The reform of tertiary educational system is a long discussed topic in the Czech Republic. The most frequently mentioned issue is the need to change the funding of universities based on their achieved results. The paper introduces opinions of 600 students from 11 colleges / universities. Opinions are divided into 5 key areas; the strongest and weakest factors are quantified. Data were obtained through a sociological survey of students in 2nd – 5th grade of university studies in economical study programs. By analyzing the data we can identify the critical success factors of the Czech higher educational institutions from the student point of view. In the end the paper compares the data from all schools with the situation at the Tomas Bata University in Zlín.