He managed the national team of Chile from 1996 to 2001, leading them to the 1998 FIFA World Cup. He took over the Bolivia in 2004, but seriously failed and returned to manage Chile in 2005. In July 2007 Acosta resigned from managing the Chilean national team soon after the Copa América, which was held in Venezuela.
In September 2007, he was appointed manager of Corporación Deportiva Everton de Viña del Mar in Chile, one of the top provincial teams in Chile. On June 3, 2008, he led Everton to their first Chilean League title in 32 years and ended the domestic dominance of Colo-Colo.