The current College of Business and Economics was established as the Faculty of Business and Economics (FBE) with three departments, namely Accounting and Finance, Management, and Economics, in 2011 on the Main Campus of Wachemo University. Since then, the faculty has produced many professionals in Business and Economics and significantly contributed to the effort to deliver a qualified workforce to the country's economy with the necessary competence and attitude.

In 2018, the then Faculty of Business and Economics (FBE) was promoted to the College level and named the College of Business and Economics (CBE), comprising six departments in its undergraduate program. In addition to the departments listed above, currently, the College includes the Department of Marketing Management, Public Administration and Development Management (which were established in 2015), and the Department of Tourism Management (established in 2016).

There are four master's degree programs (MSc. in Accounting and Finance, MSc. in Development Economics, Master of Business Administration (MBA), and MA in Development Management). In addition, the College strives to conduct problem-solving and development-oriented research and reach the community through its diversified community service endeavors. The College has highly competent, committed, responsive, and vibrant young academicians who are highly responsible and give priority to our clients' satisfaction. Therefore, please come and be served efficiently and effectively!