The paper discusses the peculiarities of quality assurance and development strategies of business educational programs in European Union neighboring transitional countries. It shows the impact of Bologna process on management of educational programs and teaching methodologies in European Union and neighboring countries. Conclusions are based on analysis and experience of two research projects completed by author jointly with other scholars from EU and USA. One research was conducted in 2008-2009 within the framework of the Tuning Project (Mutual Agreement of Educational Structures in Europe). Another research was completed in April, 2010 at George Washington University (Washington D.C. USA) within the framework of Interactivity Foundation (IF) special project. Valuable conclusions are drawn about the impact of Bologna Process on management of higher education in Europe and neighboring transitional countries.