In this research we paid particular attention to the shift of business education paradigm and tried to emphasize the importance and introduction of business education accreditation system. We not only proposed normative suggestions but also showed survey results from sampled business professors regarding the business education accreditation system. Overall, we found the majority of professors recognized the importance of business education accreditation system and showed high interest at acquisition of accreditation. According to the survey, the most severe problem of current business education is that the education does not meet the needs of industry. However, it is interesting that most survey respondents expected the above problem could be solved by the introduction of business education accreditation system. Survey results also showed that in addition to regular business education, additional extracurricular activities should be introduced to achieve AoL objectives. Internship, field trip, and collaboration between the universities and corporations can be good examples of extracurricular activities. Regarding the AoL evaluation system, selection of evaluators, evaluation methods, disclosure of evaluation results are major issues. For AoL evaluation system evaluators, most respondents answered students also actively participate in AoL progress evaluation besides institutions. Moreover, direct evaluation methods were preferred over indirect ones by most respondents. For AoL evaluation results disclosure, most respondents preferred all interested parties should be allowed to approach the evaluation results.