Woodbury University’s School of Business has earned accreditation from the Association to Advance Collegiate Schools of Business International, or AACSB. The Burbank university joins 12 international and four U.S. business schools to earn accreditation this year.

“AACSB accreditation is the hallmark of excellence in business education and is earned by less than 5 percent of the world’s business schools,” Woodbury University President Luis Calingo said in a statement.

Accreditation is achieved following a multi-year process of internal review, evaluation and improvement, the university said in its announcement. All of the accredited schools must complete a peer-review process every five years to retain their status.

In addition to the announcement of this year’s accreditations, 713 institutions of higher learning in 47 countries and territories are among those to have earned AACSB approval.