To qualify for membership, the accounting academic unit of an institution must be committed to pursuing the objectives of the Federation and have a graduate degree program in accounting separately accredited by an accrediting organization recognized by the Board of Directors of the Federation. The organization presently recognized by the Board is the AACSB International—The Association to Advance Collegiate Schools of Business.

While the FSA holds that a School (or College or Institute) of Accountancy is the preferable organizational form for the academic unit, it recognized that its objectives can be achieved by other forms of organization, such as an academic department. Therefore, all academic units that meet the membership requirements therefore are invited to join.