The Institute of Arts and Sciences was re-named after Far Eastern College upon its merger with the Institute of Accounting, Business and Finance to create Far Eastern University.  It is one of the older institutes of FEU after IABF.

The institute was headed through the years by educators who distinguished themselves in their respective fields.  The past deans include Francisco M. Africa, Alejandro Roces and Wilson Faderon.  Jaime An Lim, a Palanca award-winning poet and writer and a Metrobank Foundation Outstanding Teacher in 2003, is the present dean.    

The prestige of the Institute does not only lie in its enrolment and modern facilities alone, but in the leadership of its graduates here and abroad. As it offers a truly liberal education, the Institute feels it has helped them achieve success.

The institute started with only general liberal arts course and pre-law course.  At present, it offers five arts programs, three science programs, and three Masteral Programs. The re-inclusion of BS Medical Technology, for a time handled by Institute of Nursing, rounds the number of curricular offerings of IAS to twelve programs.