearch by conducting self-studies and evaluations, collaborating with the central officeof the university, making the most use of its excellent resources for education andresearch, and addressing the issues that are raised in this accreditation and evaluation
process.