The article presents a short review of changes in legislation concerning the regulation of higher education, and analyzes certain provisions of the new legislation. Particular attention is given to the relationship between the various levels of learned degrees as provided for by the changes in the legislation. The author highlights certain contradictions between the new legislation and the Constitution of the Russian Federation. The author considers the possible influence of the introduction of the two'stage higher education system on programs for second degrees. Job opportunities for Bachelors and Specialists’ status are discussed. The study is based on an analysis of the current legislation, academic papers in jurisprudence, and media publications dealing with education reform (including articles by foreign authors).