Purpose: The purpose of this paper is to view the actual problems of the Russian system of higher education--lack of connection between labor market and market of educational services, decline in the quality of higher education in the country, reduction of intellectual potential of the youth, and commercialization of higher education, etc. Design/methodology/approach: The author offers approaches to complex evaluation of university education from the positions of social and economic effectiveness on the basis of the matrix of criteria; modern tendencies and perspectives of the development of educational environment are determined, as well as factors facilitating the achievement of the maximum effectiveness of educational activities in Russian universities. Findings: The author offers her own vision of the main determinants of the growth of the effectiveness of university education within the framework of Russia's integration into the global educational space. Originality/value: The paper views the actual problems of the Russian system of higher education--lack of connection between labor market and market of educational services, decline in the quality of higher education in the country, reduction of intellectual potential of the youth, and commercialization of higher education, etc.