The article analyzes reforms of the university education methodology based on the concept of the knowledge society. Terminological analysis of three models of knowledge societies, developed by UNESCO, OECD and the World Bank, has revealed the latent functions of global educational rankings. The need to identify them is conditioned by the fact that in today’s world, knowledge is considered as a major factor/resource for social development, it takes on the characteristics of the product market, and decisively influences all kinds of economic activities.