Education is considered a fundamental element in society's development, and higher education institutions (HEIs) must direct a part of their activity towards supporting countries' social, economic and cultural progress. It is crucial that HEIs develop diverse marketing and management strategies, above all image management, since this will make them competitive in the market and provide their managers with decision-making capacity. Regarding the image of HEIs, the literature presents different measurement models, with no consensus about the variables to include in them. The main aim of this research is to analyze studies presenting models of university image, search for synergies among the models' variables and develop a model that combines all of them. Other variables not found in these studies have been included, since the bibliography on the subject considers them relevant. The sample is formed of 438 students from two universities, a private university in Spain and a State university in Portugal. The results show that image has a conceptualization formed of four constructs: external communication and values, national and international recognition, economic value, and facilities. We conclude with confirmation of a model that measures university image with variables that are significant in previous studies, but with some added variables.