This article deals with the problem of arranging extracurricular activities for students at a modern Russian university. Research interest in this issue stems from the fact that extracurricular activities are of great concern in the development of modern students’ professionally important qualities and their professional competence. There is a critical need to change the approaches to the organization of extracurricular activities at a university in the light of modern tendencies of higher education development and the opinion of faculty and student community. The authors focus on students’ and faculty members’ views and expectations of extracurricular activity. The research identified priority tasks of extracurricular activities. The recommendations on the organization of extracurricular activities at the level of the chair (department) were developed. The necessity of searching for a flexible, adaptive model of extracurricular activities at the university level is substantiated considering the specifics of the educational environment of a particular university; promising directions for further research are determined.