This article describes the characteristics of mentoring higher education students in companies which is a field the least researched, particularly when evaluateing effects of mentoring. This qualitative study is a response to this concern. The purpose of the study is to determine what mentors working with students in companies in certain European countries think about mentoring after adoption of the Bologna Process. The research was based on analysis of written self-reflections provided by mentors who had participated in education and trainings designed for mentors. We wanted to find out mentors' perceptions of their work, their positive and negative experiences. This study's findings bring new insights into how the Bologna Process has altered mentoring and its formal organization. The effects of mentoring are both positive and negative. The findings are important for improving the quality of mentoring in companies and establishing an EU network of mentoring companies in the future.