This study presents new vision how to upgrade business higher education at the Faculty of Economics at University of Tourism and Management in Skopje (UTMS). This paper is result of analyses of best practices of leading higher education institutions as well authors experience in higher education and business education and practice. The UTMS is orientated to introduce best practices and objective standards in order to offer high-quality business education for its students. UTMS has mission for permanent implementation of quality improvement measures as a way to achieve high professional and academic standards and become part of prosperous and respective Universities. In order to achieve this goal, UTMS plan to use additional measures, outcomes assessment as a way to measure institutional effectiveness, as well as effective technique for identifying where changes and improvements are necessary. UTMS has developed Students Learning Outcomes Assessment Plan (SLOAP) as a way to reach this goal. Based on permanent analysis of students needs as well as business sector suggestions about desirable level of knowledge, skills and competence of the students from Faculty of Economics, gained from conducted evaluations, UTMS decide to make additional improvement and development of business education. This process have 4 phases: 1) evaluation of students attitude towards curricula and the instructors efficiency, 2)preparation of the SLOAP (Student Learning Outcomes Assessment Plan) document, 3) implementation of two direct measures from the SLOAP through assessment analysis and action planning, and 4) monitoring changes and improvements made as a result of action planning. The first phase was completed in spring semester 2012, as well as second one with development of Comprehensive Exam and Capstone Course as direct measures. Complete SLOAP also has indirect measures like student satisfaction inventory, course evaluations, alumni, and employers' surveys, and a variety of other student learning outcomes assessments. UTMS plan to use first two direct measures for Student Learning Outcomes Assessment as pilot project, and if it shows success whole process of SLOA can be implemented as permanent methodology for success improvement at UTMS. This process will be also used to develop a strategy for improving the effectiveness and quality of the Faculty of Economics and its programs.