In this book, we describe the contribution universities make in providing education services and research, and in creating human capital. The growth and development of tertiary education systems must be managed in ways that improve access and enhance quality. In this aspect, academic rankings can be used as a proxy for determining the quality of education. They primarily serve as both a university comparison tool and information tool which should differentiate the weakest from the strongest, reward quality and help the customers (students and their parents) to make informed decisions. The elite universities are believed to be superior in creating quality human capital. We attempt to evaluate the current system of higher education in a specific country in central Europe – Slovakia – and compare it to its more successful counterparts – Hungary, Poland and the Czech Republic – to assist in identifying the challenges Slovak universities face in striving to join the ranks of world-class universities.