Such skills as information handling, establishing the order of professional problems solution, designing the research, defining the goals and objectives of the research and presenting the research are most favoured by employers. In the present study, an attempt to focus on developing academic speaking skills, presenting the content and the methods employed for improving academic oracy within the EFL classroom was made. The low efficacy in spoken English of the first year medical Master's students defined the aim of the present qualitative study -to explore the effectiveness of students' team work and a role play while discussing the project summary, preparing the oral group presentations of Master's thesis and dramatising the research funding; of using both teacher assessment and peer assessment implemented in EFL classes for improving their academic speaking skills. The qualitative research methods were used for the investigation of the dynamics of students' speaking skillsopen-ended interview to define the students' perceptions of gained knowledge and academic speaking skills, implemented learning activities and assessment in their own words; observation to select information about students' reaction to various kinds of learning activities, interpersonal interactions, peer-to-peer communication. At the end of the experiment, the students in the treatment group reported about their gained knowledge of the research funding steps, certainty in the choice of the proper academic vocabulary and in grammar usage, their science self-efficacy primarily due to the cooperative work on discussing and dramatising the concepts involved in funding medical research in Russia, and presenting a joint Master's thesis. The students of the control group did not report about a significant improvement of their speaking skills. The observation revealed students' increased selfconfidence in public speaking, enjoyment from group work experience, dramatising, peer assessment work and improved speaking skills; the teacher's positive and descriptive feedback to the individuals and the group work encouraged students to participate more actively in group assignments. The same qualitative dynamics was not observed in the control group. The practical relevance of this study is that its findings might serve as a base for improving academic oracy in students of different specialties, selecting other teaching strategies.