Competition between Higher Education Institutions is increasing at an alarming rate, while changes of
the surrounding environment and demands of labour market are frequent and substantial. Universities
must meet the requirements of both the national and European legislation environment. The Bologna
Declaration aims at providing guidelines and solutions for these problems and challenges of European
Higher Education. One of its main goals is the introduction of a common framework of transparent and
comparable degrees that ensures the recognition of knowledge and qualifications of citizens all across the
European Union. This paper will discuss a knowledge management approach that highlights the importance
of such knowledge representation tools as ontologies. The discussed ontology-based model supports the
creation of transparent curricula content (Educational Ontology) and the promotion of reliable knowledge
testing (Adaptive Knowledge Testing System)