The rapidly changing nature of economics and society all over the world following the postindustrial, postmodern society presents unprecedented challenges for the human being, including a flexible, ongoing redefinition of his/her employability, set of skills and ever-evolving competencies. Such challenges become salient due to the development of information technology, the rapid growth of new knowledge, a dramatic reduction in the time between knowledge production, reception and practical use. In order to meet these challenges, most developed countries undertake serious efforts to modernize their education systems, claiming that these have ceased to meet the personal needs of citizens and of the society as a whole. However, when universities started to provide educational services jointly with scientific research and practical application activities, and to diversify their educational offer, the expenses for higher education increased by significant values. On one hand, this led to a serious need of state support for the universities, on the other hand, the universities faced the need to become full-fledged subjects on the market of educational services, since they are not the sole providers of such services. The most successful model proved to be the one embraced by the entrepreneurial universities, with their openness towards society and stakeholders, mainly because they prove commitment and responsibility through the lenses of the quality of their product: graduates, fit socially and professionally, which find work placements according to the skills and competencies acquired during their studies in those respective universities. The paper analyzes the Russian experience, looking at the establishment of federal universities on the whole, and at the experience of the Southern Federal University (Rostov-on-Don) as a case study. The main focus falls on the qualities and competencies a new generation of university managers have to develop and prove, in order to match the requirements of economic, technological and societal environments in which they need to operate. The combination of educational institutions on the branch principle should provide training for high-tech sectors of the Russian economy, give a more dynamic and competitive advantage in the world markets, foster the development of resource-intensive basis and applied research in priority areas (nuclear and alternative energy, nanotechnology etc.). The creation of research universities and centers for federal research and education aims at sustaining the development of fundamental and applied science, of training a new generation of scientific personnel, of opening the path to the commercialization of research results. Such tasks, leading to an enhancedquality level of goods and services can be best carried out through a network form. Thus, the creation of a network of federal universities should provide a solution to purely sectoral (education), and systemic challenges facing Russia and its regions. [ABSTRACT FROM AUTHOR]