Global trends are transforming nearly every sector, and the higher education sector is not an exception. Universities are synchronizing their curricula so that credits are transferrable and cumulative across countries. Governments are increasingly controlling the quality of education through new regulations. Universities are now competing globally and managerial methods derived from business are being introduced. In South America, an increasing student population is demanding access to universities, while at the same time universities are facing a reduction in funding and more competition. The profile of students is shifting and demanding more flexible curricula along with double degree and continuing education programs. All of these trends, together with government regulations passed in 1992, have caused major transformations in the Colombian higher education sector. Universities have been straining to remain competitive in this new environment and many have attempted to implement credit frameworks as a solution. However, such transformations are complex and require uncommon managerial competencies. Furthermore, very little research has been done to understand the real impact of these changes in Colombian Universities, and any studies done have not provided a full picture of what was really happening within the management of Colombian Universities. Did universities fully understand the concept and complexity of implementing credit frameworks? What were the main drivers affecting the higher education sector in Colombia which catalysed the implementation of credit frameworks? Finally, what impact did this implementation have on university management? This research study attempted to answer these questions through an in-depth study of three representative universities. The results showed clear differences and also common understandings among universities and revealed key insights into university management. It is the hope of this research study that it may assist universities and policy makers in the on-going transformation of the Colombian higher education sector