Since the tertiary education across the globe is mainly publicly financed, it is only reasonable to think about the rentability of the invested funds. While there are different approaches being used in the literature, the cost-benefit analysis is deemed as appropriate tool for evaluating the governmental project university. The aim of the thesis is to develop a theoretical framework that shows what information is necessary in general to conduct a cost-benefit analysis on universities. Furthermore, the possible benefits of both academic research and teaching are being identified. In a last step, those possible benefits are being compared to the findings of selected (partial) studies regarding this topic. As the results of the analysis show, the benefits of academic research are much more difficult to quantify than those of academic teaching. Furthermore, the findings of some of the selected other studies are not in accordance to a sound cost-benefit framework, overestimating the benefits and thus presenting universities in a much too bright light.