Purpose: The purpose of this paper is to study the factors which facilitate the increase of effectiveness of university education and determination of perspectives of their management for provision of maximization of effectiveness of university education by the example of modern Russia. Design/methodology/approach: The authors define the notion and sense of effectiveness of university education under the conditions of market economy, conduct theoretical review, classify factors which facilitate the increase of effectiveness of university education, and conduct regression and correlation analyses of influence of various factors on effectiveness of university education. Findings: As a result of the research, the authors come to the conclusion that the volume of financing of science is not a factor of efficiency of scientific activities of Russian universities; the most important factors of effectiveness of university education are the number of universities and quantity of academic staff. Perspectives of provision of maximization of university education effectiveness in modern Russia are related to management of human capital -- academic staff of universities -- and finding a balance of quantitative growth and increase of quality of university education. Practical implications: Practical significance of the conducted research consists in the fact that its results could be used during development and conduct of the state policy for the management of effectiveness of the system of university education in modern Russia. Originality/value: The research has high theoretical significance, as it contributes to the development of the concept of effectiveness and understanding of foundations of management of the system of university education under the conditions of market economy.