Retos en las funciones de la universidad en la sociedad del conocimiento.

For years, the university has been in a permanent process of revision and change to adapt to the demands of the environment. Our goal is to review the challenges that each function of the university must meet to respond to the demands of the context. The research/study focus on the challenges that arise in the functions of university: teaching, management and research. The conclusions determine that the changes in these three functions have several points in common with new approach and tendency of the university oriented to the market. Although in each function this points are revealed in a very particular way. In the field of teaching, the challenge is posed by the new demands of competency-based training that require new training designs. In the institutional sphere, the governance of university opens up to the professionalization of management, transparency and the adoption of mechanisms of management that traditionally comes from the business sector. Finally, in the research area we witness an intensification of scientific production as a promotion system.