Proses pengajuan akreditasi oleh FEB UNAIR sudah dilakukan sejak tahun 2014, setelah sebelumnya FEB UNAIR sudah menjadi anggota ABEST21 sejak tahun 2013. Akreditasi ini akan berlaku selama lima tahun, terhitung sejak 1 April 2016.
ABEST21 was founded in 2005, but its origins go back to 1994, when 7 business schools from Japan and abroad joined together in a Global Classroom Conference and the conference was reorganized as the Global Knowledge Network on June 28, 2002. Global Knowledge Network considered it an urgent issue to develop a system to enhance the quality of management education at the business schools. With this idea in mind, on June 28, 2004, at the Hakone Conference, the establishment of network aiming at the enhancement of management education at member schools was discussed, and the preparation to establish THE ALLIANCE ON BUSINESS EDUCATION AND SCHOLARSHIP FOR TOMORROW, a 21st century organization (ABEST21) was started. A year later, on July 1, 2005, assisted by 16 business schools from the world, the Network decided to establish ABEST21 as a mutual evaluation institution.