In Portugal, as elsewhere, the rhetoric of managerialism in higher education is becoming firmly entrenched in the governmental policymakers' discourse and has been widely disseminated across the institutional landscape. Managerialism is an important ideological support of New Public Management policies and can be classified as a narrative of strategic change. In this paper, we analyse how far the managerialism narrative has been injected into the discursive repertory of Portuguese academics in their role as the co-ordinators of the higher education institutions' teaching and academic middle levels. Based on an analysis of interview responses, it seems that most academics support traditional academic values such as autonomy and collegiality, and reject university or polytechnic governance based on corporate philosophy.