This paper discusses the results of the study of educational effectiveness at the tertiary level. It contains an overview of the research considering the quality and effectiveness of higher education development, the issues of creating criteria for their assessment and measurement. The four groups of factors (“Man”, “Milieu”, “Material”, “Method”) for evaluating educational effectiveness were determined, totally including 65 points. The results of the students’ surveys revealed the most significant factors as well as the least crucial ones influencing educational effectiveness in higher educational institutions. The total number of respondents was 279. It was found that the subgroup of factors “Teacher’s competence” is the most important from the viewpoint of the respondents, while the subgroup “Infrastructure facilities” is the least valuable one. The priority measures list was given, the implementation of which will make it possible to increase educational effectiveness in higher educational institutions. Methods such as Ishikawa diagram building, brainstorming and the survey of students were used for achieving the objectives of this research.