Policy implementation research suggests that the likelihood of policy success, i.e. matching policy outcomes with expectations, can be best assessed by engaging the bottom-up perspectives of those who will implement the policy. This paper works from this premise and examines the views of university leaders in Kazakhstan on the potential impact of a per capita per credit higher education funding model proposed for implementation at their universities. The policy expectation is that such a higher education funding model will promote student choice, university quality and competitiveness. Applying resources for a policy implementation perspective, this article discusses concerns associated with the implementation of the proposed model. The findings suggest that the match between the policy expectations and the goal of strengthened student choice will be contingent upon the ability of universities to introduce organisational processes that enable such a choice. Advancing the quality and competitiveness of universities will be conditioned by university access to funding and the acceptance of personnel of both structural and cultural changes associated with the implementation of the new policy. This article contributes to policy implementation studies of higher education systems in transition.