This paper examines critical aspects of the birth of the new generation of Myanmar's emerging elite groups and their roles in the society based on in-depth qualitative research conducted in two universities in Yangon. It particularly pays close attention to the critical roles of the two universities -- as political, social and knowledge institutions -- in the formation of the new elite groups in Myanmar. The interplay between the students' individual agency and the two elite higher education institutes implies three sets of processes: the societal context in a transitional democratic country, the institutional habitus of higher education, and the young elites' agency. Findings from observations, interviews, and field research indicate that students attending the two universities exhibit a common sense of pride in being members of academically and historically prestigious institutions. At the same time, students in each university developed distinctive understandings of their roles as elites in the transitional society of Myanmar, reflecting the disciplinary difference of each institution. More importantly, this study found that the symbolic habitus of the two universities provided the new elites with a strong desire to contribute to the nation's development, although their actual practice and outcome remains uncertain. This study thus urges careful consideration of the role of higher education, beyond merely instilling symbolic prestige, to nurture the emerging elites to thrive in the rapidly changing society.