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Preliminary! Please do not quote without permission of the authors! Abstract: We use a new and exceptionally rich administrative data set for Germany to evaluate the employment effects of several short and medium term further training programs in the early 2000s. Building on the work of Sianesi (2003, 2004), we apply propensity score matching methods in a dynamic, multiple treatment framework in order to address program heterogeneity and dynamic selection into programs. Our results suggest that in West Germany both short-term and medium-term programs may have considerable employment effects for certain population subgroups, and that short-term programs are surprisingly effective when compared to the traditional and more expensive longer-term programs. With a few exceptions, we find littl