Evaluation of academic success has attracted increasing research efforts due to its importance for the individual and social progress. Institutions of higher education face the challenge of delivering knowledge and competencies that allow students to meet the needs of a knowledge-based economy. As a consequence, the concept of student success represents a key strategic priority of higher education. Through systematic literature review, we show that there are various approaches to measure student success. The majority of published studies largely focus on estimation of student success from either the institution’s or students’ perspective. Here we offer an approach based on the evaluation of student success by the academic staff of a higher education institution. We conduct a country-specific analysis based on data from Macedonia. This approach enables an extension of the existing views and contributes to further clarification of the complex and multidimensional nature of the concept of student success, while providing evidence specific to a country.