Under the pressure of various competitors and globalization itself, building and maintaining the academic reputation becomes an increasingly important aspect of faculty business struggling for the best students, just as corporate reputation has a great impact on business and portfolio in private companies of other sectors. At the same time, the existence of alumni communities at universities across the globe has enabled many mutual benefits to these two main stakeholders; alumni and faculty, that leads to greater satisfaction and pride of the alumni due to the affiliation to the faculty, and the faculty gains an alumni network with whom it has the opportunity to cooperate and whose personal and professional successes represent theirs at the same time. The aim of the research is to determine whether building relations with alumni affects the reputation of the Faculty of Economics in Split, but also to examine the satisfaction of current students and alumni regarding the relationship with the faculty and to determine the interest for building the alumni community of this faculty. The results indicate that enhancing the relationship between alumni through building of an alumni community has a positive effect on the faculty’s reputation, the pleasure of alumni has been stated with the faculty's relationship with them as well as satisfaction with the reputation of the faculty.