European Universities are developing an important process of reform due to the Bologna Agreement. Measures adopted to assure the quality of programme provision include: the accreditation of degree programmes, the teaching staff, institutional faculties, and the Universities themselves. This paper/presentation analyses three Masters programmes in the field of Real Estate, and reports on the differences and similarities between them. In particular the Masters programmes are analyzed in terms of content, student ambition and requirements, faculty, and programmed marketing. The paper considers the differences between the process of accreditation of the Master of Real Estate Sciences by a professional institution, namely the Royal Institution of Chartered Surveyors (RICS) in two European countries, Spain and England, and the Spanish official process of course accreditation carried out by the Spanish Ministry of Education. Of particular significance in Spain, and an area of increasing importance and distinction, is the coexistence of two types of Masters degree accreditation processes. Within Spanish universities some Masters degrees are accredited by the Spanish Ministry of Education, a national institution, whilst others are accredited by the University itself, working in partnership with a professional body. Masters programmes accredited at national level, occupy an academic position part-way between first degree study at the Bachelor level, and Doctoral level study leading to the award of a PhD. The Masters programmes accredited by the university, with input from a professional body, are designed to cater primarily for the needs of professional practice. Additionally, they endeavour to extend and develop knowledge, understanding and skills within a vocational context, and with less emphasis on pure research. This paper contrasts the position of three Masters programmes. Two of these are accredited by an independent body - the Royal Institution of Chartered Surveyors (RICS), (one of which is offered by the Polytechnic University of Valencia (Spain), and the other by Nottingham Trent University (UK)), and a Masters programme accredited by the official institution of a European country (Spain). Additionally the paper will report on the success of Masters students in obtaining relevant employment in their vocational area, during study of, or on graduation from, the programmes.