Acosta studied at Our Lady of Lourdes Elementary School in Phillips, Bukidnon, graduating valedictorian in 1979. He studied in Xavier University during high school, graduating first honors in 1981.
Acosta earned a Bachelor of Arts in Political Science from the University of the Philippines in 1986, and attended the UP College of Law but did not graduate.
Acosta obtained a Master of Arts in International Relations and Political Studies from Indiana University in Pennsylvania in 1987. He was conferred a Doctor of Philosophy in Political Science from the University of Hawaii, as a scholar of the East West Center, in 1994.
In the year 2004, Acosta was recognized as a Yale World Fellow.
Acosta taught as professor and academic consultant in Xavier University, University of the Philippines and the Bukidnon State College from 1992 to 1998. He was also a professorial lecturer at the School of Government of Ateneo de Manila University and at the Department of Political Science of De La Salle University, teaching graduate students on public policy and the Philippine development experience. Well-respected by his students, his teaching style is facilitative, insightful, and thought-provoking.
Currently, Acosta is a full-time professor of the Executive MBA Corporate Change Program of the Asian Institute of Management.
He was the principal author of the Clean Air Act of 1999.
He is the national chairperson of the Kabataang Liberal ng Pilipinas, the youth arm of the Liberal Party (Philippines). At present, he is also the Secretary-General of the Liberal Party of the Philippines and the Council of Asian Liberals and Democrats.