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The governance of ACBSP is spelled out in detail in the bylaws of the organization. The ACBSP Bylaws are available to download as a PDF.

The association is a member driven organization that elects its Board of Directors, Boards of Commissioners, and Accreditation Governance Board. The Council of Regional Chairs is comprised of certain officers of each of ACBSP's eleven geographical regions.

While services and benefits are delivered to a variety of individuals on the campus such as the college president, chief academic officer, head of the business unit and a number of faculty, the membership is institutional with one vote per institution. Each institution has a designated primary representative and alternate representatives who are the individuals authorized to vote for the institution in all matters of governance.

ACBSP membership is further divided into two categories. Each institution is a member of ACBSP and in addition is a member of Associate Degree Commission or the Baccalaureate/Graduate Degree Commission. This is done for the purposes of administering the accreditation program.

There are two Boards of Commissioners -- one for associate degree programs and one for baccalaureate/graduate degree programs. A Board of Commissioners is elected by its respective commission. Each commission serves as an autonomous body that determines whether institutions that apply for accreditation of their business schools and programs meet the accreditation standards that are promulgated by that Board of Commissioners.

The staff of ACBSP reports to the Board of Directors and serves the needs of each Board of Commissioners and the membership at large.