The main purpose of this study was to investigate the Quality of Education in both public andrnprivate university by taking Addis Ababa University and St. Mary’s University, respectively. Inrnorder to meet the objectives of the study, a theoretical framework parameter called ‘Octet ofrnHigher Education’ was used. The framework tries to investigate quality of a higher institute fromrneight aspects. A descriptive survey design was employed. From a sample frame of 2,167 mastersrnstudents of Addis Ababa University in the College of Business and Economics and 1,192 mastersrnstudents of School of Business in St. Mary University, 173 and 163 sample were taken to fillrnquestionnaires. Out of the total number of instructors (57 in AAU and 38 in SMU), 15% wererntaken to participate in the study.For an interview, College of Business and Economics (CoBE)rnDean of Addis Ababa University, School of Business; Dean of St. Mary’s University, Director ofrnAcademic Standards and Quality Enhancement Office (ASQEO) of St. Mary’s University;rnDirector of Center for Educational Improvement and Quality Assurance (CEIQA) of AddisrnAbaba University and Directorate Director of Higher Education Quality Audit and Enhancementrnof HERQA participated in the study.The data obtained through the questionnaires were analyzedrnusing SPSS software using frequency, percentages, mean and standard deviations. Therninformation obtained through open-ended questionnaires and the interview were qualitativelyrnanalyzed to supplement the quantitative data. The outcomes are logically interpreted andrndocumented to answer the basic and specific research questions from the Octet of QualityrnEducation perspective. Finally, conclusion is provided based on findings. The final result showsrnthat, Quality of Education is practiced in both public (Addis Ababa University) and private (St.rnMary’s university) universities.