Merit has been widely discussed in the educational field. This article proposes to analyze this concept according to the perceptions of managers of two types of Chilean universities -elite and massive-, relating them to university profiles and the social class of students. Through the analysis of 55 in-depth interviews, it is concluded that in mass universities merit is associated with effort, and in the elite essentially with talent. This paper contributes to the discussion on merit, education, and inequality based on the perceptions of key actors in university policies, but little is studied on this topic.