Continuous quality improvement of the educational process and its modernization are some of the most important factors for ensuring the success of educational institutions. To attract new students and to provide a stable competitive position of a college in today’s market suppose already having satisfied students. This paper introduces the methodology of conjoint analysis as an appropriate tool to determine students' preferences towards university subjects taught in English (English Medium Instruction – EMI). Conjoint analysis is a research technique that also provides an opportunity to simulate the way in which customers might react to changes in current services or to new services, introduced into an existing market. We conducted a survey among the student population at the University of Belgrade, Faculty of Organizational Science. Preference-based segmentation is performed on the conjoint data to isolate homogeneous groups of students that possess similar preferences towards EMI. Based on the results, the study suggests a strategy for creating more effective courses in English. Keywords: Conjoint Analysis, Students’ Preferences, English Medium Instruction, Segmentation, Simulation.