The present article describes trends in the development of the journalistic profession as seen by Swedish and Russian students in journalism. The study focuses on the results of a survey carried out among students at three Swedish and three Russian institutions of higher education. The survey demonstrates numerous similarities in ideals and values as well as in understanding of the professional code of journalism among students in Russia and Sweden. Historical background is evident in the students' different interpretations of key problems of journalism and in their assessment of freedom of the press. Finally, the research questions the professional future of journalism, focusing on possible threats and presenting several development scenarios for the industry.