This document is an English-language abstract (approximately 1,500 words) of a proposal made by the Advisory Council on Universities under the ministry of Education. The humanities and science departments of Finnish universities award the degrees of bachelor, master, licentiate, and doctor. This report deals with the first two. The lowest (BA or BS) requires the study of at least three different subjects. The undergraduate is required to have an intermediate academic grade (cum laude approbatur) at least in one subject. The higher degree (MA or MS) also requires the study of at least three subjects. The student must have a higher academic grade on the subject in which he writes his Master's thesis. The main objectives of the proposed reforms are three in nature: (1) Academic degrees should consist of more flexible units than is presently possible; (2) The amount of work each degree takes should be more carefully estimated; and (3) The organization of studies must be gradually changed so that studying be generally a full-time occupation, shortened in length, and decreasing the number of dropouts. Reforms in the credit system, the examination system, and preparation for higher degrees are also discussed in this report. (Author/GDB)