The School of Business and Economics (SBE) began as a Department of Engineering Administration in 1949, offering a BS in Engineering Administration, a fifth-year second degree for engineering majors. In 1959, the department added a BS in Business Administration (BSBA) degree, an integrated program with general education coursework, unlike the school of commerce model then in vogue. In 1965, a Master of Science in Business Administration (MSBA) degree was added as a second degree for graduates of engineering or science programs. In 1970, the department became a School of Business and Engineering Administration (SBEA), and in the 1980s added the Bachelor of Science in Economics (BSE), Master of Science in Mineral Economics (MSME) and Master of Science in Operations Management (MSOM) degree programs.

In 1995 as part of a curriculum restructuring, the School became the School of Business and Economics (SBE) and in 2001 the SBE was accredited by AACSB International (the Association to Advance Collegiate Schools of Business). Today, the SBE offers two undergraduate degree programs, the BS in Business Administration and the BS in Economics (including dual degrees in each), as well as the MBA and the Master of Science in Applied Natural Resources Economics.