Over the years, several of the Scott College of Business alumni have become Indiana State's Distinguished Alumni Award winners. In 2007, a document was produced that detailed all the DAA winners from 1957 to 2007. The Alumni Association Distinguished Alumni Award page lists those from 2014 to 2019. This page lists all of them with business degrees: Please see their individual entries for details.

The purpose of the Distinguished Alumni Award is to provide recognition for the outstanding achievements of former students of Indiana State University. Only living alumni of Indiana State University, Indiana State College, Indiana State Teachers College, or Indiana State Normal School are eligible. For purposes of definition, an alumnus/a is any person who was regularly enrolled in any department of Indiana State, and completed a degree. Nominees should be outstanding in their profession; should have made significant contributions benefiting their community, state, or nation; and should exhibit interest in the University and or the Alumni Association. Nominations are welcomed from faculty, staff, students, alumni, and friends of Indiana State University.