Education and the spread of democratic ideals had been two of the many legacies that the United States has brought to the Filipino people. The advent of the American Thomasites in August of 1901 was instrumental in the introduction of the new era of public education in the archipelago. Motivated by the highest ideals with utmost desire to assist in building a new nation in this part of the world and a thousand young American men and women, who were trained and educated in some of the best academes in the United States, established a modern public school system which undoubtedly has contributed remarkable impact on the lives of the greatest number of Filipinos.

In 1928, a group of eminent educators led by Dr. Nicanor Reyes, Sr. founded the Institute of Accountancy. And in November 5, 1933, Far Eastern College, a school offering liberal arts courses, merged with the Institute of Accountancy to bolster multidisciplinary degrees in accountancy, business, finance, the arts and sciences, technology, and law.