||This submission explains the experience with the most successful Master course for real estate in Germany with so far eight intakes since April 2002in the context of basic choices for further education in real estate in general and of changing market conditions in Germany in particular. Different options for further education in real estate rose considerably. Right from the beginning one has to distinguish between a consecutive Master course following the Bachelor course, financed mainly by tax, and an MBA for graduates with business experience, financed by fees. In the first case lecturers are mainly academics, in the latter case mainly practitioners, coordinated by academics in their capacity as course directors. A further choice is on the kind of degree, public or private. Accreditation proved to be important, mainly by RICS concerning real estate and ethics, and by some other agency such as FIBAA concerning business management and the course structure. Distant learning is attractive to participants unable to interrupt work in spite of some disadvantages of this teaching method. A growing number of enterprises appears to prefer further education according to defined specific enterprise needs (in-house education), delivered either by their managers or by external suppliers. It has to be discussed whether in-house and external education are alternatives or complementary. In Germany, contrary to UK, undergraduate and postgraduate university courses on real estate had been offered only during the last ten years. However, private courses with the private degree “Immobilienökonom”, first by EBS and later ADI, had been offered already ten years earlier. Combined with RICS accreditation, leading to RICS membership, it proved to be very successful. Surprisingly, Bauakademie Biberach together with Biberach University of Applied Science was the first to start a Master course in Germany on real estate in April 2002, followed by many further Master courses, partly with degrees by universities of UK or Austria. Whereas undergraduate university courses are mainly financed from tax, postgraduate courses for participants coming from the business world are financed from fees, as a private institution administers the course on behalf of the university. To some extent real estate enterprises make financial contributions for education and research. A number of enterprises develops preferential relations with one or some universities (concerning sending participants to the course and sponsoring the institution). Advantages and disadvantages of such an approach has to be discussed: Wouldn’t it be better to leave the individual choice between different courses to the young professionals, their superiors and the personnel manager? In recent years rising supply of further real estate education is confronted with decreasing demand, not only as a matter of crisis. The “Biberach” Master course on real estate is addressed to graduates with business experience in real estate and construction, based on fees covering all costs. Internationality is taken very seriously, not only concerning the contents but also with one month lecturing at London South Bank University and the international portfolio management week in Zurich provided by Wüest & Partner. Much attention is being given not only to investment and portfolio management but to project development as well, accompanied by the subjects finance, markets, law, research, marketing. Management is dealt with along the micro cycle of real estate. The MBA degree combined with RICS and later also FIBAA accreditation proved to be important. The founders of the course are convinced of the superiority of block study in small groups compared to weekend study in large groups. Due to having five course directors every lecture is attended by one of them according to his responsibility and knowledge. In addition to attending lectures, students have to make preparations on the basis of reading lists and questions to be answered and also to do home work, in both cases supervised by lecturers. Participants of the course come from different centres of real estate business from Germany and other countries. An active Advisory Board consisting of eminent personalities of real estate takes care of industry’s needs for further education and contributes to networking with enterprises.