Through the initiative of Rev. Fr. Paul Zwaenepoel, programs leading to a degree in Bachelor of Science in commerce, major in accounting, began to be offered with temporary government permits in 1952. It was actually the first course ever offered by the College of Commerce.  In SY 1953-1954, a temporary permit was granted authorizing the school to open and conduct the one-year Collegiate Secretarial Course which was converted to two-year collegiate Secretarial Course or Associate in Secretarial Science (ASS) in SY 1964-1965.

Two traditional major fields for BSC were offered effective school year 1969-1970; Marketing and Secretarial Administration. In 1975, BSC major in Secretarial Administration was converted to Bachelor of Science in Secretarial Administration (BSSA) while the two-year Associate in Secretarial Science was converted to the two-year Junior Secretarial Course (JSC).

For the school year 1978-1979, BSC major in Government Accounting and Auditing was approved to be offered. Graduates of this program are qualified to take the licensure examination for Certified Public Accountants. Another major course was approved to be offered during the school year 1981-1982, the BSC major in Management program.

BSC Computer Science was first offered in SY 1991-1992. Banking and Finance and Economics were also offered during the school year 1994-1995.

Because of the increasing number of enrollment, the Accounting course, which was converted in SY 1990-1991 into a distinct degree program – Bachelor of Science in Accountancy – was separated from the College of Commerce. Thus, the College of Accountancy & Economics (because BSC-Econ and BS Econ were included) was born in SY 1999-2000. The separation was based on the number of enrollees in the BSA program as compared to the other major course offerings. The BSA program then had around 900 enrollees. Another reason for creating the College of Accountancy is to give Accountancy a professional identity that it deserves being a course that requires a government licensure examination. With the separation, the BSA course will be given more focused attention with the hope of improving the performance of its graduates in the CPA board exams. 

In SY 2000-2001, the BSC Economics and the BS Economics were transferred to the College of Commerce and College of Arts and Sciences, respectively, and consequently, the name of the college was changed to College of Accountancy and the College of Commerce was renamed as School of Business.

The split of the College of Commerce into College of Accountancy and College of Business took effect in June 1999, where both colleges carried the accreditation level of the College of Commerce. In May 2000, four programs, including the Accountancy program, was granted level III accreditation by the Philippine Accrediting Association of Schools, College and University (PAASCU). In the next interim visit, however, the Accountancy program was not granted accreditation due to some deficiencies.

 The first accounting teachers included Mr. Romulo M. Costales (the first Dean of Commerce), Mr. Gregorio Cabezon (2nd Dean of Commerce), Mr. Jesus Q. Baliton, 3rd Dean of Commerce), Dr, Evangeline B. Escobar, (4th Dean of Commerce), Mr. Vicente Abadilla, Mrs. Pilar Ester G. Pascual, Miss Elizabeth Briosos (now Mrs. Raquipo), Mr. Samuel D. Valdez, Mrs. Norma Ang, and Mr. Menardo Mercado. 

Later in the mid-70’s to early 80’s, Mr. Leopoldo A. Valdez, Miss Cecilia Briosos (now Mrs. Valdez), Miss Cristina Gervacio (now Mrs. Gallato), Miss Eleanor Caluya (now Mrs. Domingo), Mr. Anacleto Domingo, Miss Consolacion Ceraos (now Mrs. Ludan), Miss Venica Q. Sugay (now Mrs. Acosta), and Miss Elnora Villanueva (now Mrs. Adalem), joined the Accounting faculty. At present, only a few of them are still with SMU, holding various positions in the academic community.

Meanwhile, BSC-Hotel and Restaurant Management (HRM) was first offered in the school year 1999-2000 together with the Tourism Program. The BSHRM was under the newly formed School of Business. The first year of the BS Tourism Program on the other hand, operations started at the school of Arts and Sciences. After one school year, it was realigned to the School of Business to join the HRM. Saint Mary’s University has offered these two programs together with other programs from across schools as certified by the Commission on Higher Education (CHEd0 by virtue of C.M.O. No. 32, S 2001 “Grant of Autonomy and Deregulated Status to Selected Education Institutions with Benefits Accruing Thereto”. In the same school year, the BSSA was named to BSOA, while JSC was changed to AOA. Likewise, BSC in Computer Science was named BS in Information Technology and Center for Entrepreneurial Development and Research (CEDER) and SMU Center of Business Consultancy were launched.

The offering of Bachelor of Science in Management Accounting started during the School Year 2000-2001 followed by Bachelor of Science in Accounting Technology (BSAT) in School Year 2013-2014 for the School of Accountancy.

While in the School of Business, two programs were added: BSC major in Entrepreneurship and BSC major in Agribusiness Management in the School Year 2000-2001 followed by the conduct of International Linkages for On-the-Job Training for Singapore, and Work and Travel (WAT) Program in the United States of America started for BSHTM major in HRM and BSHTM major in Travel & Tours students in school year 2005-2006.  In the school year 2007-2008, BSBA majors in Financial Management and Marketing Management were also offered to replace BSC majors in Management, Marketing and Banking and Finance Programs. Furthermore, from the BSHTM program name, with enhanced curricula, this was renamed to BS in Hospitality Management (formerly BSHTM major in HRM) and BS in Tourism Management (formerly BSHTM major in Travel & Tours) in School Year 2013-2014.

Over the years, the School of Accountancy produced CPA board examination topnotchers, namely: Diomedes Yadao, Marilex B. Lazaro, Julie Anne Alberto, Jame Dacusin, Gerrie Winston Salem, Mary Lianne Valdez, Cliff Richard Pinkihan, Romiel Mariñas and Venancio Gabriel.

In 2015, Level I accreditation was granted to the School of Accountancy for its two programs, Accountancy and Management Accounting, by the PAASCU accreditors.

To update its facilities to face the challenge of technology, the School of Accountancy established its SAP computer laboratory in August 2013 for use exclusively by accounting classes.

              In 2017, Level I Accredited Status was granted to the School of Accountancy and Business for its two programs, BSHM and BSTM, by the PAASCU accreditors.

In 2018, Level II Accredited Status was granted to the School of Accountancy and Business for its two programs, BS Accountancy and BS in Management Accounting, by the PAASCU accreditors.

School Year 2016-2017, Saint Mary’s University offered for the first time the Senior High School Program. It was during this year that there were no first year enrollees in the tertiary level because students who graduated from the Junior High School are required to enroll in the Senior High School as Grade 11 students. 

After almost two decades, effective April 1, 2016, the School of Accountancy and School of Business were merged, giving birth to the School of Accountancy and Business (SAB).

In 2023, the following programs were granted PAASCU Level III accreditation, BSBA majors in Financial Management, Marketing Management, Bachelor of Science in Office Administration and Bachelor of Science in Entrepreneurship. While PAASCU Level II was granted to the HTM Department for their programs, namely Bachelor of Science in Hospitality Management and Bachelor of Science in Tourism Management. 

In 2024, the BS Accountancy and BS Management Accounting were given Level II Re-accredited Status by the PAASCU.