The purpose of this paper is to explore the motivation and expectations of stakeholders (students, teachers, and employers) related to their participation in simulated work-integrated learning (WIL) taking place in a form of work-related projects in an academic environment. Analysis is based on data gathered from 49 students, four teachers and six employers who participated in WIL within four different units of study in Information and Communication Technologies (ICT) at the University of Zagreb, Faculty of Organization and Informatics (FOI), Croatia. The findings of this research revealed that student learning, student career development and increasing quality of learning and teaching are common motivational factors for stakeholders' participation in WIL. Additional factors pertinent to respective stakeholders' motivation and expectations are also detected. The results of this study can help higher education institutions (HEIs) in the organization of WIL practices to increase motivation and meet expectations of all stakeholders.