This book offers a comprehensive empirical analysis of continuing vocational training in Germany. Specific issues concerning continuing training that are debated in academia as well as in public are discussed. Wage and productivity effects of training are analysed, explicitly accounting for the heterogeneity of training participants. Additionally, different types of training that vary in the degree of firm specificity are considered. Wage and productivity effects of training are compared to examine how the training rent is shared between employer and employee. Finally, evidence is given on whether positive externalities of continuing training exist.