This article analyses the core values of the biggest and oldest university in Estonia, University of Tartu, as 237 undergraduate students perceive them. The reporting of values is combined with critical incident technique, based on which the values in–action are obtained. It appeared that UT is best characterized by values such as ‘traditions and continuity’, ‘academic atmosphere’ and ‘quality of education’. It was also found that male students are more critical about specifically one value–set: ‘innovation and development’ and that students, (...) who fund the studies themselves, are more supportive about ‘quality of education’ and ‘concern for student’ values. Contrary to expectations, study time had no influence on the student perception of values. Implications of the results for the university are discussed, in order to better cope with the tightening competition in the educational market. (shrink)