The purpose of this study was to understand faculty perspectives of institutional change. The context for the institutional change was a shift from a largely traditional student population with a focus on the liberal arts to a range of adult and non-traditional students seeking professional degrees. The three research questions which guided the study were: (1) How do changes in student demographics shape the faculty experience? (2) How do faculty understand and respond to change in academic rigor and content? (3) What institutional cultural changes do faculty perceive as a result of the changes in student population? This descriptive qualitative study was framed using stakeholder theory. Stakeholder theory suggests that a business or organization has an ethical obligation and duty to ensure that the organization's activities do not harm the stakeholders or employees. This research aimed to fill a gap in the literature on the faculty perceptions of changes in the student population and academic program rigor following changes in the education approach by higher education institutions. The emergent themes of this research included the changing ethos of higher education, the educational nonprofit mission, market demand of private nonprofit higher education institutions, and faculty responses to the mandated change in student recruitment focus. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]