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In the present research Finnish education policy-makers describe the transformation in upper secondary education in the 1990s. They answered questions related to equality and all-round education. The timeline of the research extends from the early development of the welfare state and equality policy to the 2000s. Its focus is on upper secondary education, which, in this paper, denotes general upper secondary education and vocational upper secondary education. The chronological analysis proceeds from the education committee of 1971 up to the youth education experiment of the 1990s. The voices of the then policy-makers are heard in this research. They were the ones who planned the reforms and/or made the decisions. This being the case, the interviewees include cabinet ministers, permanent secretaries, representatives of organisations and the research community as well as civil servants. The research material can be construed as contextual interpretations of the past, influenced by both the times and places where the narrations were given. The persons interviewed described their experiences and views on education policy. In their narratives they illustrated the transformation that occurred in relation to equality and all-round education. The narrative interviews painted a picture of the upper secondary education transformation and the matriculation examination as having a slowing effect on education policy reforms. It was not until the 1990s when the said examination began to make a difference to students in vocational upper secondary education Those interviewed named the persons who, in their opinion, had the most say in Finnish education policy. This list comprised a small circle of people who more or less agreed on the grand values of education policy, i.e. all-round education and equality. Only a small minority represented a radical view of equality, being true believers in universal upper secondary education implemented in accordance with comprehensive school reform. Finnish education policy was led from the perspective of traditional conception of equality from the 1970s to the 1980s. The transformation finally occurred in the 1990s when equality was understood to mean individual needs and the right to choose. As was the case with matriculation education, the insistence on all-round education also hampered the development of universal upper secondary education. The interviews revealed that any attempts to increase the academic syllabus of vocational education caused organisations as well as other policy-makers to oppose such development well into the 1980s. It was not until the youth education experiment of the 1990s that vocational education finally carved a path to higher education, when the polytechnic schools were made permanent. Three principal groups of key players emerged in the research: ministers of education, civil servants and organisations. The research showed that the ministers and civil servant education policy-makers of the 1990s also included only handful women. The circle of policy-makers was small and represented similar schools of thought. In the 1970s era of government committees, representatives of organisations actively participated in education policy. When the committee establishment was discontinued, this eliminated lobbying venues for the organisations. Nonetheless, the organisations regained their policymaking status in the 1990s. New lobbying organisations included the Finnish Entrepreneurs and the Union of Finnish Upper Secondary School Students. However, in contrast to the 1970s, only rarely would individuals rise from the ranks of organisations to the cadre of policy-makers. The interviewees had a twofold view of neo-liberalism Contrary to other policy-makers, representatives of the research community and organisations concur that neo-liberalism did exist in education policy decision-making in the 1990s.