The origin of the Faculty of Economics and Administration (FEA), University of Malaya can be traced back to the Raffles College which was set up in 1929 in Singapore. Economics was then offered as an optional subject. Raffles College was merged with the King Edward VII College of Medicine to form the University of Malaya in 1949. The Department of Economics and Statistics was set up as one of the five departments under the Faculty of Arts. With the relocation of the university to Kuala Lumpur in 1959, the Economics and Statistics Department remained under the Faculty of Arts and Social Sciences.
The FEA was set up in 1966, with Professor Ungku Aziz as the founding Dean, to provide more broad-based training in economics and administration.