The collective electronic oscillator (CEO) approach based on the time-dependent Hartree-Fock approximation is combined with INDO/S, MNDO, AM1, and PM3 semiempirical Hamiltonians. This technique is applied to compute and analyze the static nonlinear polarizabilities of a series of donor/acceptor substituted oligomers. To mimic the experimental conditions, polarizabilities in substituted molecules are calculated for the isolated complex and in a dielectric medium, wherein the solvent contributions are incorporated using the self-consistent reaction field approach. The dielectric environment significantly increases second and third order static polarizabilities and considerably improves the agreement with experimental data. We find that calculated spectroscopic observables agree well with experimental values. We conclude that the CEO/semiempirical approach is an inexpensive and numerically efficient method of computing nonlinear molecular properties.