This article sets out to explore how academics make sense of the current transformations of higher education and what kinds of academic identities are thereby constructed. Based on a narrative analysis of 42 interviews with Finnish academics, nine narratives are discerned, each providing a different answer as to what it means to be an academic in the present-day university. Narratives of resistance, loss, administrative work overload and job insecurity are embedded in a regressive storyline, describing deterioration of academic work and one's standing. In a sharp contrast, narratives of success, mobility and change agency rely on a progressive storyline which sees the current changes in a positive light. Between these opposites, narratives of work-life balance and bystander follow stable storylines, involving a neutral stance toward university transformations. The paper concludes that academic identities have become increasingly diversified and polarized due to the managerial and structural changes in higher education.