Finland has performed, as one of the first Bologna countries, a national evaluation of the outcomes of the implementation of the Bologna process. The evaluation was organized by the Finnish Higher Education Evaluation Council and performed by an independent expert group during 2010. In general, the reform was conceived as a significant development project which was carried out in a well-organized manner in a relatively short period of time. A closer look at the details show, however, that many of the objectives of the reform were not achieved. This article describes the background and procedures of the evaluation and discusses the main results and conclusions for Finnish higher education policy. The reception, success and implications of the evaluation will also be discussed. (Contains 3 notes and 4 figures.)