Purpose: The purpose of this paper is to analyze and discuss the results that the accreditation system implemented in Chile has brought to higher education institutions and undergraduate and graduate programs, taking into account both its positive and negative implications. Design/methodology/approach: The examination of the Chilean accreditation regime relies on descriptive statistics based on official data from several sources. Findings: It appears that the Chilean accreditation regime has helped to establish permanent procedures for quality assurance in higher education institutions which has resulted in improving its internal processes, but still the system faces a series of challenges that have to be addressed in order to improve the higher education system as a whole. Originality/value: The Chilean accreditation experience is placed within the discussion and context of accreditation systems around the world, and lessons which can be relevant to other countries are drawn. (Contains 15 tables and 3 notes.)