[3] ACBSP was founded in 1989 to accredit business schools with an emphasis on teaching and learning.

In June 1994, a U.S. Department of Education Advisory Committee recommended withdrawal of recognition for the ACBSP due to a determination that ACBSP accreditation would not be a "required element" in making an institution eligible to participate in U.S. federal government programs under the Higher Education Act or other authorities.

[5] However, at its meeting on January 22, 2001, the Council for Higher Education Accreditation (CHEA) Board of Directors granted recognition to the ACBSP.

[28] Membership in the honor societies is also available to online students who are attending ACBSP accredited programs.

[29][30][31][32] This was perhaps an indirect criticism of the University of Phoenix and other rapidly growing for-profit colleges that seemed unstable; with many rotating part-time instructors and over many locations nationwide.