Developments in higher education are taking place in the wider context of globalisation, the Lisbon strategy and within the framework of the Bologna Process. Designing and developing Bologna programmes by taking into account the needs of the economy is a tool for successful quality assurance in higher education and for close cooperation with the environment. Our contribution aims to present the process of first cycle study programme formation and is based on a case study. By studying three groups of stakeholders, involved in the renewal of the study programme (teachers, students and employers), competences were thoroughly researched. It was found that graduate competences included in the questionnaire are of utmost importance and that they do not differ substantially from the competences of graduates in business studies presented in similar research (e.g. The Tuning Project of the European Commission, and the work carried out by the EFMD - the European Foundation for Management Development). (Contains 4 tables and 3 figures.)