This paper provides analysis on how teachers and students of four universities in Serbia (Belgrade, Novi Sad, Nis, and Kragujevac) perceive problems with efficiency of studying, with respect to the new, 'Bologna' organisation of studies. The empirical foundation for this paper is composed of questionnaires distributed to students and teachers of the five aforementioned institutions and a semi-structured in-depth interview with students and teachers of the two faculties of the University of Belgrade. The results presented point to key factors affecting efficiency of studying, as well as structural changes in power relations between different social actors.