The article presents the reflections on the importance of human capital in a specific area of human activity - education. The author has attempted to analyze the conception of human capital in relation to the private university example. This thesis possesses two final objectives. The first objective is to present theoretical side of human capital as a factor for competitiveness of academic education organization in new, difficult conditions, during growing insecurity and risk period. The second objective is to become acquainted with the competitiveness formation conception of a specific university, paying particular attention to human capital resources formation and, consequently, its conscious management. The article aims to answer the question, which immaterial values are most significant in relation to the studied organization. At the beginning the human capital issue was presented, and so was the process of building educational institution’s competitive advantage. Subsequently, the strategic human capital elements determining the private university strength, like the Pultusk Academy of Humanities were discussed.